Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-01falseThe principal activity during the year was the manufacturing and distribution of sash and casement window hardware.2020falsefalse 03294327 2023-05-01 2024-04-30 03294327 2022-05-01 2023-04-30 03294327 2024-04-30 03294327 2023-04-30 03294327 2022-05-01 03294327 c:Director3 2023-05-01 2024-04-30 03294327 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 03294327 d:Buildings d:LongLeaseholdAssets 2024-04-30 03294327 d:Buildings d:LongLeaseholdAssets 2023-04-30 03294327 d:PlantMachinery 2023-05-01 2024-04-30 03294327 d:PlantMachinery 2024-04-30 03294327 d:PlantMachinery 2023-04-30 03294327 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03294327 d:MotorVehicles 2023-05-01 2024-04-30 03294327 d:MotorVehicles 2024-04-30 03294327 d:MotorVehicles 2023-04-30 03294327 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03294327 d:FurnitureFittings 2023-05-01 2024-04-30 03294327 d:FurnitureFittings 2024-04-30 03294327 d:FurnitureFittings 2023-04-30 03294327 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03294327 d:OfficeEquipment 2023-05-01 2024-04-30 03294327 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03294327 d:CurrentFinancialInstruments 2024-04-30 03294327 d:CurrentFinancialInstruments 2023-04-30 03294327 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03294327 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03294327 d:ShareCapital 2024-04-30 03294327 d:ShareCapital 2023-04-30 03294327 d:RetainedEarningsAccumulatedLosses 2024-04-30 03294327 d:RetainedEarningsAccumulatedLosses 2023-04-30 03294327 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 03294327 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 03294327 d:RetirementBenefitObligationsDeferredTax 2024-04-30 03294327 d:RetirementBenefitObligationsDeferredTax 2023-04-30 03294327 c:OrdinaryShareClass1 2023-05-01 2024-04-30 03294327 c:OrdinaryShareClass1 2024-04-30 03294327 c:OrdinaryShareClass2 2023-05-01 2024-04-30 03294327 c:OrdinaryShareClass2 2024-04-30 03294327 c:FRS102 2023-05-01 2024-04-30 03294327 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03294327 c:FullAccounts 2023-05-01 2024-04-30 03294327 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03294327 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03294327









MIGHTON PRODUCTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
MIGHTON PRODUCTS LIMITED
REGISTERED NUMBER: 03294327

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
116,508
124,070

  
116,508
124,070

CURRENT ASSETS
  

Stocks
  
1,655,547
1,441,505

Debtors: amounts falling due within one year
 5 
2,114,853
2,056,152

Cash at bank and in hand
  
173,367
359,769

  
3,943,767
3,857,426

Creditors: amounts falling due within one year
 6 
(1,186,603)
(1,070,367)

NET CURRENT ASSETS
  
 
 
2,757,164
 
 
2,787,059

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,873,672
2,911,129

PROVISIONS FOR LIABILITIES
  

Deferred tax
 7 
(1,608)
(3,117)

  
 
 
(1,608)
 
 
(3,117)

NET ASSETS
  
2,872,064
2,908,012


CAPITAL AND RESERVES
  

Called up share capital 
 8 
1,100,100
1,100,100

Profit and loss account
  
1,771,964
1,807,912

  
2,872,064
2,908,012


Page 1

 
MIGHTON PRODUCTS LIMITED
REGISTERED NUMBER: 03294327
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Punt
Director

Date: 24 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MIGHTON PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Mighton Products Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is Hinxton Grange, Hinxton, Saffron Walden, CB10 1RG.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 

 
2.3

RESEARCH AND DEVELOPMENT

Research expenditure is written off in the year in which it is incurred.

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MIGHTON PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MIGHTON PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the below bases.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10 years straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
20% reducing balance
Office equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

STOCKS

Stocks are measured at the lower of cost and estimated selling prices less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing the stocks to their present location and condition.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MIGHTON PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 20 (2023 - 20).

Page 6

 
MIGHTON PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


TANGIBLE FIXED ASSETS





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 May 2023
64,745
232,474
52,050
132,943
482,212


Additions
-
2,416
-
18,380
20,796


Disposals
-
(9,681)
-
(9,687)
(19,368)



At 30 April 2024

64,745
225,209
52,050
141,636
483,640



DEPRECIATION


At 1 May 2023
27,114
206,567
32,648
91,813
358,142


Charge for the year on owned assets
5,752
7,071
4,850
8,052
25,725


Disposals
-
(9,304)
-
(7,431)
(16,735)



At 30 April 2024

32,866
204,334
37,498
92,434
367,132



NET BOOK VALUE



At 30 April 2024
31,879
20,875
14,552
49,202
116,508



At 30 April 2023
37,631
25,907
19,402
41,130
124,070


5.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£


Trade debtors
830,312
784,342

Other debtors
1,284,541
1,271,810

2,114,853
2,056,152


Page 7

 
MIGHTON PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other loans
103,647
-

Trade creditors
753,490
622,247

Corporation tax
24,935
216,368

Other taxation and social security
182,588
122,174

Other creditors
121,943
109,578

1,186,603
1,070,367


Other loans comprise post-shipment buyer loan facilities. These are repayable within 12 months. Each of the facilities have an interest margin of 2.9% above base rate.


7.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(3,117)
(5,692)


Charged to profit or loss
1,509
2,575



AT END OF YEAR
(1,608)
(3,117)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,851
3,502

Other short term timing differences
(243)
(385)

1,608
3,117

Page 8

 
MIGHTON PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 Ordinary shares shares of £1 each
100
100

ALLOTTED, CALLED UP AND PARTLY PAID



1,100,000 Ordinary E shares shares of £1 each
1,100,000
1,100,000



9.OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £208,112 (2023 - £404,704).


10.


RELATED PARTY TRANSACTIONS

Other debtors includes a balance outstanding at 30 April 2024 of £23,958 (2023 - £24,270) due from a director. This loan is interest free and repayable on demand.
Other debtors includes a balance outstanding at 30 April 2024 of £30,777 (2023 - £32,820) due from a director. This loan is interest free and repayable on demand.

 
Page 9