2022-04-012023-03-312023-03-31false12245581MURNELLS 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MURNELLS LIMITED

Registered Number
12245581
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

MURNELLS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

Michael Tierney

Registered Address

Unit 3 Ashford Industrial Estate
Shield Road
Ashford
TW15 1AU

Registered Number

12245581 (England and Wales)
MURNELLS LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets7144,03664,090
144,03664,090
Current assets
Stocks9554,061316,020
Debtors10267,252171,266
Cash at bank and on hand187,491240,670
1,008,804727,956
Creditors amounts falling due within one year11(504,171)(265,146)
Net current assets (liabilities)504,633462,810
Total assets less current liabilities648,669526,900
Creditors amounts falling due after one year12(215,581)(235,495)
Provisions for liabilities13(36,009)(12,177)
Net assets397,079279,228
Capital and reserves
Called up share capital100100
Profit and loss account396,979279,128
Shareholders' funds397,079279,228
The financial statements were approved and authorised for issue by the Director on 10 November 2023, and are signed on its behalf by:
Michael Tierney
Director
Registered Company No. 12245581
MURNELLS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company in the year under review was that of high end basement refurbishments and construction.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings15
Vehicles20
Office Equipment25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss on a straight-line basis over the period of the lease.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to the profit and loss account in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year1012
7.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2219,51660,073-13,27992,868
Additions8,75890,2818,7048,809116,552
At 31 March 2328,274150,3548,70422,088209,420
Depreciation and impairment
At 01 April 227,02517,947-3,80628,778
Charge for year4,25026,4811,3064,56936,606
At 31 March 2311,27544,4281,3068,37565,384
Net book value
At 31 March 2316,999105,9267,39813,713144,036
At 31 March 2212,49142,126-9,47364,090
The net books value of assets held under finance leases was £101,364 (2022: £0)
8.Description of financial commitments other than capital commitments
The total amount of financial commitments not included in the balance sheet is £313,500 (2022 - £403,565.) Rental lease < 1 year £38,000 Rental lease 2-5 years £152,000 Rental lease > 5 years £123,500 Motor vehicle lease < 1 year £7,078 Motor vehicle lease 2-5 years £7,078
9.Stocks

2023

2022

££
Work in progress554,061316,020
Total554,061316,020
10.Debtors

2023

2022

££
Trade debtors / trade receivables16,029100,298
Amounts owed by group undertakings158,95310,800
Other debtors22,80051,215
Prepayments and accrued income69,4708,953
Total267,252171,266
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables316,844112,689
Bank borrowings and overdrafts9,9329,699
Taxation and social security120,831103,331
Finance lease and HP contracts23,4635,646
Other creditors31,10625,804
Accrued liabilities and deferred income1,9957,977
Total504,171265,146
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts176,539217,700
Other creditors39,04217,795
Total215,581235,495
13.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)36,00912,177
Total36,00912,177