Murphy Utilities Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07647081 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2022

for

Murphy Utilities Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S C Murphy

Mr C Murphy

REGISTERED OFFICE:

First Floor

Unit 15

Manor Court

Scarborough

North Yorkshire

YO11 3TU

REGISTERED NUMBER:

07647081 (England and Wales)

ACCOUNTANTS:

Asquith & Co Accountants Limited

Rowan House

7 West Bank

SCARBOROUGH

North Yorkshire

YO12 4DX

FIXED ASSETS

Tangible assets

4

1,382,084

805,980

CURRENT ASSETS

Stocks

169,866

233,343

Debtors

5

893,924

792,565

Cash at bank and in hand

3,735

210,414

1,067,525

1,236,322

CREDITORS

Amounts falling due within one year

6

1,079,575

762,405

NET CURRENT (LIABILITIES)/ASSETS

(12,050

)

473,917

TOTAL ASSETS LESS CURRENT LIABILITIES

1,370,034

1,279,897

CREDITORS

Amounts falling due after more than one year

7

(896,362

)

(616,152

)

PROVISIONS FOR LIABILITIES

(143,938

)

(151,108

)

NET ASSETS

329,734

512,637

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

329,714

512,617

SHAREHOLDERS' FUNDS

329,734

512,637

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2022 and were signed on its behalf by:

Mr S C Murphy - Director

1.	STATUTORY INFORMATION

Murphy Utilities 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.

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 represents net invoiced sales of goods and services, excluding value added tax.

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

-

33% on cost, 25% on reducing balance, 20% on cost, 20% on reducing balance, 15% on reducing balance, 10% on reducing balance and 5% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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.

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 43 (2021 - 41 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2021

1,074,337

Additions

649,555

Disposals

(34,038

)

At 31 May 2022

1,689,854

DEPRECIATION

At 1 June 2021

268,357

Charge for year

62,212

Eliminated on disposal

(22,799

)

At 31 May 2022

307,770

NET BOOK VALUE

At 31 May 2022

1,382,084

At 31 May 2021

805,980

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

Plant and

machinery

etc

£

COST

At 1 June 2021

844,389

Additions

612,828

Transfer to ownership

(15,994

)

At 31 May 2022

1,441,223

DEPRECIATION

At 1 June 2021

146,208

Charge for year

33,763

Transfer to ownership

(8,309

)

At 31 May 2022

171,662

NET BOOK VALUE

At 31 May 2022

1,269,561

At 31 May 2021

698,181

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

375,314

373,770

Other debtors

518,610

418,795

893,924

792,565

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans and overdrafts

139,754

20,833

Hire purchase contracts (see note 8)

302,952

303,281

Trade creditors

308,763

231,803

Taxation and social security

45,562

33,959

Other creditors

282,544

172,529

1,079,575

762,405

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans

179,167

229,167

Hire purchase contracts (see note 8)

717,195

386,985

896,362

616,152

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.5.22

31.5.21

£

£

Net obligations repayable:

Within one year

302,952

303,281

Between one and five years

717,195

386,985

1,020,147

690,266

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2022 and 31 May 2021:

31.5.22

31.5.21

£

£

Mr S C Murphy

Balance outstanding at start of year

-

-

Amounts advanced

87,370

-

Amounts repaid

(73,679

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,691

-

Mr C Murphy

Balance outstanding at start of year

-

-

Amounts advanced

30,573

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

30,573

-

10.	RELATED PARTY DISCLOSURES

During the year the company loaned monies to Murphy Holdings (Scarborough) Limited and Murphy Management Services Ltd. The amount owed from the companies at the year end date was £72,603 (2021: £58,100) and £469 (2021: £920) respectively. The loans are repayable on demand and interest free.

During the year the company loaned monies from Murphy Fleet and Plant Services Ltd. The amount owed to the company at the year end date was £202,971 (2021: £62,000). The loan is repayable on demand and interest free. Additionally, during the year the company was invoiced for services provided by Murphy Fleet and Plant Services Ltd totalling £236,115.

11.	CHARGES AND SECURITY

HSBC Bank PLC holds a fixed and floating charge over all the assets of the company.