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Registration number: 10148554

M M Engineered Solutions Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2019

Fergusons & Peters Chartered Accountants
Chartered Accountant
95 High Street
Gorseinon
Swansea
SA4 4BL

 

M M Engineered Solutions Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Abridged Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Abridged Financial Statements

7 to 11

 

M M Engineered Solutions Limited

Company Information

Directors

Mr M N McDermid

Mr J Morton

Mr C McDermid

Registered office

Seaway Parade Industrial Park Estate
Baglan Energy Park
Port Talbot
SA12 7BR

Accountants

Fergusons & Peters Chartered Accountants
Chartered Accountant
95 High Street
Gorseinon
Swansea
SA4 4BL

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
M M Engineered Solutions Limited
for the Year Ended 30 April 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of M M Engineered Solutions Limited for the year ended 30 April 2019 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of M M Engineered Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 22 August 2018. Our work has been undertaken solely to prepare for your approval the accounts of M M Engineered Solutions Limited and state those matters that we have agreed to state to the Board of Directors of M M Engineered Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M M Engineered Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that M M Engineered Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of M M Engineered Solutions Limited. You consider that M M Engineered Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of M M Engineered Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Fergusons & Peters Chartered Accountants
Chartered Accountant
95 High Street
Gorseinon
Swansea
SA4 4BL

9 August 2019

 

M M Engineered Solutions Limited

Statement of Comprehensive Income for the Year Ended 30 April 2019

Note

2019
£

2018
£

Profit for the year

 

131,771

45,420

Total comprehensive income for the year

 

131,771

45,420

 

M M Engineered Solutions Limited

(Registration number: 10148554)
Abridged Balance Sheet as at 30 April 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

154,578

3,976

Current assets

 

Stocks

5

174,735

114,824

Debtors

343,687

20,453

Cash at bank and in hand

 

97,676

36,796

 

616,098

172,073

Prepayments and accrued income

 

9,338

400

Creditors: Amounts falling due within one year

(462,056)

(140,870)

Net current assets

 

163,380

31,603

Total assets less current liabilities

 

317,958

35,579

Creditors: Amounts falling due after more than one year

(188,394)

-

Accruals and deferred income

 

(48,161)

(4,947)

Net assets

 

81,403

30,632

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

81,400

30,629

Total equity

 

81,403

30,632

For the financial year ending 30 April 2019 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

M M Engineered Solutions Limited

(Registration number: 10148554)
Abridged Balance Sheet as at 30 April 2019

Approved and authorised by the Board on 8 August 2019 and signed on its behalf by:
 

.........................................

Mr M N McDermid

Director

.........................................

Mr J Morton

Director

.........................................

Mr C McDermid

Director

 

M M Engineered Solutions Limited

Statement of Changes in Equity for the Year Ended 30 April 2019

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2018

3

30,629

30,632

Profit for the year

-

131,771

131,771

Total comprehensive income

-

131,771

131,771

Dividends

-

(81,000)

(81,000)

At 30 April 2019

3

81,400

81,403

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2017

2

10,209

10,211

Profit for the year

-

45,420

45,420

Total comprehensive income

-

45,420

45,420

Dividends

-

(25,000)

(25,000)

New share capital subscribed

1

-

1

At 30 April 2018

3

30,629

30,632

 

M M Engineered Solutions Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2019

1

General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Seaway Parade Industrial Park Estate
Baglan Energy Park
Port Talbot
SA12 7BR

These financial statements were authorised for issue by the Board on 8 August 2019.

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Office Equipment

50% Straight Line

Plant & Equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

M M Engineered Solutions Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2019

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

M M Engineered Solutions Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2019

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2018 - 3).

4

Tangible assets

Total
£

Cost or valuation

At 1 May 2018

4,926

Additions

167,659

At 30 April 2019

172,585

Depreciation

At 1 May 2018

950

Charge for the year

17,057

At 30 April 2019

18,007

Carrying amount

At 30 April 2019

154,578

At 30 April 2018

3,976

Included within the net book value of land and buildings above is £47,239 (2018 - £Nil) in respect of short leasehold land and buildings.
 

 

M M Engineered Solutions Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2019

5

Stocks

2019
£

2018
£

Work in progress

164,735

114,824

Other inventories

10,000

-

174,735

114,824

6

Dividends

 

2019

2018

 

£

£

Final dividend of £ 36,000.00 (2018 - £ 25,000.00 ) per ordinary share

36,000

25,000

Interim dividend of £ 45,000.00 (2018 - £Nil) per ordinary share

45,000

-

 

81,000

25,000

7

Related party transactions

Transactions with directors

2019

At 1 May 2018
£

Advances to directors
£

Repayments by director
£

At 30 April 2019
£

Mr J Morton

(14,022)

15,500

(27,271)

(25,793)

         
       

Mr M N McDermid

(15,972)

15,000

(27,000)

(27,972)

         
       

Mr C McDermid

(9,999)

15,500

(27,000)

(21,499)

         
       

 

2018

At 1 May 2017
£

Advances to directors
£

Repayments by director
£

At 30 April 2018
£

Mr J Morton

(2,498)

10,967

(22,491)

(14,022)

         
       

Mr M N McDermid

(3,779)

8,119

(20,312)

(15,972)

         
       

Mr C McDermid

-

1

(10,000)

(9,999)

         
       

 

 

M M Engineered Solutions Limited

Notes to the Abridged Financial Statements for the Year Ended 30 April 2019

Directors' remuneration

The directors' remuneration for the year was as follows:

2019
£

2018
£

Remuneration

25,323

27,275

Dividends paid to directors

 

2019
£

2018
£

Mr M N McDermid

   

27,000

10,000

     
         

Mr J Morton

   

27,000

10,000

     
         

Mr C McDermid

   

27,000

5,000