MD Remedial Contractors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10338695 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

MD Remedial Contractors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G J Devaney

REGISTERED OFFICE:

2 Shore Lines Building

Shore Road

Birkenhead

CH41 1AU

REGISTERED NUMBER:

10338695 (England and Wales)

ACCOUNTANTS:

Haines Watts

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

CURRENT ASSETS

Debtors

4

25,083

17,004

Cash at bank

36,367

8,019

61,450

25,023

CREDITORS

Amounts falling due within one year

5

430,437

182,644

NET CURRENT LIABILITIES

(368,987

)

(157,621

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(368,987

)

(157,621

)

CAPITAL AND RESERVES

Called up share capital

6

80

80

Retained earnings

(369,067

)

(157,701

)

SHAREHOLDERS' FUNDS

(368,987

)

(157,621

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 25 September 2019 and were signed by:

G J Devaney - Director

1.	STATUTORY INFORMATION

MD Remedial Contractors 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.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including

expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more

than 24 hours.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and

liabilities like trade and other debtors and creditors, loans from banks and loans to related parties.

Debt instruments (other than those wholly repayable within one year), including loans and other accounts receivable and

payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the

effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and

creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected

to be paid or received.

Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income

statement and retained earnings.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Going concern

The company is dependent on the continuing support of its ultimate controlling party in order that it can meet its liabilities

as they fall due. G Devaney expects to continue to support the company for the foreseeable future, being a period of note

less than 12 months from the date of approval of these financial statements, and have therefore prepared the financial

statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

17,908

16,924

Other debtors

7,175

80

25,083

17,004

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

16,974

15,621

Taxation and social security

7,633

4,444

Other creditors

405,830

162,579

430,437

182,644

6.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

80

Share capital 1

1

80

80

7.	RELATED PARTY DISCLOSURES

At 31/12/2018, MD Remedial Contractors Limited owed £392,409 (2017 - £151,398) to MD Insurance Services Limited,

which is a company owned and controlled by G J Devaney.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G Devaney on the basis of his majority shareholding in the company.