Silverfin false 31/01/2023 01/02/2022 31/01/2023 Alexander Mason 12/01/2022 04 July 2023 The principal activity during the year was Building Work. SC719640 2023-01-31 SC719640 bus:Director1 2023-01-31 SC719640 core:CurrentFinancialInstruments 2023-01-31 SC719640 core:ShareCapital 2023-01-31 SC719640 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC719640 core:ShareCapital 2022-01-31 SC719640 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC719640 2022-01-31 SC719640 bus:OrdinaryShareClass1 2023-01-31 SC719640 2022-02-01 2023-01-31 SC719640 bus:AbridgedAccounts 2022-02-01 2023-01-31 SC719640 bus:SmallEntities 2022-02-01 2023-01-31 SC719640 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC719640 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC719640 bus:Director1 2022-02-01 2023-01-31 SC719640 core:ShareCapital 2022-02-01 2023-01-31 SC719640 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 SC719640 core:BottomRangeValue 2022-02-01 2023-01-31 SC719640 core:TopRangeValue 2022-02-01 2023-01-31 SC719640 1 2022-02-01 2023-01-31 SC719640 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC719640 (Scotland)

MFP BUILDING CONTRACTS LTD

Abridged Unaudited Financial Statements
For the financial year ended 31 January 2023

MFP BUILDING CONTRACTS LTD

Abridged Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

MFP BUILDING CONTRACTS LTD

COMPANY INFORMATION

For the financial year ended 31 January 2023
MFP BUILDING CONTRACTS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2023
DIRECTOR Alexander Mason
REGISTERED OFFICE 1a Muggersland Burn
Craigie
Kilmarnock
KA1 5HX
Scotland
United Kingdom
COMPANY NUMBER SC719640 (Scotland)
ACCOUNTANT Deans Chartered Accountants
27 North Bridge Street
Hawick
TD9 9BD

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE ABRIDGED UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MFP BUILDING CONTRACTS LTD

For the financial year ended 31 January 2023

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE ABRIDGED UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MFP BUILDING CONTRACTS LTD (continued)

For the financial year ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MFP Building Contracts Ltd for the financial year ended 31 January 2023 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes 1 to 12 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

It is your duty to ensure that MFP Building Contracts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MFP Building Contracts Ltd. You consider that MFP Building Contracts Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of MFP Building Contracts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Director of MFP Building Contracts Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MFP Building Contracts Ltd and state those matters that we have agreed to state to the director of MFP Building Contracts Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MFP Building Contracts Ltd and it's Board of Directors as a body for our work or for this report.

Deans Chartered Accountants
Accountant

27 North Bridge Street
Hawick
TD9 9BD

04 July 2023

MFP BUILDING CONTRACTS LTD

BALANCE SHEET

As at 31 January 2023
MFP BUILDING CONTRACTS LTD

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023
£
Fixed assets
Tangible assets 6 1,125
1,125
Current assets
Debtors 1
Cash at bank and in hand 3,980
3,981
Creditors: amounts falling due within one year 3,866
Net current assets 7,847
Total assets less current liabilities 8,972
Provision for liabilities 7, 8 ( 213)
Net assets 8,759
Capital and reserves
Called-up share capital 9 1
Profit and loss account 8,758
Total shareholder's funds 8,759

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of MFP Building Contracts Ltd (registered number: SC719640) were approved and authorised for issue by the Director on 04 July 2023. They were signed on its behalf by:

Alexander Mason
Director
MFP BUILDING CONTRACTS LTD

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 January 2023
MFP BUILDING CONTRACTS LTD

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 January 2023
Called-up share capital Profit and loss account Total
£ £ £
At 01 February 2022 0 0 0
Profit for the financial year 0 8,758 8,758
Total comprehensive income 0 8,758 8,758
Issue of share capital 1 0 1
At 31 January 2023 1 8,758 8,759
MFP BUILDING CONTRACTS LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
MFP BUILDING CONTRACTS LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year, unless otherwise stated.

General information and basis of accounting

MFP Building Contracts Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1a Muggersland Burn, Craigie, Kilmarnock, KA1 5HX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Tangible assets 4 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023
Number
Monthly average number of persons employed by the Company during the year, including the director 1

4. Finance income

2023
£
Interest receivable and similar income 102

5. Tax on profit

2023
£
Current tax on profit
UK corporation tax 2,342
Total current tax 2,342
Total tax on profit 2,342

On 17 March 2020, the Provisional Collection of Taxes Act was used to substantively enact a 19% tax rate and accordingly, the deferred tax balances were re-calculated from 17% to 19%.

The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023 as well as introducing a small profits rate of 19%. These rates were substantively enacted via the Finance Bill 2021 on 24 May 2021.

At the Balance Sheet date, it was estimated that the Company’s future profits will be applicable to the small profits rate and therefore deferred tax balances as at 31 January 2023 continue to be measured at 19%.

6. Tangible assets

Total
£
Cost
At 01 February 2022 0
Additions 1,500
At 31 January 2023 1,500
Accumulated depreciation
At 01 February 2022 0
Charge for the financial year 375
At 31 January 2023 375
Net book value
At 31 January 2023 1,125

7. Provision for liabilities

2023
£
Deferred tax 213

8. Deferred tax

2023
£
At the beginning of financial year 0
( 213)
At the end of financial year ( 213)

9. Called-up share capital

2023
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

10. Related party transactions

Transactions with the entity's director

Advances

The company advanced loans to the director during the year for £7,727 . Interest is charged at 2% and there is no specific terms for repayment.