Silverfin false 31/03/2023 01/04/2022 31/03/2023 N Jones 09/09/2022 09/11/2004 A E Mifflin 08/04/2012 E A Mifflin 19/06/2022 J N Mifflin 25/01/2021 22 August 2023 The principal activity of the Company during the financial year was that of a steelwork contractor. 00967252 2023-03-31 00967252 bus:Director1 2023-03-31 00967252 bus:Director2 2023-03-31 00967252 bus:Director3 2023-03-31 00967252 bus:Director4 2023-03-31 00967252 2022-03-31 00967252 core:CurrentFinancialInstruments 2023-03-31 00967252 core:CurrentFinancialInstruments 2022-03-31 00967252 core:Non-currentFinancialInstruments 2023-03-31 00967252 core:Non-currentFinancialInstruments 2022-03-31 00967252 core:ShareCapital 2023-03-31 00967252 core:ShareCapital 2022-03-31 00967252 core:RevaluationReserve 2023-03-31 00967252 core:RevaluationReserve 2022-03-31 00967252 core:CapitalRedemptionReserve 2023-03-31 00967252 core:CapitalRedemptionReserve 2022-03-31 00967252 core:RetainedEarningsAccumulatedLosses 2023-03-31 00967252 core:RetainedEarningsAccumulatedLosses 2022-03-31 00967252 core:LandBuildings 2022-03-31 00967252 core:PlantMachinery 2022-03-31 00967252 core:LandBuildings 2023-03-31 00967252 core:PlantMachinery 2023-03-31 00967252 core:CostValuation 2022-03-31 00967252 core:CostValuation 2023-03-31 00967252 bus:OrdinaryShareClass1 2023-03-31 00967252 2022-04-01 2023-03-31 00967252 bus:FullAccounts 2022-04-01 2023-03-31 00967252 bus:SmallEntities 2022-04-01 2023-03-31 00967252 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00967252 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00967252 bus:Director1 2022-04-01 2023-03-31 00967252 bus:Director2 2022-04-01 2023-03-31 00967252 bus:Director3 2022-04-01 2023-03-31 00967252 bus:Director4 2022-04-01 2023-03-31 00967252 core:PlantMachinery core:BottomRangeValue 2022-04-01 2023-03-31 00967252 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 00967252 2021-04-01 2022-03-31 00967252 core:LandBuildings 2022-04-01 2023-03-31 00967252 core:PlantMachinery 2022-04-01 2023-03-31 00967252 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 00967252 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00967252 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00967252 (England and Wales)

MIFFLIN CONSTRUCTION LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MIFFLIN CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MIFFLIN CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
MIFFLIN CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,694,870 1,551,900
Investments 4 50 50
1,694,920 1,551,950
Current assets
Stocks 194,738 2,195,613
Debtors 5 609,099 955,717
Cash at bank and in hand 6 4,480 1,507
808,317 3,152,837
Creditors: amounts falling due within one year 7 ( 1,076,806) ( 3,554,779)
Net current liabilities (268,489) (401,942)
Total assets less current liabilities 1,426,431 1,150,008
Creditors: amounts falling due after more than one year 8 ( 530,207) ( 443,333)
Provision for liabilities ( 238,417) ( 200,932)
Net assets 657,807 505,743
Capital and reserves
Called-up share capital 9 27,900 27,900
Revaluation reserve 336,509 336,509
Capital redemption reserve 62,100 62,100
Profit and loss account 231,298 79,234
Total shareholder's funds 657,807 505,743

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 financial statements of Mifflin Construction Limited (registered number: 00967252) were approved and authorised for issue by the Director on 22 August 2023. They were signed on its behalf by:

A E Mifflin
Director
MIFFLIN CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MIFFLIN CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mifflin Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Worcester Road, Leominster, Herefordshire, HR6 8AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 4 - 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Land and buildings were valued by the director.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 31

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost/Valuation
At 01 April 2022 1,450,000 2,025,288 3,475,288
Additions 0 197,562 197,562
Disposals 0 ( 46,854) ( 46,854)
At 31 March 2023 1,450,000 2,175,996 3,625,996
Accumulated depreciation
At 01 April 2022 0 1,923,388 1,923,388
Charge for the financial year 0 52,639 52,639
Disposals 0 ( 44,901) ( 44,901)
At 31 March 2023 0 1,931,126 1,931,126
Net book value
At 31 March 2023 1,450,000 244,870 1,694,870
At 31 March 2022 1,450,000 101,900 1,551,900

Land and buildings were valued by the director on 31st March 2022 on an open market value for existing use basis.

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 50
At 31 March 2023 50
Carrying value at 31 March 2023 50
Carrying value at 31 March 2022 50

5. Debtors

2023 2022
£ £
Trade debtors 526,720 764,240
Amounts owed by Group undertakings 0 8,040
Corporation tax 0 116,375
Other debtors 82,379 67,062
609,099 955,717

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 4,480 1,507
Less: Bank overdrafts ( 58,611) ( 22,059)
(54,131) (20,552)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 58,611 162,059
Trade creditors 590,330 1,014,454
Accruals and deferred income 269,128 2,309,545
Taxation and social security 127,206 53,430
Obligations under finance leases and hire purchase contracts 22,181 0
Other creditors 9,350 15,291
1,076,806 3,554,779

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 443,333 443,333
Obligations under finance leases and hire purchase contracts 86,874 0
530,207 443,333

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
27,900 Ordinary shares of £ 1.00 each 27,900 27,900