Make One Construct Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 12308001 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31st December 2021

for

Make One Construct Ltd

Page

Company Information

1

Report of the Directors

2

Report of the Accountants

3

Profit and loss account

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

Mr D Westwood

Mr M L Field

REGISTERED OFFICE:

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

REGISTERED NUMBER:

12308001 (England and Wales)

ACCOUNTANTS:

Field & Co LLP

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

The directors present their report with the financial statements of the Company for the year ended 31st December 2021.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of building and construction services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2021 to the date of this report.

Mr D Westwood

Mr M L Field

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr D Westwood - Director

24th May 2022

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st December 2021 set out on pages four to ten and you consider that the Company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Field & Co LLP

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

24th May 2022

TURNOVER

1,930,757

4,526,270

Cost of sales

1,717,705

4,138,379

GROSS PROFIT

213,052

387,891

Administrative expenses

103,267

341,701

OPERATING PROFIT

109,785

46,190

Interest payable and similar expenses

4

457

-

PROFIT BEFORE TAXATION

109,328

46,190

Tax on profit

5

(9,634

)

9,634

PROFIT FOR THE FINANCIAL YEAR

118,962

36,556

CURRENT ASSETS

Debtors

6

1,853,038

1,009,402

Cash at bank and in hand

120,159

537,922

1,973,197

1,547,324

CREDITORS

Amounts falling due within one year

7

1,624,516

946,498

NET CURRENT ASSETS

348,681

600,826

TOTAL ASSETS LESS CURRENT LIABILITIES

348,681

600,826

CREDITORS

Amounts falling due after more than one year

8

193,063

564,170

NET ASSETS

155,618

36,656

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

155,518

36,556

SHAREHOLDERS' FUNDS

155,618

36,656

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 24th May 2022 and were signed on its behalf by:

Mr D Westwood - Director

1.	STATUTORY INFORMATION

Make One Construct Ltd 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.

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 Profit and loss account, 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.

Hire purchase and leasing commitments

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

11.11.19

Year Ended

to

31.12.21

31.12.20

£

£

Bank interest

139

-

Bank loan interest

300

-

HMRC interest & penalties

18

-

457

-

5.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

Period

11.11.19

Year Ended

to

31.12.21

31.12.20

£

£

Current tax:

UK corporation tax

(9,634

)

9,634

Tax on profit

(9,634

)

9,634

6.

DEBTORS

31/12/21

31/12/20

£

£

Amounts falling due within one year:

Trade debtors

122,484

87,662

Amounts owed by group undertakings

228

-

Amounts owed by associates

862,801

-

Amounts recoverable on contract

330,845

283,534

Other debtors

263,809

189,857

1,580,167

561,053

Amounts falling due after more than one year:

Trade debtors

272,871

448,349

Aggregate amounts

1,853,038

1,009,402

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade creditors

271,954

386,562

Amounts owed to group undertakings

1,153,339

-

Taxation and social security

180

9,952

Other creditors

199,043

549,984

1,624,516

946,498

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/21

31/12/20

£

£

Bank loans

48,386

50,000

Trade creditors

144,677

104,138

Amounts owed to group undertakings

-

410,032

193,063

564,170

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

24,813

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/21

31/12/20

value:

£

£

100

Ordinary Shares

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1st January 2021

36,556

Profit for the year

118,962

At 31st December 2021

155,518

11.	RELATED PARTY DISCLOSURES

During the year Make One Construct Limited was charged by its parent company Make One Holdings Limited a total of £85,600 (2020: £118,334) for management services, of which £42,000 was still outstanding at the year end.

At the year end Make One Construct Limited owed Make One Holdings Limited £24,150 (2020: £422) via an interest free inter company loan account.

At the year end Make One Construct Limited owed Make One London Limited £1,129,189 (2020: £409,610) via and interest free inter company loan account.

At the year end CE Sourcing Limited owed Make One Construct Limited £10,800 (2020: £10,800) via an interest free inter company loan account.

At the year end Meyrin House Developments Limited owed Make One Construct Limited £862,801 via an interest free inter company loan account.

At the year end Falkus Joinery Limited owed Make One Construct Limited £228 via an interest free inter company loan account.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr D Westwood.

The ultimate controlling party is Mr D W Westwood by virtue of his ownership of the entire issued share capital in the ultimate parent undertaking Make One Holdings Limited.