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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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MMS ALMAC LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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FOR |
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MMS ALMAC LIMITED |
MMS ALMAC LIMITED (REGISTERED NUMBER: SC224264) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MMS ALMAC LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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118 High Street |
Grantown on Spey |
PH26 3EL |
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BANKERS: |
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209 High Street |
Elgin |
Moray |
IV30 1DL |
MMS ALMAC LIMITED (REGISTERED NUMBER: SC224264) |
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BALANCE SHEET |
30 NOVEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Allotted, called up and fully |
paid share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
MMS ALMAC LIMITED (REGISTERED NUMBER: SC224264) |
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BALANCE SHEET - continued |
30 NOVEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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MMS ALMAC LIMITED (REGISTERED NUMBER: SC224264) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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1. | STATUTORY INFORMATION |
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MMS Almac Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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The financial statements have been prepared under the going concern basis as in the opinion of the |
directors there is adequate finance available to the company in order to continue in operation for the |
foreseeable future. |
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TURNOVER |
Turnover represents net invoiced sales of goods and services excluding vale added tax. |
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GOODWILL |
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TANGIBLE FIXED ASSETS |
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Plant and machinery etc | - |
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STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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TAXATION |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) |
for the current or past reporting periods. It is measured at the amount of tax expected to be paid or |
recovered using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date. |
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DEFERRED TAX |
Deferred tax represents the future tax consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing differences, |
with certain exceptions. Timing differences are differences between taxable profits and total |
comprehensive income as stated in the financial statements that arise from the inclusion of income |
and expense in tax assessments in periods different from those in which they are recognised in the |
financial statements. 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured |
using the rates and allowances that apply to the sale of the asset." |
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HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
of the lease. |
MMS ALMAC LIMITED (REGISTERED NUMBER: SC224264) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Debtors and creditors with no stated interest and receivable or payable within one year are recorded |
at transaction price. Any losses arising from impairment are recognised in the profit and loss account in |
other administrative expenses. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 December 2016 |
and 30 November 2017 |
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AMORTISATION |
At 1 December 2016 |
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Charge for year |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 December 2016 |
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Disposals | ( |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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Eliminated on disposal |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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MMS ALMAC LIMITED (REGISTERED NUMBER: SC224264) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Other creditors |
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Other creditors falling due after more than one year include a loan from Mr W C Brown, a Director. At |
the balance sheet date this loan amounted to £86,074 (2016: £86,431). The loan is repayable when the |
company has the funds available, and is granted interest free. |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Bank loans |
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The bank overdraft is secured by means of a personal guarantee provided by Mr W C Brown and Mrs K |
M Brown, both Directors, up to a maximum of £30,000. A loan of £139,649 (2016: £148,070) from the |
Royal Bank of Scotland plc is secured by means of a Standard Security granted over Macclesfield |
House, Spey Road, Craigellachie. |
Other borrowings are secured by means of a Bond and Floating Charge, and a Standard Security over |
the company's premises at 4-5 Tyock Industrial Estate, Elgin. |
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10. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
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MMS ALMAC LIMITED (REGISTERED NUMBER: SC224264) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 December 2016 |
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Provided during year | ( |
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Balance at 30 November 2017 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are Mr W C Brown and Mrs K M Brown, both Directors, by virtue of their |
90% equal ownership of the issued Ordinary Share Capital. |
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12. | FIRST YEAR ADOPTION |
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This company has prepared its accounts under FRS 102 Section 1A for the first time this year. There were |
no transitional adjustments required. |