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Company No: 02156816 (England and Wales)

MIG ANGLIA LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

MIG ANGLIA LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

MIG ANGLIA LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
MIG ANGLIA LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 219,165 111,536
219,165 111,536
Current assets
Stocks 420,289 414,099
Debtors 5 375,611 198,764
Cash at bank and in hand 168,306 270,061
964,206 882,924
Creditors: amounts falling due within one year 6 ( 363,617) ( 301,817)
Net current assets 600,589 581,107
Total assets less current liabilities 819,754 692,643
Creditors: amounts falling due after more than one year 7 ( 21,082) ( 11,239)
Provision for liabilities ( 57,958) ( 25,576)
Net assets 740,714 655,828
Capital and reserves
Called-up share capital 100 100
Profit and loss account 740,614 655,728
Total shareholders' funds 740,714 655,828

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mig Anglia Limited (registered number: 02156816) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

H B Chapman
Director
B J Chapman
Director

27 January 2025

MIG ANGLIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
MIG ANGLIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mig Anglia Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Thorpe Market Road, Southrepps, Norfolk, NR11 8NQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using a weighted average basis. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets or liabilities like trade and other debtors and creditors, loan from banks and other third parties, loan to related parties and investments in ordinary shares.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 August 2023 130,000 130,000
At 31 July 2024 130,000 130,000
Accumulated amortisation
At 01 August 2023 130,000 130,000
At 31 July 2024 130,000 130,000
Net book value
At 31 July 2024 0 0
At 31 July 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 August 2023 145,224 99,785 245,009
Additions 94,518 40,230 134,748
At 31 July 2024 239,743 140,015 379,758
Accumulated depreciation
At 01 August 2023 79,768 53,705 133,473
Charge for the financial year 11,409 15,711 27,120
At 31 July 2024 91,177 69,416 160,593
Net book value
At 31 July 2024 148,566 70,599 219,165
At 31 July 2023 65,456 46,080 111,536

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

Vehicles

2024: £71,138
2023: £26,408

Plant and Machinery

2024: £89,610
2023: £nil

5. Debtors

2024 2023
£ £
Trade debtors 354,886 182,394
Prepayments 20,725 16,370
375,611 198,764

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 189,500 134,153
Amounts owed to directors 51,445 37,297
Accruals 7,153 86,272
Taxation and social security 6,346 32,739
Obligations under finance leases and hire purchase contracts 108,116 10,375
Other creditors 1,057 981
363,617 301,817

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 21,082 11,239

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,369 (2023 - £4,778). Contributions totalling £1,057 (2023 - £981) were payable to the fund at the reporting date and are included in creditors.

9. Related party transactions

The balance on the director's loan accounts at 31 July 2024 is £51,445 (2023 : £37,298) and is included in other creditors.

The company operates from the premises owned by a director for which no rent is charged.