Medway Insulations Limited Filleted accounts for Companies House (small and micro)

MEDWAY INSULATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00549740

Medway Insulations Limited

Filleted Unaudited Financial Statements

For the year ended

31 May 2023

Medway Insulations Limited

Financial Statements

Year ended 31 May 2023

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Accounting policies	4

Notes to the financial statements	7

Medway Insulations Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Medway Insulations Limited

Year ended 31 May 2023

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

PORTER GARLAND Chartered accountants

Communication House Victoria Avenue Camberley Surrey GU15 3HX

20 February 2024

Medway Insulations Limited

Statement of Financial Position

31 May 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	4		206,627		165,786

Current assets

Stocks		281	281
Debtors	5	294,047	195,805
Cash at bank and in hand		84,280	172,100
		---------	---------
		378,608	368,186

Creditors: amounts falling due within one year	6	97,260		164,573
		---------		---------
Net current assets			281,348		203,613
			---------		---------
Total assets less current liabilities			487,975		369,399

Creditors: amounts falling due after more than one year	7		40,602		–

Provisions	37,815	33,455
	---------	---------
Net assets	409,558	335,944
	---------	---------

Capital and reserves

Called up share capital	10,030	10,030
Profit and loss account	399,528	325,914
	---------	---------
Shareholders funds	409,558	335,944
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have 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 .

Medway Insulations Limited

Statement of Financial Position (continued)

31 May 2023

These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:

Mrs L A Graves

Director

Company registration number: 00549740

Medway Insulations Limited

Accounting Policies

Year ended 31 May 2023

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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	-	15% per annum on a straight line basis
Motor vehicles	-	25% per annum on a straight line basis
Equipment	-	20% per annum on a straight line basis

Impairment of fixed assets

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 .

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Medway Insulations Limited

Notes to the Financial Statements

Year ended 31 May 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Viewpoint, Boxley Road, Penenden Heath, Maidstone, ME14 2DZ.

2. Statement of compliance

These 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. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2022: 21 ).

4. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 June 2022	470,989	73,735	99,507	644,231
Additions	90,237	–	581	90,818
Disposals	–	( 15,000)	–	( 15,000)
	---------	--------	---------	---------
At 31 May 2023	561,226	58,735	100,088	720,049
	---------	--------	---------	---------
Depreciation
At 1 June 2022	326,841	60,835	90,769	478,445
Charge for the year	40,713	5,050	4,214	49,977
Disposals	–	( 15,000)	–	( 15,000)
	---------	--------	---------	---------
At 31 May 2023	367,554	50,885	94,983	513,422
	---------	--------	---------	---------
Carrying amount
At 31 May 2023	193,672	7,850	5,105	206,627
	---------	--------	---------	---------
At 31 May 2022	144,148	12,900	8,738	165,786
	---------	--------	---------	---------

5. Debtors

	2023	2022
	£	£
Trade debtors	192,811	88,584
Other debtors	101,236	107,221
	---------	---------
	294,047	195,805
	---------	---------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	8,960	6,874
Trade creditors	54,275	96,895
Social security and other taxes	21,953	12,984
Other creditors	12,072	47,820
	--------	---------
	97,260	164,573
	--------	---------

7. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Other creditors	40,602	–
	--------	----

8. Directors' advances, credits and guarantees

The company was owed by its directors the aggregate sum of £73,056 (2022 - £39,172) on their current accounts at the year end. There are no fixed terms of repayment on debit balances and interest is payable on loans from the company at 4% per annum.