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Registration number: 10101051

Martin Summers Building Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Martin Summers Building Ltd

(Registration number: 10101051)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

94,718

53,132

Current assets

 

Stocks

5

56,023

32,229

Debtors

6

1,317

41,928

Cash at bank and in hand

 

48,900

31,710

 

106,240

105,867

Creditors: Amounts falling due within one year

7

(132,803)

(113,203)

Net current liabilities

 

(26,563)

(7,336)

Total assets less current liabilities

 

68,155

45,796

Provisions for liabilities

(20,508)

(11,963)

Net assets

 

47,647

33,833

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

47,547

33,733

Shareholders' funds

 

47,647

33,833

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 September 2023 and signed on its behalf by:
 

.........................................
Mr M Summers
Director

 

Martin Summers Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
The Vineyard
Windsor Farm
Luppitt
Honiton
Devon
EX14 4SY

These financial statements were authorised for issue by the Board on 20 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

Martin Summers Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Plant & Machinery

10% reducing balance basis

Motor Vehicles

25% reducing balance basis

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.

Trade 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.

Stocks

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.

 

Martin Summers Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Martin Summers Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

85,583

21,296

106,879

Additions

55,547

-

55,547

Disposals

(4,750)

-

(4,750)

At 31 March 2023

136,380

21,296

157,676

Depreciation

At 1 April 2022

36,241

17,506

53,747

Charge for the year

10,209

948

11,157

Eliminated on disposal

(1,946)

-

(1,946)

At 31 March 2023

44,504

18,454

62,958

Carrying amount

At 31 March 2023

91,876

2,842

94,718

At 31 March 2022

49,342

3,790

53,132

 

Martin Summers Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Stocks

2023
£

2022
£

Work in progress

55,023

31,229

Other inventories

1,000

1,000

56,023

32,229

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

40,227

Other debtors

1,317

1,701

 

1,317

41,928

 

Martin Summers Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

21,647

14,260

Taxation and social security

1,018

349

Other creditors

110,138

98,594

132,803

113,203

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Mr M Summers

Directors loan account balance (joint between directors)

(97,494)

(11,444)

(108,938)

       
     

 

 

Martin Summers Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

Mr M Summers

Directors loan account balance (joint between directors)

(50,152)

(47,342)

(97,494)

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

22,302

19,000