Marshall Surfacing Contracts Limited 30/06/2020 iXBRL

Marshall Surfacing Contracts Limited 30/06/2020 iXBRL

MARSHALL SURFACING CONTRACTS LIMITED - Company Information

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Company registration number: 02503532
Marshall Surfacing Contracts Limited
Unaudited abridged financial statements
30 June 2020
Marshall Surfacing Contracts Limited
Contents
Directors and other information
Directors report
Accountant's report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Marshall Surfacing Contracts Limited
Directors and other information
Directors Mr C Marshall (Retired 9 October 2019)
Directors Mr IE Marshall
Mr ST Marshall
Mr S McClernon
Mr MS Phillips
Mr M Wood (Retired 12 March 2020)
Secretary Mr MS Phillips
Company number 02503532
Registered office 249 Godstone Road
Whyteleafe
Surrey
CR3 0EN
Business address 249 Godstone Road
Whyteleafe
Surrey
CR3 0EN
Accountant S Nunn & Co Ltd
Unit 2, Guards Avenue
The Village
Caterham
Surrey
CR3 5XL
Marshall Surfacing Contracts Limited
Directors report
Year ended 30 June 2020
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2020.
Directors
The directors who served the company during the year were as follows:
Mr C Marshall (Retired 9 October 2019)
Mr IE Marshall
Mr ST Marshall
Mr S McClernon
Mr MS Phillips
Mr M Wood (Retired 12 March 2020)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 March 2021 and signed on behalf of the board by:
Mr MS Phillips
Director
Marshall Surfacing Contracts Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Marshall Surfacing Contracts Limited
Year ended 30 June 2020
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Marshall Surfacing Contracts Limited for the year ended 30 June 2020 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am 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 Marshall Surfacing Contracts Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Marshall Surfacing Contracts Limited and state those matters that we have agreed to state to the board of directors of Marshall Surfacing Contracts Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Marshall Surfacing Contracts Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Marshall Surfacing Contracts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Marshall Surfacing Contracts Limited. You consider that Marshall Surfacing Contracts Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Marshall Surfacing Contracts Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
S Nunn & Co Ltd
Chartered Accountants
Unit 2, Guards Avenue
The Village
Caterham
Surrey
CR3 5XL
29 March 2021
Marshall Surfacing Contracts Limited
Abridged statement of comprehensive income
Year ended 30 June 2020
2020 2019
Note £ £
Gross profit 1,416,315 1,463,515
Administrative expenses ( 1,157,823) ( 1,211,614)
_______ _______
Operating profit 258,492 251,901
Other interest receivable and similar income - 47
Interest payable and similar expenses ( 7,549) ( 15,383)
_______ _______
Profit before taxation 4 250,943 236,565
Tax on profit ( 47,687) ( 45,237)
_______ _______
Profit for the financial year and total comprehensive income 203,256 191,328
_______ _______
All the activities of the company are from continuing operations.
Marshall Surfacing Contracts Limited
Abridged statement of financial position
30 June 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 645,401 594,494
_______ _______
645,401 594,494
Current assets
Stocks 5,000 5,000
Debtors 2,992,847 2,361,682
Cash at bank and in hand 28,659 301,795
_______ _______
3,026,506 2,668,477
Creditors: amounts falling due
within one year ( 2,595,964) ( 2,398,187)
_______ _______
Net current assets 430,542 270,290
_______ _______
Total assets less current liabilities 1,075,943 864,784
Creditors: amounts falling due
after more than one year ( 253,942) ( 193,868)
Provisions for liabilities ( 119,994) ( 104,765)
_______ _______
Net assets 702,007 566,151
_______ _______
Capital and reserves
Called up share capital 2,500 2,500
Profit and loss account 699,507 563,651
_______ _______
Shareholders funds 702,007 566,151
_______ _______
For the year ending 30 June 2020 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 March 2021 , and are signed on behalf of the board by:
Mr MS Phillips
Director
Company registration number: 02503532
Marshall Surfacing Contracts Limited
Statement of changes in equity
Year ended 30 June 2020
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2018 2,500 491,773 494,273
Profit for the year 191,328 191,328
_______ _______ _______
Total comprehensive income for the year - 191,328 191,328
Dividends paid and payable ( 119,450) ( 119,450)
_______ _______ _______
Total investments by and distributions to owners - ( 119,450) ( 119,450)
_______ _______ _______
At 30 June 2019 and 1 July 2019 2,500 563,651 566,151
Profit for the year 203,256 203,256
_______ _______ _______
Total comprehensive income for the year - 203,256 203,256
Dividends paid and payable ( 67,400) ( 67,400)
_______ _______ _______
Total investments by and distributions to owners - ( 67,400) ( 67,400)
_______ _______ _______
At 30 June 2020 2,500 699,507 702,007
_______ _______ _______
Marshall Surfacing Contracts Limited
Notes to the financial statements
Year ended 30 June 2020
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15% - 25% on reducing balance
Fittings fixtures and equipment - 25% on reducing balance
Motor vehicles - at variable rates on reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 47 (2019: 46 ).
4. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2020 2019
£ £
Depreciation of tangible assets 115,474 106,337
Loss on disposal of tangible fixed assets 26,399 22,034
Hire of plant and machinery 718,669 572,303
_______ _______
5. Tangible assets
£
Cost
At 1 July 2019 1,075,081
Additions 236,780
Disposals ( 148,284)
_______
At 30 June 2020 1,163,577
_______
Depreciation
At 1 July 2019 480,587
Charge for the year 115,474
Disposals ( 77,885)
_______
At 30 June 2020 518,176
_______
Carrying amount
At 30 June 2020 645,401
_______
At 30 June 2019 594,494
_______
6. Other financial commitments
The bank overdraft is secured by a fixed and floating charge over the assets of the company together with a charge over the company's office situated at 249 Godstone Road, Whyteleafe, Surrey CR3 0EN, which is part owned by one of the directors of the company, Mr Iain Marshall.
7. Related party transactions
During the year the company paid rent of £9,000 (2019: £6,000) to Mr C Marshall and £9,000 (2019: £6,000) to Mr I Marshall for use of 249 Godstone Road, Whyteleafe, Surrey CR3 0EN. During the year, dividends of £67,400 (2019: £119,450) were paid to directors of the company.
8. Controlling party
There is no ultimate controlling party.