REGISTERED NUMBER: |
Micro Clutch Developments Limited |
Audited Financial Statements |
for the Year Ended 31 August 2024 |
REGISTERED NUMBER: |
Micro Clutch Developments Limited |
Audited Financial Statements |
for the Year Ended 31 August 2024 |
Micro Clutch Developments Limited (Registered number: 01383365) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Micro Clutch Developments Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
BANKERS: |
26/30 Regent Street |
Weston-Super-Mare |
North Somerset |
BS23 1SH |
Micro Clutch Developments Limited (Registered number: 01383365) |
Abridged Statement of Financial Position |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Micro Clutch Developments Limited (Registered number: 01383365) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Micro Clutch Developments Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques. |
At the time of approving the financial statements the directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. |
The directors therefore deem the Company able to continue as a going concern. |
Preparation of consolidated financial statements |
The financial statements contain information about Micro Clutch Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Micro Clutch Developments Limited (Registered number: 01383365) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
AMORTISATION |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Micro Clutch Developments Limited (Registered number: 01383365) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 | 43,890 |
DEPRECIATION |
At 1 September 2023 | 10,973 |
Charge for year | 10,973 |
At 31 August 2024 | 21,946 |
NET BOOK VALUE |
At 31 August 2024 | 21,944 |
At 31 August 2023 | 32,917 |
7. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 | 2,080 |
NET BOOK VALUE |
At 31 August 2024 | 2,080 |
At 31 August 2023 | 2,080 |
Micro Clutch Developments Limited (Registered number: 01383365) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.8.24 | 31.8.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.8.24 | 31.8.23 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.24 | 31.8.23 |
£ | £ |
Hire purchase contracts | 33,307 | 37,773 |
Amounts due under hire purchase agreements are secured over the specific financed assets. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
At the year end the company owed £118,512 (2023: £97,704) to MGC Holdings Limited, a subsidiary. |
The company also paid rent of £71,000 (2023: 61,000) to a related pension scheme controlled by the directors. |
12. | ULTIMATE CONTROLLING PARTY |
The company is controlled by its directors. |