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Registration number: 09571986

Marshall Carpentry Services Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Marshall Carpentry Services Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Marshall Carpentry Services Ltd

Company Information

Directors

Mr D Marshall

Mrs S Marshall

Registered office

Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

 

Marshall Carpentry Services Ltd

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr D Marshall

Mrs S Marshall (appointed 18 August 2022)

Principal activity

The principal activity of the company is general carpentry and building services.

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 by the Board on 1 November 2023 and signed on its behalf by:

.........................................
Mr D Marshall
Director

 

Marshall Carpentry Services Ltd

(Registration number: 09571986)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

62,521

14,391

Current assets

 

Debtors

5

48,178

96,104

Cash at bank and in hand

 

93,842

44,347

 

142,020

140,451

Creditors: Amounts falling due within one year

6

(120,951)

(105,708)

Net current assets

 

21,069

34,743

Total assets less current liabilities

 

83,590

49,134

Creditors: Amounts falling due after more than one year

6

(13,151)

(8,340)

Provisions for liabilities

(7,988)

(2,734)

Net assets

 

62,451

38,060

Capital and reserves

 

Called up share capital

100

100

Retained earnings

62,351

37,960

Shareholders' funds

 

62,451

38,060

For the financial year ending 31 May 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

 

Marshall Carpentry Services Ltd

(Registration number: 09571986)
Balance Sheet as at 31 May 2023

.........................................
Mr D Marshall
Director

 

Marshall Carpentry Services Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
28 Anderson Road
Stevenage
Hertfordshire
SG2 0LW

These financial statements were authorised for issue by the Board on 1 November 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Marshall Carpentry Services Ltd

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Government grants

The company acquired a loan under the Bounce Back loan scheme (BBLS) last period, which is managed by the British Business Bank on behalf of, and with the financial backing of, the secretary of state for business, energy and industrial strategy.

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.

 

Marshall Carpentry Services Ltd

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

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

Office Equipment

33% Reducing Balance

Motor Vehicles

20% Reducing Balance

Tools and Equipment

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on a quarterly basis, any adjustments are made accordingly through the profit and loss account.

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 at the transaction price.

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.

 

Marshall Carpentry Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Marshall Carpentry Services Ltd

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

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Tools and equipment
£

Total
£

Cost or valuation

At 1 June 2022

4,021

15,805

-

19,826

Additions

2,932

54,827

309

58,068

At 31 May 2023

6,953

70,632

309

77,894

Depreciation

At 1 June 2022

1,118

4,317

-

5,435

Charge for the year

1,645

8,288

5

9,938

At 31 May 2023

2,763

12,605

5

15,373

Carrying amount

At 31 May 2023

4,190

58,027

304

62,521

At 31 May 2022

2,903

11,488

-

14,391

5

Debtors

Current

2023
£

2022
£

Trade debtors

24,666

22,927

Prepayments

7,674

2,862

Other debtors

15,838

70,315

 

48,178

96,104

 

Marshall Carpentry Services Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

10,275

6,400

Trade creditors

 

39,173

44,348

Taxation and social security

 

39,804

26,405

Accruals and deferred income

 

2,150

735

Other creditors

 

29,549

27,820

 

120,951

105,708

Included in loans under one year is £7,093 and in loans due over one year is £647 relating to a loan acquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

During the period, included within bank loans and borrowings due under one year is £3,182 and over one year £12,504 relating to a Hire Purchase loan, secured on the asset financed.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

13,151

8,340

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Marshall Carpentry Services Ltd

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

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,385 (2022 - £595) per ordinary share

 

138,500

 

59,500

         

9

Related party transactions

At the balance sheet date, the directors, Mr & Mrs Marshall were owed £4 by the company (2022: £-9,805). This loan is provided interest free and repayable on demand.

10

Ultimate controlling party

The ultimate controlling party is Mr D Marshall, by virtue of his shareholding.

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

12,504

-

Other borrowings

647

8,340

13,151

8,340

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

3,182

-

Other borrowings

7,093

6,400

10,275

6,400