ACCOUNTS - Final Accounts

MEDWAY BRICK & STONE WORKS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true22022-04-01falseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00431017 2022-04-01 2023-03-31 00431017 2021-04-01 2022-03-31 00431017 2023-03-31 00431017 2022-03-31 00431017 2021-04-01 00431017 2 2022-04-01 2023-03-31 00431017 2 2021-04-01 2022-03-31 00431017 d:Director1 2022-04-01 2023-03-31 00431017 d:Director2 2022-04-01 2023-03-31 00431017 e:Buildings 2022-04-01 2023-03-31 00431017 e:Buildings 2023-03-31 00431017 e:Buildings 2022-03-31 00431017 e:Buildings e:LongLeaseholdAssets 2022-04-01 2023-03-31 00431017 e:Buildings e:LongLeaseholdAssets 2023-03-31 00431017 e:Buildings e:LongLeaseholdAssets 2022-03-31 00431017 e:CurrentFinancialInstruments 2023-03-31 00431017 e:CurrentFinancialInstruments 2022-03-31 00431017 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00431017 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 00431017 e:UKTax 2022-04-01 2023-03-31 00431017 e:UKTax 2021-04-01 2022-03-31 00431017 e:ShareCapital 2023-03-31 00431017 e:ShareCapital 2022-03-31 00431017 e:RetainedEarningsAccumulatedLosses 2023-03-31 00431017 e:RetainedEarningsAccumulatedLosses 2022-03-31 00431017 d:FRS102 2022-04-01 2023-03-31 00431017 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00431017 d:FullAccounts 2022-04-01 2023-03-31 00431017 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00431017 e:OtherDeferredTax 2023-03-31 00431017 e:OtherDeferredTax 2022-03-31 00431017 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00431017

MEDWAY BRICK & STONE WORKS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

MEDWAY BRICK & STONE WORKS LIMITED

REGISTERED NUMBER: 00431017

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	5		96,271		696,271
Current assets
Debtors: amounts falling due within one year	6	3,242		3,684
Cash at bank and in hand		423,178		3,425
		426,420		7,109
Creditors: amounts falling due within one year	7	(94,465)		(37,184)
Net current assets/(liabilities)			331,955		(30,075)
Total assets less current liabilities			428,226		666,196
Provisions for liabilities
Deferred tax	8	-		(94,391)
			-		(94,391)
Net assets			428,226		571,805

Capital and reserves
Called up share capital	6,000	6,000
Profit and loss account	422,226	565,805
	428,226	571,805

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MEDWAY BRICK & STONE WORKS LIMITED

REGISTERED NUMBER: 00431017

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 June 2023.

................................................ A C Patman	................................................ A J A Patman
Director	Director

The notes on pages 3 to 8 form part of these financial statements.

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MEDWAY BRICK & STONE WORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	GENERAL INFORMATION

Medway Brick & Stone Works Limited is a limited liability company incorporated in the UK. The principal place of business is Trinity House, 3 Bullace Lane, Dartford, Kent DA1 1BB.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

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MEDWAY BRICK & STONE WORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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MEDWAY BRICK & STONE WORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.10

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.11

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

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MEDWAY BRICK & STONE WORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

4.	TAXATION

		2023	2022
		£	£

Corporation tax
Current tax on profits for the year	46,964	-

	Deferred tax
	Fair value adjustment	(94,391)	-


	Taxation on (loss)/profit on ordinary activities	(47,427)	-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR
The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:
	2023	2022
	£	£

Loss on ordinary activities before tax

(131,006)

(12,539)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)	(24,891)	(2,382)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	24,622	-
Utilisation of tax losses	(8,689)	-
Capital gains	55,922	-
Deferred taxation	(94,391)	-
Unrelieved tax losses carried forward	-	2,382
Total tax charge for the year	(47,427)	-

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

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MEDWAY BRICK & STONE WORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

5.	TANGIBLE FIXED ASSETS

	Freehold property	Long Term Leasehold Property	Total
	£	£	£
Cost or valuation
At 1 April 2022	600,000	96,271	696,271
Disposals	(600,000)	-	(600,000)
At 31 March 2023	-	96,271	96,271

Net book value
At 31 March 2023	-	96,271	96,271
At 31 March 2022	600,000	96,271	696,271

DEBTORS

					2023	2022
					£	£


Other debtors	100	542
Prepayments and accrued income	3,142	3,142
	3,242	3,684

7.	CREDITORS: Amounts falling due within one year
		2023	2022
		£	£

Corporation tax	46,964	-
Other taxation and social security	828	828
Other creditors	46,013	34,376
Accruals and deferred income	660	1,980
	94,465	37,184

8.	DEFERRED TAXATION

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MEDWAY BRICK & STONE WORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

8.DEFERRED TAXATION (CONTINUED)

	2023	2022
	£	£

At beginning of year	(94,391)	(94,391)
Charged to profit or loss	94,391	-
At end of year	-	(94,391)

The provision for deferred taxation is made up as follows:
	2023	2022
	£	£

Unrealised gain on freehold property

(94,391)

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