David Munson Construction Limited - Period Ending 2014-03-31

Registration number: 04423539

David Munson Construction Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Bulley Davey
Chartered Certified Accountants
1 - 4 London Road
Spalding
Lincolnshire
PE11 2TA

David Munson Construction Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

David Munson Construction Limited
(Registration number: 04423539)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					8,583			9,613
Tangible fixed assets		2			18,671			22,690
					27,254			32,303
Current assets
Stocks					7,748			10,242
Debtors					114,404			133,064
Cash at bank and in hand					145,245			155,237
					267,397			298,543
Creditors: Amounts falling due within one year					(171,020)			(227,555)
Net current assets					96,377			70,988
Total assets less current liabilities					123,631			103,291
Provisions for liabilities					(3,294)			(4,001)
Net assets					120,337			99,290
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					120,237			99,190
Shareholders' funds					120,337			99,290

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 1 October 2014 and signed on its behalf by:

 Mr David Munson
 Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

David Munson Construction Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% reducing balance
Plant and machinery	15% reducing balance
Office equipment	20% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

David Munson Construction Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2013		20,600			45,172			65,772
Additions		-			690			690
Disposals		-			(1,800)			(1,800)
At 31 March 2014		20,600			44,062			64,662
Depreciation
At 1 April 2013		10,987			22,482			33,469
Charge for the year		1,030			4,237			5,267
Eliminated on disposals		-			(1,328)			(1,328)
At 31 March 2014		12,017			25,391			37,408
Net book value
At 31 March 2014		8,583			18,671			27,254
At 31 March 2013		9,613			22,690			32,303

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary share capital of £1 each		100			100			100			100

Page 3