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COMPANY REGISTRATION NUMBER: 6691063
M.D Construction of Cheltenham Limited
Filleted Unaudited Financial Statements
30 September 2022
M.D Construction of Cheltenham Limited
Financial Statements
Year ended 30 September 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
M.D Construction of Cheltenham Limited
Statement of Financial Position
30 September 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
40,485
35,958
Current assets
Stocks
2,633,443
1,105,799
Debtors
6
300,140
161,946
Cash at bank and in hand
6,934
100,377
------------
------------
2,940,517
1,368,122
Creditors: amounts falling due within one year
7
( 2,079,830)
( 881,720)
------------
------------
Net current assets
860,687
486,402
---------
---------
Total assets less current liabilities
901,172
522,360
Creditors: amounts falling due after more than one year
8
( 104,796)
( 142,358)
---------
---------
Net assets
796,376
380,002
---------
---------
M.D Construction of Cheltenham Limited
Statement of Financial Position (continued)
30 September 2022
2022
2021
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
796,276
379,902
---------
---------
Shareholders funds
796,376
380,002
---------
---------
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 September 2022 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 .
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
M.E. Deacon
Director
Company registration number: 6691063
M.D Construction of Cheltenham Limited
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Staverton Technology Park, Herrick Way, Staverton, Cheltenham, Glos, GL51 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of Value Added Tax. Turnover relating to the sale of property is derived from the gross proceeds on exchange of contracts. Turnover relating to work done is derived according to the stage of completion of each contract.
Taxation
The taxation expense represents current 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 pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & equipment
-
25% straight line
Motor vehicles
-
20% straight line
Stocks
Stocks are valued at cost. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Hire purchase contracts
Assets held under hire purchase contracts are capitalised as tangible fixed assets at their fair value with the corresponding liability included as an obligation under hire purchase contracts. Hire purchase repayments are treated as consisting of capital and interest elements, and interest is charged to the profit and loss account on a straight line basis which is considered to be a reasonable approximation to a constant rate of charge on the outstanding balance.
Pension costs
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions paid by the company to the fund during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Tangible assets
Plant & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2021
50,155
52,963
103,118
Additions
18,965
18,965
--------
--------
---------
At 30 September 2022
69,120
52,963
122,083
--------
--------
---------
Depreciation
At 1 October 2021
35,395
31,765
67,160
Charge for the year
9,032
5,406
14,438
--------
--------
---------
At 30 September 2022
44,427
37,171
81,598
--------
--------
---------
Carrying amount
At 30 September 2022
24,693
15,792
40,485
--------
--------
---------
At 30 September 2021
14,760
21,198
35,958
--------
--------
---------
6. Debtors
2022
2021
£
£
Trade debtors
16,053
Other debtors
284,087
161,946
---------
---------
300,140
161,946
---------
---------
Other debtors include £71,016 (2021 - £5,868) in respect of the director's loan account and a loan of £6,300 (2021 - £NIL) to M.E. Deacon Construction Limited.
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loan
32,000
32,000
Trade creditors
191,063
219,600
Social security and other taxes
228,089
186,065
Loans
1,585,039
419,940
Other creditors
43,639
24,115
------------
---------
2,079,830
881,720
------------
---------
The bank loan is supported by the Coronavirus Business Interruption Loan Scheme Guarantee from the UK Government. Loans include £350,000 (2021 - £NIL) which is secured by a charge on property being developed by the company and £915,039 (2021 - £NIL) secured by a fixed and floating charge on the assets of the company. Other creditors include obligations under hire purchase contracts of £5,562 (2021 - £5,562) which are secured by a charge over the asset to which they relate.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loan
96,000
128,000
Other creditors
8,796
14,358
---------
---------
104,796
142,358
---------
---------
The bank loan is supported by the Coronavirus Business Interruption Loan Scheme Guarantee from the UK Government. The bank loan is wholly repayable within 5 years from the statement of financial position date. Other creditors comprise obligations under hire purchase contracts which are secured by a charge over the asset to which they relate.
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
M.E. Deacon
5,868
170,816
( 105,668)
71,016
-------
---------
---------
--------
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
M.E. Deacon
451,690
283,293
( 729,115)
5,868
---------
---------
---------
-------