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Registration number: 05598589

Prepared for the registrar

37 MKM Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

37 MKM Ltd

(Registration number: 05598589)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,029

31,201

Investment property

5

2,123,821

1,756,998

Investments

6

6

-

 

2,145,856

1,788,199

Current assets

 

Debtors

7

46,864

65,597

Cash at bank and in hand

 

19,746

231,292

 

66,610

296,889

Creditors: Amounts falling due within one year

8

(969,781)

(323,216)

Net current liabilities

 

(903,171)

(26,327)

Total assets less current liabilities

 

1,242,685

1,761,872

Creditors: Amounts falling due after more than one year

8

-

(549,444)

Deferred tax liabilities

 

(23,616)

(26,848)

Net assets

 

1,219,069

1,185,580

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

182,479

201,526

Profit and loss account

1,036,490

983,954

Shareholders' funds

 

1,219,069

1,185,580

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 


M K McQuaid
Director

 

37 MKM 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.

The address of its registered office is:
Lower House Farm
Everleigh
Marlborough
Wiltshire
SN8 3EU

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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, returns, rebates and discounts and after eliminating sales within the company.

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.

Tax

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

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

37 MKM Ltd

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

33% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

37 MKM Ltd

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

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

37 MKM Ltd

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

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

83,042

50,431

133,473

At 31 March 2023

83,042

50,431

133,473

Depreciation

At 1 April 2022

66,575

35,697

102,272

Charge for the year

5,489

3,683

9,172

At 31 March 2023

72,064

39,380

111,444

Carrying amount

At 31 March 2023

10,978

11,051

22,029

At 31 March 2022

16,467

14,734

31,201

 

5

Investment properties

£

At 1 April 2022

1,756,998

Additions

366,823

At 31 March 2023

2,123,821

At 31 March 2023 the investment properties were valued by the director on an open market basis. The historical cost of the properties is £1,922,295 (2022: £1,555,472).

There has been no valuation of investment property by an independent valuer.

 

6

Investments

2023
£

2022
£

Investments in subsidiaries

6

-

Subsidiaries

£

Cost

Additions

6

Provision

Carrying amount

At 31 March 2023

6

 

37 MKM Ltd

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Wiltshire Concrete Ltd

C/O Wiltshire Heavy Building Materials Limited
Hopton Park Industrial Estate
Hopton Road
Devizes
SN10 2EY

Ordinary shares

100%

0%

Berkshire Concrete Ltd

C/O Wiltshire Heavy Building Materials Limited
Hopton Park Industrial Estate
Hopton Road
Devizes
SN10 2EY

Ordinary shares

100%

0%

Wiltshire Concrete Products Ltd

C/O Wiltshire Heavy Building Materials Limited
Hopton Park Industrial Estate
Hopton Road
Devizes
SN10 2EY

Ordinary shares

100%

0%

Wiltshire Concrete Skips Ltd

C/O Wiltshire Heavy Building Materials Limited
Hopton Park Industrial Estate
Hopton Road
Devizes
SN10 2EY

Ordinary shares

100%

0%

Wiltshire Concrete Aggregates Ltd

C/O Wiltshire Heavy Building Materials Limited
Hopton Park Industrial Estate
Hopton Road
Devizes
SN10 2EY

Ordinary shares

100%

0%

Wilshire Heavy Building Materials (Services) Ltd

C/O Wiltshire Heavy Building Materials Limited
Hopton Park Industrial Estate
Hopton Road
Devizes
SN10 2EY

Ordinary shares

100%

0%

Subsidiary undertakings

Wiltshire Concrete Ltd

The principal activity of Wiltshire Concrete Ltd is that of a dormant company. Its financial period end is 31 May.

Berkshire Concrete Ltd

The principal activity of Berkshire Concrete Ltd is that of a dormant company. Its financial period end is 31 May.

 

37 MKM Ltd

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

Wiltshire Concrete Products Ltd

The principal activity of Wiltshire Concrete Products Ltd is that of a dormant company. Its financial period end is 31 May.

Wiltshire Concrete Skips Ltd

The principal activity of Wiltshire Concrete Skips Ltd is that of a dormant company. Its financial period end is 31 May.

Wiltshire Concrete Aggregates Ltd

The principal activity of Wiltshire Concrete Aggregates Ltd is that of a dormant company. Its financial period end is 31 May.

Wilshire Heavy Building Materials (Services) Ltd

The principal activity of Wilshire Heavy Building Materials (Services) Ltd is that of a dormant company. Its financial period end is 31 May.

 

7

Debtors

2023
 £

2022
 £

Other debtors

43,202

32,688

Prepayments

3,662

32,909

 

46,864

65,597

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

956,565

213,460

Trade creditors

 

240

-

Social security and other taxes

 

-

10,842

Accrued expenses

 

3,220

37,667

Corporation tax liability

9,756

30,515

Deferred income

 

-

30,732

 

969,781

323,216

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

549,444

 

37 MKM Ltd

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

 

9

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Bank borrowings

 

-

34,341

Other borrowings

11

956,565

179,119

 

956,565

213,460

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

549,444

The bank borrowings are secured on the company's investment property.

 

10

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 £24,000 (2022 - £4,065,987).

 

11

Related party transactions

Summary of transactions with other related parties

At 31 March 2023 the company owed £956,565 (2022: £179,119) to its directors. No interest was charged on this balance and there are no fixed repayment terms.