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Registered number: 03688192










M. M. BELL & SONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
M. M. BELL & SONS LIMITED
REGISTERED NUMBER:03688192

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
286,684
343,713

  
286,684
343,713

Current assets
  

Stocks
  
290,219
361,899

Debtors: amounts falling due within one year
 5 
321,095
206,336

Cash at bank and in hand
  
19,748
12,241

  
631,062
580,476

Creditors: amounts falling due within one year
 6 
(550,253)
(572,170)

Net current assets
  
 
 
80,809
 
 
8,306

Total assets less current liabilities
  
367,493
352,019

Creditors: amounts falling due after more than one year
 7 
(32,814)
(77,184)

  

Net assets
  
334,679
274,835


Capital and reserves
  

Called up share capital 
  
477
477

Share premium account
  
29,517
29,517

Profit and loss account
  
304,685
244,841

  
334,679
274,835


Page 1

 
M. M. BELL & SONS LIMITED
REGISTERED NUMBER:03688192
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers 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 director acknowledges his 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 on 21 February 2025.




JC Fenton
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
M. M. BELL & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

M. M. Bell & Sons Limited is a private company, limited by shares, incorporated in England and Wales, (registered number: 03688192). Its registered office address is Units 4-6 Shepcote Enterprise, Park 2-3 Europa Drive, Sheffield, South Yorkshire, S9 1XT. The principal activity of the Company continues to be the manufacture of paper and paperboard containers.

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

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.

Page 3

 
M. M. BELL & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

Page 4

 
M. M. BELL & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Taxation

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.


 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Motor vehicles
-
25%
Fixtures and fittings
-
10%

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

 
M. M. BELL & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.12

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 30 (2023 - 27).

Page 6

 
M. M. BELL & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
493,562
84,385
24,691
602,638


Additions
8,500
-
-
8,500



At 31 December 2024

502,062
84,385
24,691
611,138



Depreciation


At 1 January 2024
220,286
20,776
17,863
258,925


Charge for the year on financed assets
49,498
11,332
4,699
65,529



At 31 December 2024

269,784
32,108
22,562
324,454



Net book value



At 31 December 2024
232,278
52,277
2,129
286,684



At 31 December 2023
273,276
63,609
6,828
343,713


5.


Debtors

2024
2023
£
£


Trade debtors
253,367
165,123

Amounts owed by group undertakings
20,751
-

Prepayments and accrued income
46,977
41,213

321,095
206,336


Page 7

 
M. M. BELL & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
40,794
51,112

Trade creditors
112,477
153,261

Amounts owed to group undertakings
-
4,300

Other taxation and social security
157,930
106,896

Obligations under hire purchase contracts
38,571
49,899

Proceeds of factored debts
176,900
155,674

Other creditors
23,581
51,028

550,253
572,170


The following liabilities were secured:

2024
2023
£
£



Obligations under hire purchase contracts
38,571
49,899

Proceeds of factored debts
176,900
155,674

215,471
205,573

Details of security provided:

Amounts owed in respect of factored debts are secured by a fixed and floating charge over all the property or undertaking of the company.
The hire purchase liabilities are secured over the assets to which they relate.

Page 8

 
M. M. BELL & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,161
32,859

Net obligations under finance leases and hire purchase contracts
30,653
44,325

32,814
77,184


The following liabilities were secured:

2024
2023
£
£



Obligations under hire purchase contracts
30,653
44,325

Details of security provided:

The hire purchase liabilities are secured over the assets to which they relate.


8.


Contingent liabilities

A cross guarantee exists with the company's holding company, M. M. Bell & Sons (Holdings) Limited in respect of the bank borrowings of both companies. 


9.


Pension commitments

The Company operates a defined contributions pension scheme. 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 £11,257 (2023 - £10,807). Contributions totalling £3,242 (2023 - £3,534) were payable to the fund at the balance sheet date and are included in creditors.


10.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
120,000
120,000

Later than 1 year and not later than 5 years
180,000
300,000

300,000
420,000

Page 9

 
M. M. BELL & SONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Controlling party

The direct controlling party is M. M. Bell & Sons (Holdings) Limited. The ultimate controlling party is Mr JC Fenton, who is also a mutual director.

 
Page 10