MAIN MAINTENANCE LTD 30/09/2017 iXBRL

MAIN MAINTENANCE LTD. - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of MAIN MAINTENANCE LTD 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 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 03077714

MAIN MAINTENANCE LTD

Trading as Main Maintenance Ltd

Unaudited abridged financial statements

30 September 2017

MAIN MAINTENANCE LTD

Contents

Directors and other information

Directors report

Accountants report

Abridged statement of comprehensive income

Abridged statement of financial position

Statement of changes in equity

Notes to the financial statements

MAIN MAINTENANCE LTD

Directors and other information


	Directors	S J Copson
		T M Copson (Mrs)
		D S Copson


	Secretary	S J Copson


	Company number	03077714


	Registered office	121 Brownswall Road
		Sedgley
		West Midlands
		DY3 3NS


	Business address	Pikehelve Street
		Goldshill
		Hill Top
		West Bromwich
		B70 0TU


	Accountants	Palmer Griffiths (Accountants) Limited
		121a Brownswall Road
		Sedgley
		West Midlands
		DY3 3NS




	Bankers	TSB Bank plc
		TSB House
		2138 Coventry Road
		Sheldon
		Birmingham B26 3JW

MAIN MAINTENANCE LTD

Directors report

Year ended 30 September 2017

The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2017.

Directors

The directors who served the company during the year were as follows:

S J Copson

T M Copson (Mrs)

D S Copson

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 March 2018 and signed on behalf of the board by:

S J Copson

Director

MAIN MAINTENANCE LTD

Report to the board of directors on the preparation of the

unaudited statutory financial statements of MAIN MAINTENANCE LTD

Year ended 30 September 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2017 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes.

You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Palmer Griffiths (Accountants) Limited

Certified Practising Accountants

121a Brownswall Road

Sedgley

West Midlands

DY3 3NS

20 March 2018

MAIN MAINTENANCE LTD

Abridged statement of comprehensive income

Year ended 30 September 2017

		2017	2016
	Note	£	£

Gross profit		217,571	209,585

Administrative expenses		( 213,836)	( 203,945)
		_______	_______
Operating profit		3,735	5,640

		_______	_______
Profit before taxation	4	3,735	5,640

Tax on profit		( 1,099)	( 2,066)
		_______	_______
Profit for the financial year and total comprehensive income		2,636	3,574
		_______	_______

All the activities of the company are from continuing operations.

MAIN MAINTENANCE LTD

Abridged statement of financial position

30 September 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	5	19,800		25,094
		_______		_______
			19,800		25,094

Current assets
Stocks		332		48,597
Debtors		111,487		218,187
Cash at bank and in hand		239,083		143,099
		_______		_______
		350,902		409,883
Creditors: amounts falling due
within one year		( 59,782)		( 100,760)
		_______		_______
Net current assets			291,120		309,123
			_______		_______
Total assets less current liabilities			310,920		334,217


Provisions for liabilities			( 3,391)		( 4,324)

			_______		_______
Net assets			307,529		329,893
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			307,527		329,891
			_______		_______
Shareholders funds			307,529		329,893
			_______		_______

For the year ending 30 September 2017 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 20 March 2018 , and are signed on behalf of the board by:

S J Copson

Director

Company registration number: 03077714

MAIN MAINTENANCE LTD

Statement of changes in equity

Year ended 30 September 2017

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 October 2015	2	336,317	336,319

Profit for the year		3,574	3,574
	_______	_______	_______
Total comprehensive income for the year	-	3,574	3,574

Dividends paid and payable		( 10,000)	( 10,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 10,000)	( 10,000)

	_______	_______	_______
At 30 September 2016 and 1 October 2016	2	329,891	329,893

Profit for the year		2,636	2,636
	_______	_______	_______
Total comprehensive income for the year	-	2,636	2,636

Dividends paid and payable		( 25,000)	( 25,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 25,000)	( 25,000)

	_______	_______	_______
At 30 September 2017	2	307,527	307,529
	_______	_______	_______

MAIN MAINTENANCE LTD

Notes to the financial statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 121 Brownswall Road, Sedgley, West Midlands, DY3 3NS.

2. 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'.

3. 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Turnover

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.

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.

Operating leases

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.

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	-	25 %	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.

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

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.

4. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2017	2016
	£	£
Depreciation of tangible assets	6,294	7,360
	_______	_______

5. Tangible assets


		£
	Cost
	At 1 October 2016	73,838
	Additions	1,000
		_______
	At 30 September 2017	74,838
		_______
	Depreciation
	At 1 October 2016	48,744
	Charge for the year	6,294
		_______
	At 30 September 2017	55,038
		_______
	Carrying amount
	At 30 September 2017	19,800
		_______
	At 30 September 2016	25,094
		_______

6. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2017
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	S J Copson	( 2,020)	( 12,500)	12,802	( 1,718)
	T M Copson (Mrs)	( 2,020)	( 12,500)	12,802	( 1,718)
		_______	_______	_______	_______
		( 4,040)	( 25,000)	25,604	( 3,436)
		_______	_______	_______	_______

2016
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	S J Copson	9,284	( 19,400)	8,096	( 2,020)
	T M Copson (Mrs)	9,284	( 19,400)	8,096	( 2,020)
		_______	_______	_______	_______
		18,568	( 38,800)	16,192	( 4,040)
		_______	_______	_______	_______

7. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.