Material Movements Limited 07972782 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is haulage Digita Accounts Production Advanced 6.30.9574.0 true true 07972782 2022-04-01 2023-03-31 07972782 2023-03-31 07972782 bus:OrdinaryShareClass1 2023-03-31 07972782 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 07972782 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 07972782 core:CurrentFinancialInstruments 2023-03-31 07972782 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07972782 core:Non-currentFinancialInstruments 2023-03-31 07972782 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07972782 core:OtherPropertyPlantEquipment 2023-03-31 07972782 bus:SmallEntities 2022-04-01 2023-03-31 07972782 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07972782 bus:FullAccounts 2022-04-01 2023-03-31 07972782 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07972782 bus:RegisteredOffice 2022-04-01 2023-03-31 07972782 bus:CompanySecretary2 2022-04-01 2023-03-31 07972782 bus:Director3 2022-04-01 2023-03-31 07972782 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07972782 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07972782 bus:Agent1 2022-04-01 2023-03-31 07972782 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 07972782 core:PlantMachinery 2022-04-01 2023-03-31 07972782 countries:England 2022-04-01 2023-03-31 07972782 2022-03-31 07972782 core:OtherPropertyPlantEquipment 2022-03-31 07972782 2021-04-01 2022-03-31 07972782 2022-03-31 07972782 bus:OrdinaryShareClass1 2022-03-31 07972782 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 07972782 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 07972782 core:CurrentFinancialInstruments 2022-03-31 07972782 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07972782 core:Non-currentFinancialInstruments 2022-03-31 07972782 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07972782 core:OtherPropertyPlantEquipment 2022-03-31 07972782 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07972782

Material Movements Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Material Movements Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

 

Material Movements Limited

Company Information

Director

Mrs Eleanor Hurley

Company secretary

Welch Company Services Limited

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Material Movements Limited

Director's Report for the Year Ended 31 March 2023

The director presents her report and the financial statements for the year ended 31 March 2023.

Director of the company

The director who held office during the year was as follows:

Mrs Eleanor Hurley

Principal activity

The principal activity of the company is haulage

Small companies provision statement

This report has 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.

Approved and authorised by the director on 7 November 2023
 

.........................................
Mrs Eleanor Hurley
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Material Movements Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Material Movements Limited for the year ended 31 March 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Material Movements Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Material Movements Limited and state those matters that we have agreed to state to the Board of Directors of Material Movements Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Material Movements Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Material Movements Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Material Movements Limited. You consider that Material Movements Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Material Movements Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

7 November 2023

 

Material Movements Limited

(Registration number: 07972782)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

55,987

39,649

Current assets

 

Debtors

5

2,199

26,910

Cash at bank and in hand

 

4,600

590

 

6,799

27,500

Creditors: Amounts falling due within one year

6

(70,766)

(35,359)

Net current liabilities

 

(63,967)

(7,859)

Total assets less current liabilities

 

(7,980)

31,790

Creditors: Amounts falling due after more than one year

6

(58,471)

(41,667)

Net liabilities

 

(66,451)

(9,877)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(66,551)

(9,977)

Shareholders' deficit

 

(66,451)

(9,877)

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.

Director's 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 director acknowledges her 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.

Approved and authorised by the director on 7 November 2023
 

.........................................
Mrs Eleanor Hurley
Director

 

Material Movements Limited

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.

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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, 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.

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:

 

Material Movements Limited

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

Asset class

Depreciation method and rate

Plant & Machinery

Reducing Balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

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 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.

 

Material Movements Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 3).

 

Material Movements Limited

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

119,759

119,759

Additions

35,000

35,000

At 31 March 2023

154,759

154,759

Depreciation

At 1 April 2022

80,110

80,110

Charge for the year

18,662

18,662

At 31 March 2023

98,772

98,772

Carrying amount

At 31 March 2023

55,987

55,987

At 31 March 2022

39,649

39,649

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

922

Other debtors

2,199

25,988

 

2,199

26,910

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

52,646

13,693

Trade creditors

 

4,613

12,176

Taxation and social security

 

11,907

7,890

Other creditors

 

1,600

1,600

 

70,766

35,359

Due after one year

 

Loans and borrowings

8

58,471

41,667

Creditors: amounts falling due after more than one year

 

Material Movements Limited

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

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

58,471

41,667

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,389

41,667

Hire purchase contracts

26,082

-

58,471

41,667

 

Material Movements Limited

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

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

15,494

11,456

Hire purchase contracts

9,952

2,237

Other borrowings

27,200

-

52,646

13,693

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each Ordinary

 

-

 

-

         

10

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

At 31 March 2023
£

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

7,800

7,800