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Registration number: 05379971

Martin Bros. Removals Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Martin Bros. Removals Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Martin Bros. Removals Limited

(Registration number: 05379971)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

448,540

438,241

Current assets

 

Debtors

5

74,510

99,769

Cash at bank and in hand

 

259,393

294,037

 

333,903

393,806

Creditors: Amounts falling due within one year

6

(118,263)

(157,054)

Net current assets

 

215,640

236,752

Total assets less current liabilities

 

664,180

674,993

Creditors: Amounts falling due after more than one year

6

(32,575)

(143,292)

Provisions for liabilities

(17,578)

(10,619)

Net assets

 

614,027

521,082

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

613,927

520,982

Total equity

 

614,027

521,082

 

Martin Bros. Removals Limited

(Registration number: 05379971)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 August 2022 and signed on its behalf by:
 

R C Cragg
Director

R L Taylor
Director

 
     
 

Martin Bros. Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, United Kingdom.

The address of its registered office is:
The Old Sawmills
The Street
Kilmington
Warminster
Wiltshire
BA12 6RG

These financial statements were authorised for issue by the Board on 25 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

In light of the ongoing global spread of the Coronavirus “COVID-19”, the directors have reviewed and stress tested projections and budgets for the next twelve months. Following this review, the directors consider there to be little impact on the Company’s ability to act as a going concern.

The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.

Revenue recognition

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.

 

Martin Bros. Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Government grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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:

Asset class

Depreciation method and rate

Freehold land

nil

Buildings

2% straight line

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Martin Bros. Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Martin Bros. Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 13 (2021 - 13).

 

Martin Bros. Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

406,988

38,588

1,300

331,337

778,213

Additions

-

-

-

33,320

33,320

Disposals

-

-

-

(38,842)

(38,842)

At 31 March 2022

406,988

38,588

1,300

325,815

772,691

Depreciation

At 1 April 2021

24,840

37,441

1,300

276,391

339,972

Charge for the year

4,140

287

-

17,671

22,098

Eliminated on disposal

-

-

-

(37,919)

(37,919)

At 31 March 2022

28,980

37,728

1,300

256,143

324,151

Carrying amount

At 31 March 2022

378,008

860

-

69,672

448,540

At 31 March 2021

382,148

1,147

-

54,946

438,241

Included within the net book value of land and buildings above is £378,008 (2021 - £382,148) in respect of freehold land and buildings.
 

Included within the net book value of motor vehicles above is £Nil (2021 - £28,536) in respect of assets held on HP.

 

Martin Bros. Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Debtors

2022
£

2021
£

Trade debtors

68,273

92,962

Prepayments

6,237

6,807

74,510

99,769

6

Creditors

Due within one year

Note

2022
£

2021
£

 

Loans and borrowings

7

9,927

37,883

Trade creditors

 

11,153

6,636

Social security and other taxes

 

53,651

53,125

Other creditors

 

14,819

9,412

Accruals

 

4,295

4,315

Corporation tax liability

24,418

45,683

 

118,263

157,054

Due after one year

 

Loans and borrowings

7

32,575

143,292

The bank loan is secured by a fixed and floating charge over the company's assets.

 

Martin Bros. Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

-

101,625

Other borrowings

32,575

41,667

32,575

143,292

2022
£

2021
£

Current loans and borrowings

Bank borrowings

-

20,000

Finance lease liabilities

-

9,550

Other borrowings

9,927

8,333

9,927

37,883

The bank loan is secured by a fixed and floating charge over the company's assets.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £16,546 (2021 - £18,062).

9

Related party transactions

Transactions with directors

2022

At 1 April 2021
£

Advances to directors
£

Repayments by director
£

At 31 March 2022
£

R L Taylor

(1,605)

12,600

(20,000)

(9,005)

         
       

R C Cragg

(643)

4,032

(2,000)

1,389

         
       

 

 

Martin Bros. Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

2021

At 1 April 2020
£

Advances to directors
£

Repayments by director
£

At 31 March 2021
£

R L Taylor

7,718

10,677

(20,000)

(1,605)

         
       

R C Cragg

(947)

4,304

(4,000)

(643)