Mullan Groundworks & Civil Engineering Limited - Period Ending 2019-12-31
Mullan Groundworks & Civil Engineering Limited - Period Ending 2019-12-31
Registration number:
Mullan Groundworks & Civil Engineering Limited
for the Year Ended 31 December 2019
Mullan Groundworks & Civil Engineering Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mullan Groundworks & Civil Engineering Limited
(Registration number: 09361746)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
Approved and authorised by the
Mullan Groundworks & Civil Engineering Limited
(Registration number: 09361746)
Balance Sheet as at 31 December 2019
.........................................
Director
Mullan Groundworks & Civil Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Mullan Groundworks & Civil Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Specifically the company deals with long term contracts and in arriving at a value for these contracts
the company uses an estimation of the work undertaken, with reference to costs incurred to date and
expected costs, in order to arrive at contract values. The resultant value will be amounts recoverable
on contracts, which is included within debtors, or payments received on account, which is included
within creditors.
Retentions are recognised when due and included within debtors. Where amounts are not considered
to be recoverable they are provided for as appropriate,
Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Mullan Groundworks & Civil Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
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, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% Reducing balance |
Fixtures and fittings |
25% Reducing balance |
Motor vehicles |
25% Reducing balance |
Computer equipment |
25% Reducing balance |
Land |
No depreciation |
No depreciaton is charged in respect of land on the basis that it is considered to have a infinite life. This is a departure from accounting standards to depreciate all assets but is considered necessary to show a true and fair view.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
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 at transaction price. 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.
Debtors include amounts recoverable on long term contracts. When a contract has not been invoiced at the year end an amount is recorded for the value of that work undertaken to date on a percentage complete basis.
The company invoices customers net of retentions, given rhe historic recovery of retentions, retentions raised but not yet invoiced is recognised within debtors at their invoice value.
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 at the transaction price and subsequently measured at amortised cost using the effective interest method.
Mullan Groundworks & Civil Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2019 |
2018 |
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Depreciation expense |
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Mullan Groundworks & Civil Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
- |
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Disposals |
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- |
( |
- |
( |
At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 December 2019 |
- |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Included within the net book value of land above is £388,891 (2018 - £388,891) in respect of freehold land.
Mullan Groundworks & Civil Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
The above assets include assets held on hire purchase contracts. These are secured on the assets concerned. The total net book value of assets held on hire purchase is £421,399 (2018: £153,000). The total depreciation charged in the year in respect of these assets was £67,199.
Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
Mullan Groundworks & Civil Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
2019 |
2018 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
1,000 |
1,000 |
1,000 |
1,000 |
Loans and borrowings |
At the balance sheet date the company had loans that are secured on the company's freehold land as detailed in note 9. The total amount outstanding is £230,091, of this amount £26,667 is due within one year and the remaining £204,424 is due in more than one year.
Certain assets are held on hire purchase contracts, the amounts are secured on the assets concerned. There is a total of £275,849 due, of this amount £128,125 is due within one year.
Dividends |
2019 |
2018 |
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£ |
£ |
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Interim dividend of £ |
129,500 |
107,000 |
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Related party transactions |
Summary of transactions with other related parties
Non adjusting events after the financial period |
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