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Company Registration number: 01310726

Mallinson Fabrications Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 May 2024

 

Mallinson Fabrications Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Mallinson Fabrications Limited

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

607,647

503,047

Current assets

 

Stocks

11,087

14,553

Debtors

5

60,140

183,932

Cash at bank and in hand

 

39,686

95,621

 

110,913

294,106

Creditors: Amounts falling due within one year

6

(51,687)

(83,025)

Net current assets

 

59,226

211,081

Total assets less current liabilities

 

666,873

714,128

Creditors: Amounts falling due after more than one year

6

(170,764)

(221,372)

Provisions for liabilities

(30,521)

(29,563)

Net assets

 

465,588

463,193

Capital and reserves

 

Called up share capital

175

175

Retained earnings

465,413

463,018

Shareholders' funds

 

465,588

463,193

 

Mallinson Fabrications Limited

Balance Sheet as at 31 May 2024 (continued)

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

Director's responsibilities:

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

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 01310726

Approved and authorised by the director on 23 December 2024
 

.........................................
Mr D W Mallinson
Director

 

Mallinson Fabrications Limited

Notes to the financial statements for the Year Ended 31 May 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:
Station Road
Dalston
Carlisle
CA5 7LT

These financial statements were authorised for issue by the director on 23 December 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

 

Mallinson Fabrications Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

Taxation

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 corporation 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.

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.

 

Mallinson Fabrications Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Land and buildings

5% straight line

Office equipment

20% reducing balance

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Mallinson Fabrications Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 16).

 

Mallinson Fabrications Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Computer equipment
£

Office equipment
 £

Total
£

Cost or valuation

At 1 June 2023

511,742

150,659

161,461

935

26,250

851,047

Additions

130,000

32,000

-

1,448

150

163,598

Disposals

-

(51,647)

(52,022)

(935)

(9,006)

(113,610)

At 31 May 2024

641,742

131,012

109,439

1,448

17,394

901,035

Depreciation

At 1 June 2023

126,438

101,996

97,067

352

22,146

347,999

Charge for the year

12,380

15,510

13,507

482

261

42,140

Eliminated on disposal

-

(48,533)

(41,656)

(353)

(6,209)

(96,751)

At 31 May 2024

138,818

68,973

68,918

481

16,198

293,388

Carrying amount

At 31 May 2024

502,924

62,039

40,521

967

1,196

607,647

At 31 May 2023

385,304

48,663

64,394

584

4,102

503,047

 

Mallinson Fabrications Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

5

DEBTORS

Current

2024
£

2023
£

Trade debtors

44,380

148,564

Prepayments

2,651

15,961

Other debtors

13,109

19,407

 

60,140

183,932

6

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

20,436

23,317

Trade creditors

 

3,295

18,298

Taxation and social security

 

20,306

33,635

Accruals and deferred income

 

4,145

4,050

Other creditors

 

3,505

3,725

 

51,687

83,025


Included with creditors falling due within one year is £20,436 (2023: £23,317) of net obligations under finance lease and hire purchase contracts which are secured on the tangible fixed assets of the company.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

170,764

221,372


Included with creditors falling due after more than one year is £170,764 (2023: £221,372) of net obligations under finance lease and hire purchase contracts which are secured on the tangible fixed assets of the company.

 

Mallinson Fabrications Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

1,086

The amount of non-cancellable operating lease payments recognised as an expense during the year was £599 (2023 - £2,396).

8

RELATED PARTY TRANSACTIONS

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr D W Mallinson

Director's loan account

14,679

13,109

(14,679)

13,109

2023

Advances to directors
£

At
31 May 2023
£

Mr D W Mallinson

Director's loan account

14,679

14,679

     
   

 

There is an obligation for the directors to pay interest to the company on their overdrawn loan accounts at the beneficial loan arrangement rate of 2.25%.