Company registration number 11592826 (England and Wales)
MDF HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MDF HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr C Arrowsmith
Mrs S L Arrowsmith
Company number
11592826
Registered office
Unit 5 Lye Valley Industrial Estate
Bromley Street
Lye
West Midlands
DY9 8HX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
114 High Street
Stourbridge
West Midlands
DY8 1DZ
MDF HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 6
MDF HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MDF HOLDINGS LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MDF Holdings Limited for the year ended 31 May 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of MDF Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MDF Holdings Limited and state those matters that we have agreed to state to the board of directors of MDF Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MDF Holdings Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that MDF Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MDF Holdings Limited. You consider that MDF Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of MDF Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
29 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MDF HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,009
Investments
4
100
271,015
40,109
271,015
Current assets
Debtors
5
156,880
121,949
Cash at bank and in hand
121,882
43,396
278,762
165,345
Creditors: amounts falling due within one year
6
(1,126)
(1,591)
Net current assets
277,636
163,754
Net assets
317,745
434,769
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
317,645
434,669
Total equity
317,745
434,769
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr C Arrowsmith
Director
Company registration number 11592826 (England and Wales)
MDF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
MDF Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Lye Valley Industrial Estate, Bromley Street, Lye, West Midlands, DY9 8HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
2% on reducing balance
Computer equipment
33% on cost
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MDF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
MDF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 June 2023
Additions
40,050
1,139
41,189
At 31 May 2024
40,050
1,139
41,189
Depreciation and impairment
At 1 June 2023
Depreciation charged in the year
800
380
1,180
At 31 May 2024
800
380
1,180
Carrying amount
At 31 May 2024
39,250
759
40,009
At 31 May 2023
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
270,915
100
271,015
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023
100
270,915
271,015
Disposals
-
(270,915)
(270,915)
At 31 May 2024
100
-
100
Carrying amount
At 31 May 2024
100
-
100
At 31 May 2023
100
270,915
271,015
MDF HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
136,396
121,949
Deferred tax asset
20,484
156,880
121,949
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,126
1,591
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50
50
50
50
Ordinary A shares of £1 each
20
20
20
20
Ordinary B shares of £1 each
30
30
30
30
100
100
100
100
8
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
9
Ultimate controlling party
The ultimate controlling party is Mr C Arrowsmith and Mrs S L Arrowsmith.