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COMPANY REGISTRATION NUMBER: 05746354
M & L Joinery Limited
Filleted Unaudited Financial Statements
Year ended
30 November 2021
M & L Joinery Limited
Financial Statements
Year ended 30 November 2021
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
M & L Joinery Limited
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,045
1,225
Current assets
Stocks
123,223
Debtors
6
12,852
36,838
Cash at bank and in hand
16,890
5,735
----------
--------
152,965
42,573
Creditors: amounts falling due within one year
7
135,956
15,132
----------
--------
Net current assets
17,009
27,441
--------
--------
Total assets less current liabilities
19,054
28,666
Creditors: amounts falling due after more than one year
8
18,425
20,000
Provisions
389
233
--------
--------
Net assets
240
8,433
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
239
8,432
----
-------
Shareholders funds
240
8,433
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M & L Joinery Limited
Statement of Financial Position (continued)
30 November 2021
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Mr M J Perry
Director
Company registration number: 05746354
M & L Joinery Limited
Notes to the Financial Statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sheken, Main Street, Asselby, Goole, East Yorkshire, DN14 7HE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) 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.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. The turnover shown in the profit and loss account represents amounts invoiced during the year. Revenue is recognised on completion of the work undertaken.
(d) Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 be paid or recovered 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and 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.
(f) 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
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
(g) 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 stock to its present location and condition.
(h) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
(i) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2020
1,563
17,238
18,801
Additions
902
600
1,502
-------
--------
----
--------
At 30 November 2021
2,465
17,238
600
20,303
-------
--------
----
--------
Depreciation
At 1 December 2020
1,480
16,096
17,576
Charge for the year
246
286
150
682
-------
--------
----
--------
At 30 November 2021
1,726
16,382
150
18,258
-------
--------
----
--------
Carrying amount
At 30 November 2021
739
856
450
2,045
-------
--------
----
--------
At 30 November 2020
83
1,142
1,225
-------
--------
----
--------
6. Debtors
2021
2020
£
£
Trade debtors
( 2,091)
16,476
Other debtors
14,943
20,362
--------
--------
12,852
36,838
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
26,140
4,450
Corporation tax
9,732
10,255
Director loan accounts
100,084
427
----------
--------
135,956
15,132
----------
--------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
18,425
20,000
--------
--------
9. Related party transactions
During the year the director made available a loan to the company. The loan is interest free and repayable on demand. At the year end date the balance due to the director totalled £ 102,103 (2020 - £427).