Marshall Surfacing Contracts Limited 30/06/2023 iXBRL

Marshall Surfacing Contracts Limited 30/06/2023 iXBRL

MARSHALL SURFACING CONTRACTS LIMITED - Company Information

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Company registration number: 02503532
Marshall Surfacing Contracts Limited
Unaudited filleted abridged financial statements
30 June 2023
Marshall Surfacing Contracts Limited
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Marshall Surfacing Contracts Limited
Directors and other information
Directors
Directors Mr I.E Marshall
Mr S.T Marshall
Mr S McClernon
Mr M.S Phillips
Secretary Mr M.S Phillips
Company number 02503532
Registered office Unit 2, Guards Avenue
Caterham
Surrey
CR3 5XL
Business address Station Road
Betchworth
Surrey
RH3 7BZ
Accountant S Nunn & Co Ltd
Unit 2, Guards Avenue
The Village
Caterham
Surrey
CR3 5XL
Marshall Surfacing Contracts Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Marshall Surfacing Contracts Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Marshall Surfacing Contracts Limited for the year ended 30 June 2023 which comprise the abridged 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 me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Marshall Surfacing Contracts Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Marshall Surfacing Contracts Limited and state those matters that we have agreed to state to the board of directors of Marshall Surfacing Contracts Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Marshall Surfacing Contracts Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Marshall Surfacing Contracts Limited 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 profit of Marshall Surfacing Contracts Limited. You consider that Marshall Surfacing Contracts Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Marshall Surfacing Contracts Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
S Nunn & Co Ltd
Chartered Accountants
Unit 2, Guards Avenue
The Village
Caterham
Surrey
CR3 5XL
21 March 2024
Marshall Surfacing Contracts Limited
Abridged statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 581,033 632,287
_______ _______
581,033 632,287
Current assets
Stocks 5,000 5,000
Debtors 2,994,226 2,224,530
Cash at bank and in hand 671,091 401,402
_______ _______
3,670,317 2,630,932
Creditors: amounts falling due
within one year ( 2,926,060) ( 2,001,493)
_______ _______
Net current assets 744,257 629,439
_______ _______
Total assets less current liabilities 1,325,290 1,261,726
Creditors: amounts falling due
after more than one year ( 52,874) ( 93,844)
Provisions for liabilities ( 143,790) ( 118,774)
_______ _______
Net assets 1,128,626 1,049,108
_______ _______
Capital and reserves
Called up share capital 2,500 2,500
Profit and loss account 1,126,126 1,046,608
_______ _______
Shareholders funds 1,128,626 1,049,108
_______ _______
For the year ending 30 June 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.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 21 March 2024 , and are signed on behalf of the board by:
Mr M.S Phillips
Director
Company registration number: 02503532
Marshall Surfacing Contracts Limited
Statement of changes in equity
Year ended 30 June 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2021 2,500 896,628 899,128
Profit for the year 269,980 269,980
_______ _______ _______
Total comprehensive income for the year - 269,980 269,980
Dividends paid and payable ( 120,000) ( 120,000)
_______ _______ _______
Total investments by and distributions to owners - ( 120,000) ( 120,000)
_______ _______ _______
At 30 June 2022 and 1 July 2022 2,500 1,046,608 1,049,108
Profit for the year 113,318 113,318
_______ _______ _______
Total comprehensive income for the year - 113,318 113,318
Dividends paid and payable ( 33,800) ( 33,800)
_______ _______ _______
Total investments by and distributions to owners - ( 33,800) ( 33,800)
_______ _______ _______
At 30 June 2023 2,500 1,126,126 1,128,626
_______ _______ _______
Marshall Surfacing Contracts Limited
Notes to the financial statements
Year ended 30 June 2023
1. 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'.
2. 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 receivable for services rendered, net of discounts and Value Added Tax.
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 - 15% - 25% on reducing balance
Fittings fixtures and equipment - 25% on reducing balance
Motor vehicles - at variable rates on 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
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.
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.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2022: 47 ).
4. Tangible assets
£
Cost
At 1 July 2022 1,238,784
Additions 80,985
Disposals ( 72,225)
_______
At 30 June 2023 1,247,544
_______
Depreciation
At 1 July 2022 606,497
Charge for the year 110,533
Disposals ( 50,519)
_______
At 30 June 2023 666,511
_______
Carrying amount
At 30 June 2023 581,033
_______
At 30 June 2022 632,287
_______
5. Other financial commitments
The bank overdraft is secured by a fixed and floating charge over the assets of the company.
6. Related party transactions
During the year, dividends of £33,800 (2022: £120,000) were paid to directors of the company.
7. Controlling party
There is no ultimate controlling party .