Moorhead Excavations Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01975558 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

MOORHEAD EXCAVATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Fitton

P Horsnall

J M Prutton

SECRETARY:

REGISTERED OFFICE:

Westfield Court

Lower Wortley Road

Leeds

LS12 4PX

REGISTERED NUMBER:

01975558 (England and Wales)

AUDITORS:

Hollis and Co Limited

Chartered Accountants

Statutory Auditor

35 Wilkinson Street

Sheffield

South Yorkshire

S10 2GB

FIXED ASSETS

Tangible assets

5

2,030,833

1,638,008

CURRENT ASSETS

Debtors

6

2,350,409

2,092,746

Cash at bank and in hand

447,610

519,152

2,798,019

2,611,898

CREDITORS

Amounts falling due within one year

7

2,330,292

2,990,783

NET CURRENT ASSETS/(LIABILITIES)

467,727

(378,885

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,498,560

1,259,123

CREDITORS

Amounts falling due after more than one year

8

(1,246,914

)

(834,976

)

PROVISIONS FOR LIABILITIES

11

(210,660

)

(214,000

)

NET ASSETS

1,040,986

210,147

CAPITAL AND RESERVES

Called up share capital

12

15,000

15,000

Retained earnings

1,025,986

195,147

SHAREHOLDERS' FUNDS

1,040,986

210,147

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 December 2017 and were signed on its behalf by:

J M Prutton - Director

1.	STATUTORY INFORMATION

Moorhead Excavations Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

These financial statements cover the entity as an individual company.

The figures in the financial statements are rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the amounts ( excluding value added tax) derived from the provision of goods and services

to customers during the year, other than on certain long term contracts, where the estimated sales value of work

performed in the year is included. Turnover is recognised when the company has transferred the significant risks

and rewards of ownership to the buyer and it is probable that the company will receive the invoiced amount.

Long term contracts are those exceeding 12 months and any other shorter duration which are material to the

activity of the period. Attributable profit is recognised once the outcome of a long term contract can be assessed

with reasonable certainty. Attributable profit is recognised on the cost percentage completion method.

Immediate provision is made for all foreseeable losses if a contract is assessed as unprofitable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost and 20% on cost

Tangible fixed assets are stated at the historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to its

present location and condition.

Financial instruments

Financial Assets and Liabilities

The company's group loans receivable and payable meet the definition of a basic financial instrument, so they

are originally recognised at the transaction price.

Debt instruments which are financing transactions at a rate of interest that is not a market rate.

Where debt instruments are classified as assets due after more than one year or long term liabilities, then the

company measures these at the present value of the future payments discounted at a market rate of interest for a

similar debt instrument.

Where debt instruments are classified as current assets or current liabilities, then there is no present value

adjustment to the initial measurement based on amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2016 - 42 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

3,956,468

Additions

905,069

Disposals

(278,387

)

At 31 March 2017

4,583,150

DEPRECIATION

At 1 April 2016

2,318,460

Charge for year

496,674

Eliminated on disposal

(262,817

)

At 31 March 2017

2,552,317

NET BOOK VALUE

At 31 March 2017

2,030,833

At 31 March 2016

1,638,008

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2016

2,093,347

Additions

886,500

Transfer to ownership

(2,093,347

)

At 31 March 2017

886,500

DEPRECIATION

At 1 April 2016

613,676

Charge for year

37,572

Transfer to ownership

(615,570

)

At 31 March 2017

35,678

NET BOOK VALUE

At 31 March 2017

850,822

At 31 March 2016

1,479,671

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

232,170

186,256

Amounts owed by group undertakings

423,037

212,433

Amounts recoverable on contract

885,060

1,541,870

Other debtors

751,801

97,233

2,292,068

2,037,792

Amounts falling due after more than one year:

Trade debtors

58,341

54,954

Aggregate amounts

2,350,409

2,092,746

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

315,312

-

Hire purchase contracts (see note 9)

192,171

339,894

Trade creditors

1,061,588

1,729,234

Amounts owed to group undertakings

149,781

-

Taxation and social security

242,904

32,073

Other creditors

368,536

889,582

2,330,292

2,990,783

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

677,715

-

Hire purchase contracts (see note 9)

569,199

834,976

1,246,914

834,976

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

192,171

339,894

Between one and five years

569,199

834,976

761,370

1,174,870

Non-cancellable operating

leases

2017

2016

£

£

Within one year

13,132

7,169

Between one and five years

21,850

13,490

34,982

20,659

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

993,027

-

Hire purchase contracts

761,370

1,174,870

1,754,397

1,174,870

The company's bank loan is secured by way of a specific mortgage over certain of the company's plant and

machinery assets.

The Hire Purchase obligations are secured by the assets to which they relate.

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

210,660

214,000

Deferred

tax

£

Balance at 1 April 2016

214,000

Credit to Income Statement during year

(3,340

)

Balance at 31 March 2017

210,660

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

15,000

Ordinary

£1

15,000

15,000

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Hollis (Senior Statutory Auditor)

for and on behalf of Hollis and Co Limited

14.	OTHER FINANCIAL COMMITMENTS

The company is party to a cross guarantee, whereby it is guarantor of its parent company's indebtedness to its

bankers.

The directors are not aware of any circumstances that may lead to the parent company's bankers making a call

under this cross guarantee.

15.	RELATED PARTY DISCLOSURES

Mr P Hornsall and Mr J M Prutton have each provided a guarantee in the sum of £50,000 for the bank

obligations of the company.