Company Registration No. 04322604 (England and Wales)
Murrays Builders & Timber Merchants Limited
Unaudited accounts
for the year ended 31 March 2017
Murrays Builders & Timber Merchants Limited
Unaudited accounts
Contents
Murrays Builders & Timber Merchants Limited
Company Information
for the year ended 31 March 2017
Directors
E A Stephens
R J Midghall
Company Number
04322604 (England and Wales)
Registered Office
70 Rodney Street
Liverpool
Merseyside
L1 9AF
England
Murrays Builders & Timber Merchants Limited
Statement of financial position
as at 31 March 2017
Intangible assets
15,062
18,267
Tangible assets
47,519
49,967
Cash at bank and in hand
9,205
607
Creditors: amounts falling due within one year
(255,963)
(257,247)
Net current liabilities
(62,272)
(80,089)
Net assets/(liabilities)
309
(11,855)
Called up share capital
2
2
Profit and loss account
307
(11,857)
Shareholders' funds
309
(11,855)
For the year ending 31 March 2017 the company was entitled to exemption from audit 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 and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 28 December 2017.
R J Midghall
Director
Company Registration No. 04322604
Murrays Builders & Timber Merchants Limited
Notes to the Accounts
for the year ended 31 March 2017
Murrays Builders & Timber Merchants Limited is a private company, limited by shares, registered in England and Wales, registration number 04322604. The registered office is 70 Rodney Street, Liverpool, Merseyside, L1 9AF, England.
2
Compliance with accounting standards
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'.
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
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 and loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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.
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Murrays Builders & Timber Merchants Limited
Notes to the Accounts
for the year ended 31 March 2017
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of years.
Goodwill - 5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible assets, the amortisation is revised prospectively to reflect the new estimates.
Tangible fixed assets and 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% reducing balance
Fittings fixtures and equipment - 25% reducing balance
Motor vehicles - 25% 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss
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 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.
Murrays Builders & Timber Merchants Limited
Notes to the Accounts
for the year ended 31 March 2017
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
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.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment.
Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
The accounts are presented in £ sterling.
4
Intangible fixed assets
Goodwill
Murrays Builders & Timber Merchants Limited
Notes to the Accounts
for the year ended 31 March 2017
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2016
100,668
34,430
5,007
140,105
Additions
-
10,995
65
11,060
Disposals
-
(34,430)
-
(34,430)
At 31 March 2017
100,668
10,995
5,072
116,735
At 1 April 2016
58,250
28,088
3,800
90,138
Charge for the year
4,100
2,748
318
7,166
On disposals
-
(28,088)
-
(28,088)
At 31 March 2017
62,350
2,748
4,118
69,216
At 31 March 2017
38,318
8,247
954
47,519
At 31 March 2016
42,418
6,342
1,207
49,967
Finished goods
34,590
24,390
Trade debtors
126,364
140,344
Other debtors
23,532
11,817
8
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
14,894
40,248
Trade creditors
210,512
188,637
Taxes and social security
12,567
8,147
Loans from directors
(708)
6,757
9
Average number of employees
During the year the average number of employees was 6 (2016: 4).
