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REGISTERED NUMBER: 01323310 (England and Wales)
















Underpin & Makegood (Contracting)
Limited

Unaudited Financial Statements

for the Year Ended 28th February 2023






Underpin & Makegood (Contracting)
Limited (Registered number: 01323310)






Contents of the Financial Statements
for the Year Ended 28th February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Underpin & Makegood (Contracting)
Limited

Company Information
for the Year Ended 28th February 2023







Directors: D R Gakhar
H D Maddox





Registered office: Unit E3
Queens Road
Barnet
EN5 4DJ





Registered number: 01323310 (England and Wales)





Accountants: Playfair Partnerships Limited
4 Post Office Walk
Hertford
Hertfordshire
SG14 1DL

Underpin & Makegood (Contracting)
Limited (Registered number: 01323310)

Statement of Financial Position
28th February 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 15,899 25,940
Tangible assets 5 921,163 521,420
Investments 6 8 8
937,070 547,368

Current assets
Stocks 5,666 5,404
Debtors 7 1,588,045 1,664,735
Cash at bank and in hand 70,462 312,631
1,664,173 1,982,770
Creditors
Amounts falling due within one year 8 1,300,326 1,471,223
Net current assets 363,847 511,547
Total assets less current liabilities 1,300,917 1,058,915

Creditors
Amounts falling due after more than one
year

9

(344,421

)

(455,823

)

Provisions for liabilities 11 (167,333 ) (36,739 )
Net assets 789,163 566,353

Capital and reserves
Called up share capital 1,602 1,602
Revaluation reserve 370,441 -
Retained earnings 417,120 564,751
789,163 566,353

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Underpin & Makegood (Contracting)
Limited (Registered number: 01323310)

Statement of Financial Position - continued
28th February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2023 and were signed on its behalf by:





D R Gakhar - Director


Underpin & Makegood (Contracting)
Limited (Registered number: 01323310)

Notes to the Financial Statements
for the Year Ended 28th February 2023

1. Statutory information

Underpin & Makegood (Contracting) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Underpin & Makegood (Contracting) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
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.

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Intangible assets - goodwill
Goodwill represents the excess of the cost of acquisition of trade and asset over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - Over the life of the lease
Plant and machinery - 15% straight line
Motor vehicles - 20% straight line

An item of plant and machinery whose fair value can be measured reliably shall be carried at revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made on an annual basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Underpin & Makegood (Contracting)
Limited (Registered number: 01323310)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
eases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset of the company. All other leases are classified as operating leases.

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 40 (2022 - 40 ) .

Underpin & Makegood (Contracting)
Limited (Registered number: 01323310)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

4. Intangible fixed assets
Goodwill
£   
Cost
At 1st March 2022
and 28th February 2023 50,206
Amortisation
At 1st March 2022 24,266
Charge for year 10,041
At 28th February 2023 34,307
Net book value
At 28th February 2023 15,899
At 28th February 2022 25,940

5. Tangible fixed assets
Land and Plant and Motor
buildings machinery vehicles Totals
£    £    £    £   
Cost or valuation
At 1st March 2022 12,374 2,090,313 497,517 2,600,204
Additions 18,082 59,725 - 77,807
Disposals - (52,000 ) - (52,000 )
At 28th February 2023 30,456 2,098,038 497,517 2,626,011
Depreciation
At 1st March 2022 10,887 1,574,289 493,608 2,078,784
Charge for year 2,854 127,968 1,514 132,336
Eliminated on disposal - (12,350 ) - (12,350 )
Revaluation adjustments - (493,922 ) - (493,922 )
At 28th February 2023 13,741 1,195,985 495,122 1,704,848
Net book value
At 28th February 2023 16,715 902,053 2,395 921,163
At 28th February 2022 1,487 516,024 3,909 521,420

Cost or valuation at 28th February 2023 is represented by:

Land and Plant and Motor
buildings machinery vehicles Totals
£    £    £    £   
Cost 30,456 2,098,038 497,517 2,626,011

Underpin & Makegood (Contracting)
Limited (Registered number: 01323310)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

5. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1st March 2022
and 28th February 2023 238,004
Depreciation
At 1st March 2022
and 28th February 2023 238,004
Net book value
At 28th February 2023 -
At 28th February 2022 -

6. Fixed asset investments
Other
investments
£   
Cost
At 1st March 2022
and 28th February 2023 8
Net book value
At 28th February 2023 8
At 28th February 2022 8

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 762,512 484,782
Amounts owed by group undertakings - 7,668
Other debtors 825,533 1,172,285
1,588,045 1,664,735

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 115,181 113,564
Hire purchase contracts 82,304 79,354
Trade creditors 457,181 508,337
Amounts owed to group undertakings 123,781 123,781
Taxation and social security 194,996 118,669
Other creditors 326,883 527,518
1,300,326 1,471,223

Underpin & Makegood (Contracting)
Limited (Registered number: 01323310)

Notes to the Financial Statements - continued
for the Year Ended 28th February 2023

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 125,000 175,000
Hire purchase contracts 219,421 280,823
344,421 455,823

10. Secured debts

Hire purchase debts are secured over the specific assets that were purchased using the finance.

The Director, D R Gakhar, has given a personal guarantee of £150,000 to secure all liabilities of the company.

An unlimited intragroup guarantee exists between U & M Group Limited, M25 Scaffolding Limited, Bush Hill Construction Limited, U & M Piling Limited and Underpin & Makegood (Contracting) Limited to secure all liabilities of each other.

Bank facilities are secure by way of fixed and floating charges over the assets of the company.

11. Provisions for liabilities
2023 2022
£    £   
Deferred tax 167,333 36,739

Deferred
tax
£   
Balance at 1st March 2022 36,739
Provided during year 130,594
Balance at 28th February 2023 167,333

12. Related party disclosures

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.