MASTERS BUILDING CONTRACTORS LTD

MASTERS BUILDING CONTRACTORS LTD

MASTERS BUILDING CONTRACTORS LTD - Company Information

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MASTERS BUILDING CONTRACTORS LTD

Company Registration Number:
04465224 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2017

Period of accounts

Start date: 01 April 2016

End date: 31 March 2017

MASTERS BUILDING CONTRACTORS LTD

Contents of the Financial Statements

for the Period Ended 31 March 2017

Balance sheet
Notes

MASTERS BUILDING CONTRACTORS LTD

Balance sheet

As at 31 March 2017


Notes
2017
2016


£
£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 12,332 14,482
Total fixed assets: 12,332 14,482
Current assets
Stocks: 125,669 107,007
Debtors:   143,170 150,642
Cash at bank and in hand: 66,707 61,727
Total current assets: 335,546 319,376
Creditors: amounts falling due within one year:   (156,973) (158,750)
Net current assets (liabilities): 178,573 160,626
Total assets less current liabilities: 190,905 175,108
Provision for liabilities: (1,987) (2,439)
Total net assets (liabilities): 188,918 172,669
Capital and reserves
Called up share capital: 102 102
Profit and loss account: 188,816 172,567
Shareholders funds: 188,918 172,669

The notes form part of these financial statements

MASTERS BUILDING CONTRACTORS LTD

Balance sheet statements

For the year ending 31 March 2017 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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

This report was approved by the board of directors on 19 December 2017
and signed on behalf of the board by:

Name: M Townsend
Status: Director

The notes form part of these financial statements

MASTERS BUILDING CONTRACTORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tangible fixed assets and depreciation policy

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:Fixtures and fittings - 25% reducing balance per annumMotor vehicles - 25% reducing balance per annumPlant and machinery - 20% reducing balance per annum

Intangible fixed assets and amortisation policy

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:Goodwill - over 10 years

Valuation and information policy

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

MASTERS BUILDING CONTRACTORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2017

2. Employees

2017 2016
Average number of employees during the period 3 3

MASTERS BUILDING CONTRACTORS LTD

Notes to the Financial Statements

for the Period Ended 31 March 2017


3. Tangible Assets

Total
Cost £
At 01 April 2016 49,046
Additions 1,646
At 31 March 2017 50,692
Depreciation
At 01 April 2016 34,564
Charge for year 3,796
At 31 March 2017 38,360
Net book value
At 31 March 2017 12,332
At 31 March 2016 14,482