MP Plastering Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07285368 (England and Wales)

MP Plastering Limited

Unaudited Financial Statements for the Year Ended 31 August 2022

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

M S Pickthall

REGISTERED OFFICE:

4 King Square

Bridgwater

Somerset

TA6 3YF

REGISTERED NUMBER:

07285368 (England and Wales)

ACCOUNTANTS:

Maxwells

Chartered Accountants

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

National Westminster Bank plc

20 Regent Street

Burnham-on-Sea

Somerset

TA8 1AB

FIXED ASSETS

Tangible assets

5

544,295

173,181

CURRENT ASSETS

Stocks

9,100

7,200

Debtors

738,619

637,095

Cash at bank and in hand

261,963

447,299

1,009,682

1,091,594

CREDITORS

Amounts falling due within one year

496,764

419,481

NET CURRENT ASSETS

512,918

672,113

TOTAL ASSETS LESS CURRENT LIABILITIES

1,057,213

845,294

CREDITORS

Amounts falling due after more than one year

6

(148,914

)

(47,945

)

PROVISIONS FOR LIABILITIES

9

(29,860

)

(32,904

)

NET ASSETS

878,439

764,445

CAPITAL AND RESERVES

Called up share capital

10

10

10

Retained earnings

878,429

764,435

SHAREHOLDERS' FUNDS

878,439

764,445

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 August 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 January 2023 and were signed by:

M S Pickthall - Director

1.	STATUTORY INFORMATION

MP Plastering 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

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

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2021

426,989

Additions

425,118

At 31 August 2022

852,107

DEPRECIATION

At 1 September 2021

253,808

Charge for year

54,004

At 31 August 2022

307,812

NET BOOK VALUE

At 31 August 2022

544,295

At 31 August 2021

173,181

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

Totals

£

COST

At 1 September 2021

and 31 August 2022

180,329

DEPRECIATION

At 1 September 2021

104,253

Charge for year

19,019

At 31 August 2022

123,272

NET BOOK VALUE

At 31 August 2022

57,057

At 31 August 2021

76,076

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.8.22

31.8.21

£

£

Repayable by instalments

Bank loans

96,018

-

Hire purchase

-

12,896

96,018

12,896

7.

LOANS

An analysis of the maturity of loans is given below:

31.8.22

31.8.21

£

£

Amounts falling due within one year or on demand:

Bank loans

10,000

-

Amounts falling due between one and two years:

Bank loans

10,000

-

Amounts falling due between two and five years:

Bank loans

30,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

96,018

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.22

31.8.21

£

£

Bank loans

146,018

-

The mortgage is secured by the company's bankers, using a fixed charge on the company's trading premises, Unit J4, Oak Tree Business Park, Bristol Road, Highbridge, Somerset.

9.	PROVISIONS FOR LIABILITIES

31.8.22

31.8.21

£

£

Deferred tax

29,860

32,904

Deferred

tax

£

Balance at 1 September 2021

32,904

Credit to Income Statement during year

(3,044

)

Balance at 31 August 2022

29,860

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.22

31.8.21

value:

£

£

9

'A' Ordinary

£1

9

9

1

'B' Ordinary

£1

1

1

10

10

Both classes of share rank pari passu in all respects.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M S Pickthall.