ACCOUNTS - Final Accounts preparation

MACKRELL TURNER GARRETT (SURREY) LIMITED - Company Information

Company registration number: 12061654

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE PERIOD ENDED 31 OCTOBER 2020

	MACKRELL TURNER GARRETT (SURREY) LIMITED


MACKRELL TURNER GARRETT (SURREY) LIMITED REGISTERED NUMBER:12061654

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2020

		2020
Note		£

Fixed assets
Tangible assets	4		26,028
			26,028
Current assets
Debtors: amounts falling due within one year	5	508,695
Cash at bank and in hand		408,967
		917,662
Creditors: amounts falling due within one year	6	(723,562)
Net current assets			194,100
Total assets less current liabilities			220,128
Provisions for liabilities
Deferred tax		(4,945)
Other provisions	8	(72,200)
			(77,145)
Net assets			142,983

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MACKRELL TURNER GARRETT (SURREY) LIMITED REGISTERED NUMBER:12061654

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 OCTOBER 2020

	2020
Note	£

Capital and reserves
Called up share capital			100
Profit and loss account			142,883
			142,983

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ Mr M Mediratta	................................................ Mr D K Austin
Director	Director

Date: 16 June 2021

The notes on pages 3 to 7 form part of these financial statements.

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MACKRELL TURNER GARRETT (SURREY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

1.	General information

Mackrell Turner Garrett (Surrey) Limited is a company limited by guarantee. It was incorporated on the 20 June 2019 and commenced trading on 1 November 2019 after acquiring the business of its predecessor firm Mackrell Turner Garrett.
The company's trading address is 1st Floor, Technology House, 48-54 Goldsworth Road, Woking, England, GU21 6LE.
The company's functional and presentational currency is GBP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 November 2018 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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MACKRELL TURNER GARRETT (SURREY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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MACKRELL TURNER GARRETT (SURREY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Office equipment	-	33%
				Other fixed assets	-	25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the period was 21.

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MACKRELL TURNER GARRETT (SURREY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	29,061
	At 31 October 2020	29,061
	Depreciation
	Charge for the period on owned assets	3,033
	At 31 October 2020	3,033
	Net book value
	At 31 October 2020	26,028

Debtors

					2020
					£


	Trade debtors	186,674
	Other debtors	22,164
	Prepayments and accrued income	161,754
	Amounts recoverable on contracts	138,103
		508,695

6.	Creditors: Amounts falling due within one year
		2020
		£

	Other loans	251,971
	Trade creditors	20,436
	Corporation tax	38,891
	Other taxation and social security	127,097
	Other creditors	170,458
	Accruals and deferred income	114,709
		723,562

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MACKRELL TURNER GARRETT (SURREY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2020

7.	Deferred taxation

		2020
		£

	Charged to profit or loss	(4,945)
	At end of year	(4,945)

	The deferred taxation balance is made up as follows:
					2020
					£

	Accelerated capital allowances	(4,945)
		(4,945)

8.	Provisions

	PI Claims Provision	Dilapidation Provision	Total
	£	£	£

Charged to profit or loss	37,500	34,700	72,200
At 31 October 2020	37,500	34,700	72,200

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