March Property & Construction Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08005878 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2020

FOR

MARCH PROPERTY & CONSTRUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B H Selhi

REGISTERED OFFICE:

Daws House

33-35 Daws Lane

London

NW7 4SD

REGISTERED NUMBER:

08005878 (England and Wales)

ACCOUNTANTS:

Thompson Taraz Rand Ltd

Chartered Accountants

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

FIXED ASSETS

Tangible assets

5

35,955

46,991

CURRENT ASSETS

Stocks

295,699

273,733

Debtors

6

265,796

286,893

561,495

560,626

CREDITORS

Amounts falling due within one year

7

(262,076

)

(397,399

)

NET CURRENT ASSETS

299,419

163,227

TOTAL ASSETS LESS CURRENT LIABILITIES

335,374

210,218

CREDITORS

Amounts falling due after more than one year

8

(272,344

)

(191,616

)

NET ASSETS

63,030

18,602

CAPITAL AND RESERVES

Called up share capital

10

300

300

Retained earnings

62,730

18,302

SHAREHOLDERS' FUNDS

63,030

18,602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2020 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 December 2020 and were signed by:

B H Selhi - Director

1.	STATUTORY INFORMATION

March Property & Construction 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the provision of construction services, excluding value added tax. Turnover is recognised when the right to consideration has been earnt.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Work in progress

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first forseen.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 31 March 2019

54,173

Additions

950

At 30 March 2020

55,123

DEPRECIATION

At 31 March 2019

7,182

Charge for year

11,986

At 30 March 2020

19,168

NET BOOK VALUE

At 30 March 2020

35,955

At 30 March 2019

46,991

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 31 March 2019

and 30 March 2020

53,262

DEPRECIATION

At 31 March 2019

6,775

Charge for year

11,622

At 30 March 2020

18,397

NET BOOK VALUE

At 30 March 2020

34,865

At 30 March 2019

46,487

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

239,921

260,265

Other debtors

25,875

26,628

265,796

286,893

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

73,924

204,505

Hire purchase contracts

5,900

5,081

Trade creditors

57,007

120,536

Taxation and social security

121,449

45,491

Other creditors

3,796

21,786

262,076

397,399

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

87,657

155,305

Hire purchase contracts

30,411

36,311

Other creditors

154,276

-

272,344

191,616

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

36,311

41,392

Liabilities held under hire purchase agreements are secured against the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

300

Ordinary

£1

300

300

11.	OTHER FINANCIAL COMMITMENTS

The company had operating lease commitments amounting to £6,500 (2019: £6,500) per annum in relation to the rental of office premises. The total commitment remaining is £9,208.

12.	RELATED PARTY DISCLOSURES

Shown within other creditors due after more than one year is an amount due to the director on a directors loan account. The amount due at the balance sheet date is £154,276 (2019: £14,183).This amount bears no interest and is repayable on demand.

The director charged the company £2,465 in respect of mileage under taken on behalf of the company.

13.	SECURED DEBTS

Included within creditors are outstanding loans amounting to £155,305 that have been personally guaranteed by the director.