M C Construction Equipment Limited
M C Construction Equipment Limited
Registered number: 03108168
Financial Statements
For The Year Ended
30 September 2020
Hanberry & Co
Chartered Certified Accountants
20 Peterborough Road
Harrow
Middlesex
HA1 2BQ
M C Construction Equipment Limited
Financial Statements
For The Year Ended
30 September 2020
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
M C Construction Equipment Limited
Balance Sheet
As at
30 September 2020
Balance Sheet
Registered number:
03108168
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 2,525,289 | 2,425,558 | |||
Page 1
M C Construction Equipment Limited
Balance Sheet (continued)
As at
30 September 2020
Director's responsibilities
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
M C Construction Equipment Limited
Notes to the Financial Statements
For The Year Ended
30 September 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The company's director has made an assessment of the company's ability to continue as a going concern and are satisfied that the company has resources to continue in business for the foreseeable future.
In relation to the recent COVID-19 pandemic, it is difficult to fully assess the impact on the company. However, the company's business continuity plans are working well. There is no reason to believe, at this stage, the pandemic will impact on the going concern of the company.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.5.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
M C Construction Equipment Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.8.
Disclosure exemptions
The company satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of MC Marron Group Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2019: 3)
Page 4
M C Construction Equipment Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
4.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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5.
Stocks
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| £ | £ | ||
| Stock - finished goods |
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6.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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Page 5
M C Construction Equipment Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
7.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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| Amounts owed to group undertakings |
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8.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2020 | 2019 | ||
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| £ | £ | ||
| Deferred tax |
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9.
Provisions for Liabilities
| Deferred Tax | ||
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| Increase/(Decrease) in the year |
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| Balance at
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11.
Related Party Transactions
The company has taken advantage of the exemption contained in paragraph 33.1A of FRS 102 not to disclose any transactions with its parent or fellow 100% owned subsidiary undertakings on the grounds that it is a 100% owned subsidiary and the consolidated accounts of MC Marron Group Limited, in which the company is included, are publicly available.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 33.1A.
12.
FRC Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
Page 6
M C Construction Equipment Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
13.
Ultimate Controlling Party
The company is a wholly owned subsidiary of M C Marron Group Limited, a company incorporated in the United Kingdom.
The only group in which the results of the company are consolidated is that headed by MC Marron Group Limited. The consolidated accounts of this group are available to the public at Companies House.
14.
Audit Information
The auditors report on the account of M C Construction Equipment Limited for the year ended 30 September 2020 was unqualified
The auditor's report was signed by
P J Hanberry
(Senior Statutory Auditor)
for and on behalf of
Hanberry & Co
, Statutory Auditor
15.
General Information
M C Construction Equipment Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03108168
. The registered office is 39 Sheraton Business Centre, Wadsworth Close, Greenford, Middlesex, UB6 7JB.
Page 7