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Registration number: 02690630

M.B. Frames P.V.C.-U Limited

Annual Report and Unaudited Filleted Financial Statements

for the Period from 1 August 2023 to 30 April 2024

 

M.B. Frames P.V.C.-U Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

M.B. Frames P.V.C.-U Limited

Company Information

Directors

Mr Peter James Melville

Mr Andrew Stuart Burns

Mrs Susan Melville

Mrs Debra Burns

Mr Paul Andrew Young

Mr Philip Henry Purnell

Registered office

1 Maggs Lane
Fishponds Trading Estate
Bristol
BS5 7EW

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

M.B. Frames P.V.C.-U Limited

(Registration number: 02690630)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

600,322

590,442

Current assets

   

Stocks

421,742

 

626,610

Debtors

5

806,672

 

1,184,192

Cash at bank and in hand

 

2,487,848

 

2,161,260

 

3,716,262

 

3,972,062

Creditors: Amounts falling due within one year

6

(1,402,288)

 

(1,749,985)

Net current assets

   

2,313,974

2,222,077

Total assets less current liabilities

   

2,914,296

2,812,519

Creditors: Amounts falling due after more than one year

6

 

(64,038)

(110,042)

Provisions for liabilities

 

(149,691)

(100,734)

Net assets

   

2,700,567

2,601,743

Capital and reserves

   

Called up share capital

100

 

100

Retained earnings

2,700,467

 

2,601,643

Shareholders' funds

   

2,700,567

2,601,743

 

M.B. Frames P.V.C.-U Limited

(Registration number: 02690630)
Balance Sheet as at 30 April 2024

For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................

Mr Andrew Stuart Burns
Director

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Maggs Lane
Fishponds Trading Estate
Bristol
BS5 7EW

These financial statements were authorised for issue by the Board on 28 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33.33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 68 (2023 - 64).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

251,936

1,576,271

163,749

716,018

2,707,974

Additions

8,826

11,751

28,616

95,000

144,193

Disposals

-

-

-

(45,876)

(45,876)

At 30 April 2024

260,762

1,588,022

192,365

765,142

2,806,291

Depreciation

At 1 August 2023

195,974

1,483,042

142,372

296,144

2,117,532

Charge for the period

11,596

18,949

7,120

90,584

128,249

Eliminated on disposal

-

-

-

(39,812)

(39,812)

At 30 April 2024

207,570

1,501,991

149,492

346,916

2,205,969

Carrying amount

At 30 April 2024

53,192

86,031

42,873

418,226

600,322

At 31 July 2023

55,962

93,229

21,377

419,874

590,442

5

Debtors

Current

2024
£

2023
£

Trade debtors

509,025

442,429

Prepayments

87,863

50,484

Other debtors

209,784

691,279

 

806,672

1,184,192

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

64,236

85,323

Trade creditors

 

436,481

504,855

Taxation and social security

 

360,529

520,504

Accruals and deferred income

 

429,042

627,303

Other creditors

 

112,000

12,000

 

1,402,288

1,749,985

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Hire purchase agreements

64,038

110,042

 

M.B. Frames P.V.C.-U Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 30 April 2024

7

Related party transactions

During the period the directors maintained a loan account with the company. As at the period end the company owed the directors £87,000 (2023: the directors owed the company £261,000). This loan is included within other creditors (2023: the loan was included in other debtors) and is repayable on demand.

No other transactions with the related parties were undertaken such as are required to be disclosed under the FRS 102.