REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
MAGEE BUILDERS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
MAGEE BUILDERS LTD |
MAGEE BUILDERS LTD (REGISTERED NUMBER: NI067006) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MAGEE BUILDERS LTD |
Company Information |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Rathmore House |
52 St Patricks Avenue |
Downpatrick |
Co. Down |
BT30 6DS |
BANKERS: |
MAGEE BUILDERS LTD (REGISTERED NUMBER: NI067006) |
Abridged Balance Sheet |
31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
MAGEE BUILDERS LTD (REGISTERED NUMBER: NI067006) |
Abridged Balance Sheet - continued |
31 MARCH 2023 |
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 |
MAGEE BUILDERS LTD (REGISTERED NUMBER: NI067006) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Magee Builders Ltd is a |
2. | STATEMENT OF COMPLIANCE |
The date of transition to FRS 102 Section 1A was 1 April 2016. Due to transition exemptions the reported financial position and financial performance for the previous period has not been affected by the transition to FRS 102 but we have been required to restate directors loans as a liability less than one year in the current year financial statements. Under previous GAAP directors loans were recorded at an undiscounted amount and split under and over one year. However under FRS 102 the directors loans are required to be recognised at amortised cost, therefore loans repayable over one year are required to be recorded at present value, using a market rate for a similar debt instrument. As there are no formal terms attached to the director's loan, the loan is considered to be repayable on demand. This has resulted in no increase or decrease in reserves within the financial statements only a reclassification of the director's loan from non-current to current liability. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
MAGEE BUILDERS LTD (REGISTERED NUMBER: NI067006) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 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. |
Going concern |
At the balance sheet date, the company's net current liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. |
On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
MAGEE BUILDERS LTD (REGISTERED NUMBER: NI067006) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | ULTIMATE CONTROLLING PARTY |
The company was under the control of Mr and Mrs Magee throughout the period. |
Mr and Mrs Magee are considered to be the Ultimate Controlling Party. |