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Registration number: 09618036

M2 Civils Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

M2 Civils Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

M2 Civils Ltd

Company Information

Directors

M D Webster

M L Bailey

K A Bailey

S J Webster

Registered office

16 Blenheim Road
Ashbourne
Derbyshire
DE6 1HA

Accountants

Coates and Partners Limited
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

M2 Civils Ltd

(Registration number: 09618036)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

486,512

426,171

Current assets

 

Stocks

5

65,000

64,000

Debtors

6

905,215

1,037,856

Cash at bank and in hand

 

793,353

153,244

 

1,763,568

1,255,100

Creditors: Amounts falling due within one year

7

(694,563)

(507,077)

Net current assets

 

1,069,005

748,023

Total assets less current liabilities

 

1,555,517

1,174,194

Creditors: Amounts falling due after more than one year

7

(231,862)

(279,629)

Provisions for liabilities

(121,628)

(80,972)

Net assets

 

1,202,027

813,593

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

1,201,927

813,493

 

1,202,027

813,593

Total equity

 

1,202,027

813,593

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

M2 Civils Ltd

(Registration number: 09618036)
Balance Sheet as at 31 March 2023 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
M D Webster
Director

.........................................
M L Bailey
Director

 
     
 

M2 Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 09618036.

The address of its registered office is:
16 Blenheim Road
Ashbourne
Derbyshire
DE6 1HA

These financial statements were authorised for issue by the Board on 25 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, retentions, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

M2 Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Motor vehicles

15% reducing balance basis

Office equipment

33% straight line basis

Office furniture

15% reducing balance basis

 

M2 Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

M2 Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

13,424

80,017

564,091

657,532

Additions

1,319

-

142,650

143,969

Disposals

-

-

(13,754)

(13,754)

At 31 March 2023

14,743

80,017

692,987

787,747

Depreciation

At 1 April 2022

9,421

21,301

200,639

231,361

Charge for the year

1,877

8,808

61,993

72,678

Eliminated on disposal

-

-

(2,804)

(2,804)

At 31 March 2023

11,298

30,109

259,828

301,235

Carrying amount

At 31 March 2023

3,445

49,908

433,159

486,512

At 31 March 2022

4,003

58,716

363,452

426,171

5

Stocks

2023
£

2022
£

Stock

65,000

64,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

718,529

926,322

Prepayments

16,573

15,853

Other debtors

170,113

95,681

 

905,215

1,037,856

 

M2 Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

47,807

63,889

Trade creditors

 

388,708

295,856

Taxation and social security

 

178,737

1,024

Accruals and deferred income

 

73,638

26,123

Other creditors

 

5,673

120,185

 

694,563

507,077

Creditors include bank loans which are 100% guaranteed by the government and net obligations under finance lease and hire purchase contracts which are secured on the assets they relate to of £47,807 (2022 - £63,889).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

231,862

279,629

 

231,862

279,629

Creditors include bank loans which are 100% guaranteed by the government and net obligations under finance lease and hire purchase contracts which are secured on the asstets they relate to of £231,862 (2022 - £279,629).

Creditors include bank loans repayable by instalments of £Nil (2022 - £58,135) due after more than five years.

 

M2 Civils Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,095 (2022 - £2,095).