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Company registration number: 09719467
The Mineral Planning Group Limited
Unaudited filleted financial statements
31 March 2023
The Mineral Planning Group Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
The Mineral Planning Group Limited
Directors and other information
Directors Mr C A Heffernan
Company number 09719467
Registered office Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Business address The Rowan Suite
Cottingley Business Park
Bingley
West Yorkshire
BD16 1PE
Accountants Windle & Bowker Limited
Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
The Mineral Planning Group Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 9,090 12,120
Tangible assets 6 10,177 12,166
_______ _______
19,267 24,286
Current assets
Debtors 7 110,145 73,406
Cash at bank and in hand 126,738 37,964
_______ _______
236,883 111,370
Creditors: amounts falling due
within one year 8 ( 109,376) ( 39,231)
_______ _______
Net current assets 127,507 72,139
_______ _______
Total assets less current liabilities 146,774 96,425
Provisions for liabilities ( 1,713) ( 2,075)
_______ _______
Net assets 145,061 94,350
_______ _______
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 144,961 94,250
_______ _______
Shareholders funds 145,061 94,350
_______ _______
For the 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 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 23 August 2023 , and are signed on behalf of the board by:
Mr C A Heffernan
Director
Company registration number: 09719467
The Mineral Planning Group Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Croft House, Station Road, Barnoldswick, Lancashire, BB18 5NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for services rendered, net of discounts and Value Added Tax.Turnover is invoiced and recognised on completion of the work undertaken.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 % reducing balance
Motor vehicles - 25 % reducing balance
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 and 31 March 2023 30,305 30,305
_______ _______
Amortisation
At 1 April 2022 18,184 18,184
Charge for the year 3,031 3,031
_______ _______
At 31 March 2023 21,215 21,215
_______ _______
Carrying amount
At 31 March 2023 9,090 9,090
_______ _______
At 31 March 2022 12,121 12,121
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2022 15,456 20,057 35,513
Additions 1,405 - 1,405
_______ _______ _______
At 31 March 2023 16,861 20,057 36,918
_______ _______ _______
Depreciation
At 1 April 2022 9,637 13,711 23,348
Charge for the year 1,806 1,587 3,393
_______ _______ _______
At 31 March 2023 11,443 15,298 26,741
_______ _______ _______
Carrying amount
At 31 March 2023 5,418 4,759 10,177
_______ _______ _______
At 31 March 2022 5,819 6,346 12,165
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 105,794 71,822
Other debtors 4,351 1,584
_______ _______
110,145 73,406
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 4,849 553
Corporation tax 32,560 13,150
Social security and other taxes 28,117 21,678
Other creditors 43,850 3,850
_______ _______
109,376 39,231
_______ _______
9. Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,965 (31 March 2022 £4,202 ).
10. Related party transactions
The Directors have provided interest free loans to the company. The balance due to them at the year-end was £30,150 (31 March 2022 - £150). This balance is included in creditors falling due within one year. The loans are interest free and repayable on demand.