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Company registration number: 08994482
MDF CONSTRUCTION LIMITED
Unaudited filleted financial statements
30 April 2023
MDF CONSTRUCTION LIMITED
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
MDF CONSTRUCTION LIMITED
Directors and other information
Directors M Fasola
D Fasola
Company number 08994482
Registered office 65 Gaddesden Crescent
Watford
Herts
WD25 9QU
MDF CONSTRUCTION LIMITED
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 150,034 182,597
Investments 5 328,062 305,089
_______ _______
478,096 487,686
Current assets
Debtors 6 772,224 680,596
Cash at bank and in hand 303,013 199,018
_______ _______
1,075,237 879,614
Creditors: amounts falling due
within one year 7 ( 394,416) ( 396,969)
_______ _______
Net current assets 680,821 482,645
_______ _______
Total assets less current liabilities 1,158,917 970,331
Creditors: amounts falling due
after more than one year 9 ( 23,283) ( 32,981)
Accruals and deferred income ( 6,366) ( 5,762)
_______ _______
Net assets 1,129,268 931,588
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,129,168 931,488
_______ _______
Shareholders funds 1,129,268 931,588
_______ _______
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2023 , and are signed on behalf of the board by:
M Fasola
Director
Company registration number: 08994482
MDF CONSTRUCTION LIMITED
Statement of changes in equity
Year ended 30 April 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2021 100 974,987 975,087
Profit/(loss) for the year ( 263,080) ( 263,080)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 371,581 371,581
_______ _______ _______
Total comprehensive income for the year - 108,501 108,501
Dividends paid and payable ( 152,000) ( 152,000)
_______ _______ _______
Total investments by and distributions to owners - ( 152,000) ( 152,000)
_______ _______ _______
At 30 April 2022 and 1 May 2022 100 585,732 585,832
Profit/(loss) for the year 349,680 349,680
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 345,756 345,756
_______ _______ _______
Total comprehensive income for the year - 695,436 695,436
Dividends paid and payable ( 152,000) ( 152,000)
_______ _______ _______
Total investments by and distributions to owners - ( 152,000) ( 152,000)
_______ _______ _______
At 30 April 2023 100 1,129,168 1,129,268
_______ _______ _______
MDF CONSTRUCTION LIMITED
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 65 Gaddesden Crescent, Watford, Herts, WD25 9QU.
2. Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a fair view. The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 744,793 6,188 89,378 840,359
Additions 174,383 2,957 - 177,340
Disposals ( 159,994) - - ( 159,994)
_______ _______ _______ _______
At 30 April 2023 759,182 9,145 89,378 857,705
_______ _______ _______ _______
Depreciation
At 1 May 2022 582,581 4,624 70,557 657,762
Charge for the year 109,095 1,521 11,341 121,957
Disposals ( 72,048) - - ( 72,048)
_______ _______ _______ _______
At 30 April 2023 619,628 6,145 81,898 707,671
_______ _______ _______ _______
Carrying amount
At 30 April 2023 139,554 3,000 7,480 150,034
_______ _______ _______ _______
At 30 April 2022 162,212 1,564 18,821 182,597
_______ _______ _______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2022 305,089 305,089
Fair value adjustment 22,973 22,973
_______ _______
At 30 April 2023 328,062 328,062
_______ _______
Impairment
At 1 May 2022 and 30 April 2023 - -
_______ _______
Carrying amount
At 30 April 2023 328,062 328,062
_______ _______
At 30 April 2022 305,089 305,089
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 76,657 20,938
Amounts owed by group undertakings and undertakings in which the company has a participating interest 528,414 528,414
Other debtors 167,153 131,244
_______ _______
772,224 680,596
_______ _______
Amounts owed by group undertakings relates to Dami Prod Com, a company incorporated in Romania which is a wholly owned subsidiary.
Included in other debtors is amount £98,830 owed by Dami Prod Com, a company incorporated in Romania which is a wholly owned subsiidiary.
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,583 9,583
Accruals and deferred income 6,366 5,762
Corporation tax 86,989 43,321
Social security and other taxes 1,820 -
Other creditors 296,024 344,065
_______ _______
394,416 396,969
_______ _______
8. Other creditors
Included in other creditors is amount of £291,817 (2022: £337,163) owed to the directors at the year end. This loan is interest free.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 23,283 32,981
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
M Fasola ( 91,560) 13,937 ( 77,623)
D Fasola ( 245,603) 31,409 ( 214,194)
_______ _______ _______
( 337,163) 45,346 ( 291,817)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
M Fasola ( 80,348) ( 11,212) ( 91,560)
D Fasola ( 203,961) ( 41,642) ( 245,603)
_______ _______ _______
( 284,309) ( 52,854) ( 337,163)
_______ _______ _______