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REGISTERED NUMBER: 03547681 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30th June 2023

for

M G Lawrence Painting Contractors
Limited

M G Lawrence Painting Contractors
Limited (Registered number: 03547681)

Contents of the Financial Statements
for the Year Ended 30th June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M G Lawrence Painting Contractors
Limited

Company Information
for the Year Ended 30th June 2023







DIRECTORS: A R Baker
Mrs M Baker





SECRETARY: A R Baker





REGISTERED OFFICE: 35 Hazel Road
Mytchett
Camberley
Surrey
GU16 6BA





REGISTERED NUMBER: 03547681 (England and Wales)





ACCOUNTANTS: Whiteleys
Chartered Certified Accountants
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

M G Lawrence Painting Contractors
Limited (Registered number: 03547681)

Balance Sheet
30th June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 10,699 25,412

CURRENT ASSETS
Stocks 8,736 4,400
Debtors 6 324,173 256,538
Cash at bank and in hand 542,962 390,018
875,871 650,956
CREDITORS
Amounts falling due within one year 7 151,025 136,685
NET CURRENT ASSETS 724,846 514,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

735,545

539,683

CREDITORS
Amounts falling due after more than one
year

8

-

(58,965

)

PROVISIONS FOR LIABILITIES (2,675 ) (4,828 )
NET ASSETS 732,870 475,890

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 1 1
Retained earnings 732,769 475,789
SHAREHOLDERS' FUNDS 732,870 475,890

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M G Lawrence Painting Contractors
Limited (Registered number: 03547681)

Balance Sheet - continued
30th June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th October 2023 and were signed on its behalf by:





A R Baker - Director


M G Lawrence Painting Contractors
Limited (Registered number: 03547681)

Notes to the Financial Statements
for the Year Ended 30th June 2023


1. STATUTORY INFORMATION

M G Lawrence Painting Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance
Equipment - 20% on cost and 10% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

Stocks
Stocks are measured at the lower of cost and selling price less cost to complete and sell.

Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


M G Lawrence Painting Contractors
Limited (Registered number: 03547681)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

M G Lawrence Painting Contractors
Limited (Registered number: 03547681)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

M G Lawrence Painting Contractors
Limited (Registered number: 03547681)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023


5. TANGIBLE FIXED ASSETS
Motor
vehicles Equipment Totals
£    £    £   
COST
At 1st July 2022 39,503 1,322 40,825
Additions - 682 682
Disposals (19,500 ) - (19,500 )
At 30th June 2023 20,003 2,004 22,007
DEPRECIATION
At 1st July 2022 14,221 1,192 15,413
Charge for year 2,560 355 2,915
Eliminated on disposal (7,020 ) - (7,020 )
At 30th June 2023 9,761 1,547 11,308
NET BOOK VALUE
At 30th June 2023 10,242 457 10,699
At 30th June 2022 25,282 130 25,412

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 267,208 217,837
Other debtors 56,965 38,701
324,173 256,538

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 23,515
Trade creditors 32,314 26,400
Taxation and social security 106,532 61,549
Other creditors 12,179 25,221
151,025 136,685

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 58,965

M G Lawrence Painting Contractors
Limited (Registered number: 03547681)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 82,480

The bank has a fixed and floating charge over all the property or undertaking of the company.