Mellcrest Limited Company accounts

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COMPANY REGISTRATION NUMBER: 02212481

Mellcrest Limited

Unaudited Financial Statements

31 August 2018

Mellcrest Limited

Financial Statements

Year ended 31 August 2018

Contents	Page

Officers and professional advisers	1

Directors' report	2

Accountant report to the board of directors on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5

Notes to the financial statements	7

Mellcrest Limited

Officers and Professional Advisers

The board of directors	Mr. R D Hackman
	Mrs. S M Hackman
	Mr. B Flatter

Company secretary	Suzanne Matilda Hackman

Registered office	Unit 7 Curo Park
	Frogmore
	St. Albans
	Hertfordshire
	United Kingdom
	AL2 2DD

Accountants	R Manchee FMAAT
	Accountant
	Jems Bookkeeping & Accountancy Services Ltd
	East Lodge
	Bedlars Green
	Great Hallingbury
	Bishop's Stortford
	CM22 7TL

Mellcrest Limited

Directors' Report

Year ended 31 August 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2018 .

Directors

The directors who served the company during the year were as follows:

Mr. R D Hackman
Mrs. S M Hackman
Mr. B Flatter

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 5 November 2018 and signed on behalf of the board by:

Mr. R D Hackman	Suzanne Matilda Hackman
Director	Company Secretary

Registered office:

Unit 7 Curo Park

Frogmore

St. Albans

Hertfordshire

United Kingdom

AL2 2DD

Mellcrest Limited

Accountant Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mellcrest Limited

Year ended 31 August 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

R Manchee FMAAT Accountant

Jems Bookkeeping & Accountancy Services Ltd East Lodge Bedlars Green Great Hallingbury Bishop's Stortford CM22 7TL

5 November 2018

Mellcrest Limited

Statement of Income and Retained Earnings

Year ended 31 August 2018

	2018	2017
Note	£	£
Turnover	4,924,674	4,587,528

Cost of sales	3,335,221	3,181,579
	------------	------------
Gross profit	1,589,453	1,405,949

Administrative expenses	1,255,011	1,086,305
	------------	------------
Operating profit	334,442	319,644

Interest payable and similar expenses		24,688	22,232
		------------	------------
Profit before taxation	5	309,754	297,412

Tax on profit	43,607	60,001
	---------	---------
Profit for the financial year and total comprehensive income	266,147	237,411
	---------	---------

Dividends paid and payable	( 102,631)	( 97,905)

Retained earnings at the start of the year	920,522	781,016
	------------	---------
Retained earnings at the end of the year	1,084,038	920,522
	------------	---------

All the activities of the company are from continuing operations.

Mellcrest Limited

Statement of Financial Position

31 August 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		1,266,778	1,201,481

Current assets

Stocks		493,718	452,667
Debtors	7	597,771	520,175
Cash at bank and in hand		–	33,388
		------------	------------
		1,091,489	1,006,230

Creditors: amounts falling due within one year	8	482,367		501,198
		------------		------------
Net current assets			609,122	505,032
			------------	------------
Total assets less current liabilities			1,875,900	1,706,513

Creditors: amounts falling due after more than one year	9		790,862	784,256

Provisions

Pensions and similar obligations	–	735
	------------	------------
Net assets	1,085,038	921,522
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	1,084,038	920,522
	------------	---------
Shareholders funds	1,085,038	921,522
	------------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Mellcrest Limited

Statement of Financial Position (continued)

31 August 2018

These financial statements were approved by the board of directors and authorised for issue on 5 November 2018 , and are signed on behalf of the board by:

Mr. R D Hackman
Director

Company registration number: 02212481

Mellcrest Limited

Notes to the Financial Statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7 Curo Park, Frogmore, St. Albans, Hertfordshire, AL2 2DD, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

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

4. Employee numbers

The average number of persons employed by the company during the year amounted to 36 (2017: 35 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	36,914	34,051
	--------	--------

6. Tangible assets

	At 1 September 2017	Additions	Disposals	At 31 August 2018
	£	£	£	£
Cost
Land and buildings	1,061,090	–	–	1,061,090
Plant and machinery	94,182	–	–	94,182
Fixtures and fittings	94,727	–	–	94,727
Motor vehicles	85,621	52,300	( 46,789)	91,132
Equipment	38,996	64,683	–	103,679
Property improvements	18,853	–	–	18,853
	------------	---------	--------	------------
	1,393,469	116,983	( 46,789)	1,463,663
	------------	---------	--------	------------

	At 1 September 2017	Charge for the year	Disposals	At 31 August 2018
	£	£	£	£
Depreciation
Land and buildings	–	–	–	–
Plant and machinery	46,214	11,992	–	58,206
Fixtures and fittings	86,888	1,960	–	88,848
Motor vehicles	35,369	15,328	( 32,017)	18,680
Equipment	23,517	7,634	–	31,151
	------------	---------	--------	---------
	191,988	36,914	( 32,017)	196,885
	------------	---------	--------	---------

	At 31 August 2018	At 31 August 2017
	£	£
Carrying amount
Land and buildings	1,061,090	1,061,090
Plant and machinery	35,976	47,968
Fixtures and fittings	5,879	7,839
Motor vehicles	72,452	50,252
Equipment	72,528	15,479
Property improvements	18,853	18,853
	------------	------------
	1,266,778	1,201,481
	------------	------------

7. Debtors

	2018	2017
	£	£
Trade debtors	545,298	476,456
Other debtors	52,473	43,719
	---------	---------
	597,771	520,175
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	15,793	6,056
Trade creditors	334,383	354,357
Corporation tax	43,607	60,001
Social security and other taxes	89,103	79,273
Other creditors	( 519)	1,511
	---------	---------
	482,367	501,198
	---------	---------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	683,729	731,154
Other creditors	107,133	53,102
	---------	---------
	790,862	784,256
	---------	---------

10. Related party transactions

The company was under the control of Mr RD Hackman throughout the current and previous year. Mr RD Hackman is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.