Company No:
Contents
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 |
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.
Accountant
Hawick
TD9 9BD
Note | 2023 | |
£ | ||
Fixed assets | ||
Tangible assets | 6 |
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1,125 | ||
Current assets | ||
Debtors |
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Cash at bank and in hand |
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3,981 | ||
Creditors: amounts falling due within one year |
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Net current assets | 7,847 | |
Total assets less current liabilities | 8,972 | |
Provision for liabilities | 7, 8 | (
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Net assets |
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Capital and reserves | ||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of MFP Building Contracts Ltd (registered number:
Alexander Mason
Director |
Called-up share capital | Profit and loss account | Total | |||
£ | £ | £ | |||
At 01 February 2022 |
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Profit for the financial year |
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Total comprehensive income |
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Issue of share capital |
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At 31 January 2023 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year, unless otherwise stated.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 assets |
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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.
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.
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.
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.
2023 | |
Number | |
Monthly average number of persons employed by the Company during the year, including the director |
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2023 | |
£ | |
Interest receivable and similar income |
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2023 | |
£ | |
Current tax on profit | |
UK corporation tax |
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Total current tax |
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Total tax on profit |
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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%.
Total | |
£ | |
Cost | |
At 01 February 2022 |
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Additions |
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At 31 January 2023 |
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Accumulated depreciation | |
At 01 February 2022 |
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Charge for the financial year |
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At 31 January 2023 |
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Net book value | |
At 31 January 2023 |
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2023 | |
£ | |
Deferred tax |
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2023 | |
£ | |
At the beginning of financial year |
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(
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At the end of financial year | (
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2023 | |
£ | |
Allotted, called-up and fully-paid | |
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Transactions with the entity's director
Advances