Muckers Landscapes Ltd 31/05/2022 iXBRL

Muckers Landscapes Ltd 31/05/2022 iXBRL

MUCKERS LANDSCAPES LTD - Company Information

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Company registration number: 11982648
Muckers Landscapes Ltd
Unaudited filleted financial statements
31 May 2022
Muckers Landscapes Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Muckers Landscapes Ltd
Directors and other information
Directors Mr Michael Small
Mr Conall Kelly
Company number 11982648
Registered office 2 Moormead
Middleway
Taunton
TA1 3QP
Accountants PFS Accountants and Auditors Ltd
Chartered Certified Accountants
122 Main Street
Dungiven
Co Derry
BT47 4LG
Bankers Revolut
9th Floor
107 Cheapside
London
EC2V 6DN
Muckers Landscapes Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Muckers Landscapes Ltd
Year ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Muckers Landscapes Ltd for the year ended 31 May 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Muckers Landscapes Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Muckers Landscapes Ltd and state those matters that we have agreed to state to the board of directors of Muckers Landscapes Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Muckers Landscapes Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Muckers Landscapes Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Muckers Landscapes Ltd. You consider that Muckers Landscapes Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Muckers Landscapes Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PFS Accountants and Auditors Ltd
Chartered Certified Accountants
122 Main Street
Dungiven
Co Derry
BT47 4LG
3 May 2023
Muckers Landscapes Ltd
Statement of financial position
31 May 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 4 41,460 14,035
_______ _______
41,460 14,035
Current assets
Stocks - 250
Debtors 5 179 -
Cash at bank and in hand 2,997 4,883
_______ _______
3,176 5,133
Creditors: amounts falling due
within one year 6 ( 52,402) ( 16,973)
_______ _______
Net current liabilities ( 49,226) ( 11,840)
_______ _______
Total assets less current liabilities ( 7,766) 2,195
Provisions for liabilities ( 7,878) ( 2,666)
_______ _______
Net liabilities ( 15,644) ( 471)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 15,646) ( 473)
_______ _______
Shareholder deficit ( 15,644) ( 471)
_______ _______
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 May 2023 , and are signed on behalf of the board by:
Mr Michael Small Mr Conall Kelly
Director Director
Company registration number: 11982648
Muckers Landscapes Ltd
Statement of changes in equity
Year ended 31 May 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2020 1 ( 7,246) ( 7,245)
(Loss)/profit for the year 6,773 6,773
_______ _______ _______
Total comprehensive income for the year - 6,773 6,773
Issue of shares 1 1
_______ _______ _______
Total investments by and distributions to owners 1 - 1
_______ _______ _______
At 31 May 2021 and 1 June 2021 2 ( 473) ( 471)
(Loss)/profit for the year ( 15,173) ( 15,173)
_______ _______ _______
Total comprehensive income for the year - ( 15,173) ( 15,173)
_______ _______ _______
At 31 May 2022 2 ( 15,646) ( 15,644)
_______ _______ _______
Muckers Landscapes Ltd
Notes to the financial statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 2 Moormead, Middleway, Taunton, TA1 3QP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 June 2021 21,930 - 21,930
Additions - 37,790 37,790
_______ _______ _______
At 31 May 2022 21,930 37,790 59,720
_______ _______ _______
Depreciation
At 1 June 2021 7,895 - 7,895
Charge for the year 2,807 7,558 10,365
_______ _______ _______
At 31 May 2022 10,702 7,558 18,260
_______ _______ _______
Carrying amount
At 31 May 2022 11,228 30,232 41,460
_______ _______ _______
At 31 May 2021 14,035 - 14,035
_______ _______ _______
5. Debtors
2022 2021
£ £
Other debtors 179 -
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Other creditors 52,402 16,973
_______ _______