Merthyr Salvage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04965757 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

MERTHYR SALVAGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Brogden

Mrs C A Brogden

SECRETARY:

Mrs C A Brogden

REGISTERED OFFICE:

Unit 1

Pengarnddu

Dowlais Top

Merthyr Tydfil

CF48 2TA

REGISTERED NUMBER:

04965757 (England and Wales)

ACCOUNTANTS:

Baker Knoyle Chartered Accountants

Orbit Business Centre

Merthyr Tydfil

CF48 1DL

FIXED ASSETS

Tangible assets

4

321,107

234,789

CURRENT ASSETS

Stocks

100,000

81,611

Debtors

5

126,063

48,911

Cash at bank and in hand

214,677

233,044

440,740

363,566

CREDITORS

Amounts falling due within one year

6

88,568

68,305

NET CURRENT ASSETS

352,172

295,261

TOTAL ASSETS LESS CURRENT LIABILITIES

673,279

530,050

CREDITORS

Amounts falling due after more than one year

7

33,733

39,587

NET ASSETS

639,546

490,463

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

639,544

490,461

SHAREHOLDERS' FUNDS

639,546

490,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2020 and were signed on its behalf by:

P Brogden - Director

1.	STATUTORY INFORMATION

Merthyr Salvage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

5% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

70,978

343,459

414,437

Additions

-

171,801

171,801

Disposals

-

(45,475

)

(45,475

)

At 31 March 2020

70,978

469,785

540,763

DEPRECIATION

At 1 April 2019

29,632

150,016

179,648

Charge for year

3,550

63,287

66,837

Eliminated on disposal

-

(26,829

)

(26,829

)

At 31 March 2020

33,182

186,474

219,656

NET BOOK VALUE

At 31 March 2020

37,796

283,311

321,107

At 31 March 2019

41,346

193,443

234,789

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2019

100,500

Additions

56,000

At 31 March 2020

156,500

DEPRECIATION

At 1 April 2019

17,475

Charge for year

22,654

At 31 March 2020

40,129

NET BOOK VALUE

At 31 March 2020

116,371

At 31 March 2019

83,025

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

84,522

24,522

Other debtors

41,541

24,389

126,063

48,911

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

29,167

17,167

Trade creditors

12,536

13,963

Taxation and social security

40,411

26,997

Other creditors

6,454

10,178

88,568

68,305

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

18,444

22,611

Other creditors

15,289

16,976

33,733

39,587

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

P Brogden

Balance outstanding at start of year

6,604

15,471

Amounts advanced

11,533

6,633

Amounts repaid

(7,000

)

(15,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,137

6,604

Mrs C A Brogden

Balance outstanding at start of year

6,604

15,471

Amounts advanced

11,533

6,633

Amounts repaid

(7,000

)

(15,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,137

6,604

9.	ULTIMATE CONTROLLING PARTY