Company No: 03631242 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	41,879		83,399
		41,879		83,399
Current assets
Stocks		1,079,541		1,016,708
Debtors	4	1,163,307		1,328,551
Cash at bank and in hand		573,915		1,487,791
		2,816,763		3,833,050
Creditors: amounts falling due within one year	5	( 467,102)		( 691,002)
Net current assets		2,349,661		3,142,048
Total assets less current liabilities		2,391,540		3,225,447
Provision for liabilities		( 6,596)		( 12,543)
Net assets		2,384,944		3,212,904
Capital and reserves
Called-up share capital	6	1,000		1,000
Profit and loss account		2,383,944		3,211,904
Total shareholders' funds		2,384,944		3,212,904

For the financial year ending 31 March 2025 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 financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Mundy Veneer Limited (registered number: 03631242) were approved and authorised for issue by the Director on 31 December 2025. They were signed on its behalf by:

S R Mundy Director

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

Mundy Veneer 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 4 Castle Road, Chelston Business Park, Wellington, TA21 9JQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Turnover

Turnover represents amounts chargeable, net of VAT, in respect of the sale of goods and services to customers.

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition.

Land and buildings	depreciated over the life of the lease
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Computer equipment	5 years straight line

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.

Leases

The Company as lessee
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.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	17		18

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2024	206,075		143,971		25,514		45,024		77,338		497,922
Additions	4,455		0		0		1,473		12,336		18,264
Disposals	0		0		0		0		( 3,392)		( 3,392)
At 31 March 2025	210,530		143,971		25,514		46,497		86,282		512,794
Accumulated depreciation
At 01 April 2024	164,679		122,247		24,218		40,113		63,266		414,523
Charge for the financial year	45,851		5,431		324		1,289		6,397		59,292
Disposals	0		0		0		0		( 2,900)		( 2,900)
At 31 March 2025	210,530		127,678		24,542		41,402		66,763		470,915
Net book value
At 31 March 2025	0		16,293		972		5,095		19,519		41,879
At 31 March 2024	41,396		21,724		1,296		4,911		14,072		83,399

4. Debtors

	2025		2024
	£		£
Trade debtors	460,369		521,637
Amounts owed by director	491,301		438,152
Prepayments and accrued income	72,681		91,033
Other debtors	138,956		277,729
	1,163,307		1,328,551

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	178,974		240,689
Accruals	29,623		83,276
Corporation tax	69,685		125,613
Other taxation and social security	185,772		183,036
Other creditors	3,048		58,388
	467,102		691,002

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
200 Ordinary A shares shares of £ 1.00 each	200		200
800 Ordinary B shares shares of £ 1.00 each	800		800
	1,000		1,000

7. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £nil (2024 - £44,917).

8. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Director A	491,301		438,152

During the year, advances totalling £71,411 were made to Director A, and £18,262 was repaid by Director A.

The loan is subject to interest at the approved HMRC rate and is repayable on demand.

Other related party transactions

The Mundy Family Group SIPP
The director of Mundy Veneer Limited is a trustee of the Mundy Family Group SIPP

Mundy Veneer Limited has an agreement with the Mundy Family Group SIPP for the lease of Unit 4a Castle Road. The annual lease rent was £77,000 at the beginning of the year and increased to £87,431 from 1 November 2024.

9. Events after the Balance Sheet date

After the financial year end, the company entered into a new lease with the Mundy Family Group SIPP for the lease of Unit 4a Castle Road. The annual rent is £87,431 and the lease term ends on 31 October 2029, with a break date of 1 November 2027.