Maguire & Batty (Worksop) Limited Filleted accounts for Companies House (small and micro)

MAGUIRE AND BATTY (WORKSOP) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03657991

Maguire & Batty (Worksop) Limited

Filleted Unaudited Abridged Financial Statements

31 December 2020

Maguire & Batty (Worksop) Limited

Abridged Financial Statements

Year Ended 31 December 2020

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 6

Maguire & Batty (Worksop) Limited

Abridged Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed Assets

Tangible assets	5		79,634	79,845

Current Assets

Debtors	181,406	359,406
Cash at bank and in hand	217,606	169,575
	---------	---------
	399,012	528,981

Creditors: amounts falling due within one year	311,738		491,575
	---------		---------
Net Current Assets		87,274	37,406
		---------	---------
Total Assets Less Current Liabilities		166,908	117,251

Creditors: amounts falling due after more than one year		45,139	–

Provisions

Taxation including deferred tax	469	329
	---------	---------
Net Assets	121,300	116,922
	---------	---------

Capital and Reserves

Called up share capital	7	7,700	7,700
Other reserves		2,400	2,400
Profit and loss account		111,200	106,822
		---------	---------
Shareholders Funds		121,300	116,922
		---------	---------

These abridged financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

Maguire & Batty (Worksop) Limited

Abridged Statement of Financial Position (continued)

31 December 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 21 June 2021 , and are signed on behalf of the board by:

M W Maguire
Director

Company registration number: 03657991

Maguire & Batty (Worksop) Limited

Notes to the Abridged Financial Statements

Year Ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8a Watson Road, Worksop, S80 2BB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

When the outcome of individual contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively be reference to the stage of completion at the reporting date. Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract. Provision is made for all known or expected losses on individual contracts once such losses are foreseen. The value of work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in trade and other receivables as amounts recoverable on contracts, unless such fees exceed the value of the work in progress on any contract when the excess is separately disclosed in trade and other payables as fees invoiced in advance.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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% reducing balance
Fixtures and fittings	-	20% reducing balance

In determining the residual value of freehold property the directors have considered the amount they would currently obtain from disposal of the asset, if the asset were already of the age and condition expected at the end of its useful life. As a result the directors estimate any depreciation charge to be immaterial and as such the depreciation charge is nil for the period.

Government grants

Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).

5. Tangible assets

	£
Cost
At 1 January 2020	83,955
Additions	375
	--------
At 31 December 2020	84,330
	--------
Depreciation
At 1 January 2020	4,110
Charge for the year	586
	--------
At 31 December 2020	4,696
	--------
Carrying amount
At 31 December 2020	79,634
	--------
At 31 December 2019	79,845
	--------

6. Secured liabilities

The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £NIL (2019: £62,042).

7. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	7,600	7,600	7,600	7,600
Ordinary B shares of £ 1 each	100	100	100	100
	-------	-------	-------	-------
	7,700	7,700	7,700	7,700
	-------	-------	-------	-------

8. Related party transactions

During the year the company provided and received short term loans from related parties. The balance outstanding due (to) or due from related parties at 31 December 2020 are as follows:

	2020	2019
	£	£
Entities under common control	( 213,914)	( 266,339)

All loans are unsecured, interest free and repayable on demand.

9. Ultimate holding company

The company is a wholly owned subsidiary of MW Maguire Holdings Limited , a company incorporated and registered in England and Wales. The registered office address is 8a Watson Road, Worksop, Nottinghamshire, S80 2BB and copy accounts can be found at Companies House.