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COMPANY REGISTRATION NUMBER: 00595163
Murray's Dependable Limited
Filleted Unaudited Financial Statements
31 March 2023
Murray's Dependable Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Murray's Dependable Limited
Officers and Professional Advisers
The board of directors
Mr J. S. Fink
Mrs N.J. Fink
Registered office
16 Park Hill Drive
Whitefield
Manchester
M45 7PD
Accountants
Rose, Chartered Accountants
92a Bury Old Road
Whitefield
Manchester
M45 6TQ
Murray's Dependable Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
342,057
383,089
Investments
6
8,841
8,841
---------
---------
350,898
391,930
Current assets
Stocks
8,000
12,000
Debtors
7
1,479
1,385
Cash at bank and in hand
419,873
458,823
---------
---------
429,352
472,208
Creditors: amounts falling due within one year
8
99,915
203,058
---------
---------
Net current assets
329,437
269,150
---------
---------
Total assets less current liabilities
680,335
661,080
Provisions
Taxation including deferred tax
54,768
61,866
---------
---------
Net assets
625,567
599,214
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Other reserves
248,015
248,015
Profit and loss account
367,552
341,199
---------
---------
Shareholders funds
625,567
599,214
---------
---------
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 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Murray's Dependable Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr J. S. Fink
Director
Company registration number: 00595163
Murray's Dependable Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Park Hill Drive, Whitefield, Manchester, M45 7PD.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents income arising during the year for kitchen installations, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Investment properties
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2022
340,000
3,303
67,790
411,093
Additions
1,045
24,351
25,396
Disposals
( 50,000)
( 5,350)
( 55,350)
---------
-------
--------
---------
At 31 March 2023
290,000
4,348
86,791
381,139
---------
-------
--------
---------
Depreciation
At 1 April 2022
3,002
25,002
28,004
Charge for the year
445
15,447
15,892
Disposals
( 4,814)
( 4,814)
---------
-------
--------
---------
At 31 March 2023
3,447
35,635
39,082
---------
-------
--------
---------
Carrying amount
At 31 March 2023
290,000
901
51,156
342,057
---------
-------
--------
---------
At 31 March 2022
340,000
301
42,788
383,089
---------
-------
--------
---------
The directors consider that the value of the investment properties, which are all long leasehold, does not materially differ from market value.
6. Investments
Quoted Shares
£
Cost
At 1 April 2022 and 31 March 2023
8,841
-------
Impairment
At 1 April 2022 and 31 March 2023
-------
Carrying amount
At 31 March 2023
8,841
-------
At 31 March 2022
8,841
-------
Listed investments having a net book value of £8,841 (2022 - £8,841) are held by the company and had a market value of £2,525 at 31 March 2023 (2022 - £3,311).
7. Debtors
2023
2022
£
£
Other debtors
1,479
1,385
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
17,323
36,598
Other creditors
82,592
166,460
--------
---------
99,915
203,058
--------
---------
9. Directors' advances, credits and guarantees
At 31 March 2023 the company owed £41,378 (31 March 2022: £125,279) to the directors of the company. The amounts are interest free and repayable on demand. Dividends totalling £40,000 (31 March 2022: £40,000) were paid in the period in respect of shares held by the company's directors.