Registered Number
08073778
Modelmakers Limited
Report And Accounts
31 May 2024
Modelmakers Limited
Registered Number: 08073778
Directors' Report
The directors present their report and accounts for the year ended 31 May 2024.
Principal activities
The company's principal activity during the year continued to be that of model maker.
Directors
The following persons served as directors during the year:
S.R. Wynne-Owen
L.J. Wynne-Owen
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 21 February 2025 and signed on its behalf.
S.R. Wynne-Owen
Director
Modelmakers Limited
Accountant's Report
Accountant's Report To The Directors Of
Modelmakers Limited
You consider that the company is exempt from an audit for the year ended 31 May 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, I have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to me.
I have not carried out an audit or any other review, and consequently I do not express any opinion on these accounts.
P.J. Reed
Chartered Accountant
20A Pantbach Road
Birchgrove
Cardiff
CF14 1UA
21 February 2025
Modelmakers Limited
Profit And Loss Account
For The Year Ended 31 May 2024
2024 2023
£ £
Turnover 197,175 190,238
Cost of sales (19,989) (61,535)
Gross profit 177,186 128,703
Administrative expenses (145,518) (95,841)
Operating profit 31,668 32,862
Loss on the disposal of tangible fixed assets (56) (405)
Interest payable (253) (362)
Profit before taxation 31,359 32,095
Tax on profit (5,981) (5,883)
Profit for the financial year 25,378 26,212
Modelmakers Limited
Registered Number: 08073778
Balance Sheet
As At 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 17,857 8,200
Current assets
Stocks 800 800
Debtors 4 13,900 6,122
Cash at bank and in hand 46,471 85,261
61,171 92,183
Creditors: amounts falling due within one year 5 (26,542) (47,258)
Net current assets 34,629 44,925
Total assets less current liabilities 52,486 53,125
Creditors: amounts falling due after more than one year 6 (4,134) (8,221)
Provisions for liabilities (3,160) (1,274)
Net assets 45,192 43,630
Capital and reserves
Called up share capital 2 2
Profit and loss account 45,190 43,628
Shareholder's funds 45,192 43,630
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
S.R. Wynne-Owen
Director
Approved by the board on 21 February 2025
Modelmakers Limited
Statement Of Changes In Equity
For The Year Ended 31 May 2024
Share Profit Total
capital and loss
account
£ £ £
At 1 June 2022 2 45,016 45,018
Profit for the financial year 26,212 26,212
Dividends (27,600) (27,600)
At 31 May 2023 2 43,628 43,630
At 1 June 2023 2 43,628 43,630
Profit for the financial year 25,378 25,378
Dividends (23,816) (23,816)
At 31 May 2024 2 45,190 45,192
Modelmakers Limited
Notes To The Accounts
For The Year Ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 38,383
Additions 14,191
Disposals (225)
At 31 May 2024 52,349
Depreciation
At 1 June 2023 30,183
Charge for the year 4,478
On disposals (169)
At 31 May 2024 34,492
Net book value
At 31 May 2024 17,857
At 31 May 2023 8,200
4 Debtors 2024 2023
£ £
Trade debtors 11,520 4,200
Other debtors 2,380 1,922
13,900 6,122
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,104 4,003
Trade creditors 442 20,026
Taxation and social security costs 16,286 18,593
Other creditors 5,710 4,636
26,542 47,258
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,134 8,221
7 Other information
Modelmakers Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Coach House
1A Fort Street
Roath
Cardiff
CF24 1QQ
Modelmakers Limited 08073778 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 08073778 2022-06-01 2023-05-31 08073778 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 08073778 core:WithinOneYear 2023-05-31 08073778 core:AfterOneYear 2023-05-31 08073778 core:ShareCapital 2023-05-31 08073778 core:RetainedEarningsAccumulatedLosses 2023-05-31 08073778 2022-05-31 08073778 core:ShareCapital 2022-05-31 08073778 core:RetainedEarningsAccumulatedLosses 2022-05-31 08073778 2023-06-01 2024-05-31 08073778 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08073778 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08073778 bus:Director1 2023-06-01 2024-05-31 08073778 bus:Director2 2023-06-01 2024-05-31 08073778 core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 08073778 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 08073778 1 2023-06-01 2024-05-31 08073778 2 2023-06-01 2024-05-31 08073778 core:PlantMachinery 2023-06-01 2024-05-31 08073778 countries:England 2023-06-01 2024-05-31 08073778 bus:FRS102 2023-06-01 2024-05-31 08073778 bus:FullAccounts 2023-06-01 2024-05-31 08073778 2024-05-31 08073778 core:WithinOneYear 2024-05-31 08073778 core:AfterOneYear 2024-05-31 08073778 core:ShareCapital 2024-05-31 08073778 core:RetainedEarningsAccumulatedLosses 2024-05-31 08073778 core:PlantMachinery 2024-05-31 08073778 2023-05-31 08073778 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure