Company registration number 03706381 (England and Wales)
MCVEIGH TECHNICAL SOLUTIONS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
MCVEIGH TECHNICAL SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MCVEIGH TECHNICAL SOLUTIONS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
362,233
291,739
Current assets
Stocks
7,500
5,625
Debtors
4
3,351,364
3,192,387
Cash at bank and in hand
410,625
274,453
3,769,489
3,472,465
Creditors: amounts falling due within one year
5
(1,608,044)
(1,792,874)
Net current assets
2,161,445
1,679,591
Total assets less current liabilities
2,523,678
1,971,330
Creditors: amounts falling due after more than one year
6
(107,734)
(51,377)
Provisions for liabilities
(81,617)
(64,972)
Net assets
2,334,327
1,854,981
Capital and reserves
Called up share capital
7
90
90
Profit and loss reserves
2,334,237
1,854,891
Total equity
2,334,327
1,854,981
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MCVEIGH TECHNICAL SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
S Boardman
Director
Company registration number 03706381 (England and Wales)
MCVEIGH TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
McVeigh Technical Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Walk Building, 110 Regent Road, Leicester, LE1 7LT.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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 true and 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 the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for the maintenance and installation of air conditioning units net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the life of the lease
Plant and machinery
10% of cost per annum
Fixtures, fittings & equipment
15% and 33.3% of net book value per annum
Motor vehicles
25% of net book value per annum
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
MCVEIGH TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MCVEIGH TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account .
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
39
34
MCVEIGH TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
18,218
809,454
827,672
Additions
197,556
197,556
Disposals
(31,393)
(31,393)
At 28 February 2023
18,218
975,617
993,835
Depreciation and impairment
At 1 March 2022
6,534
529,399
535,933
Depreciation charged in the year
1,327
115,802
117,129
Eliminated in respect of disposals
(21,460)
(21,460)
At 28 February 2023
7,861
623,741
631,602
Carrying amount
At 28 February 2023
10,357
351,876
362,233
At 28 February 2022
11,684
280,055
291,739
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
757,304
862,100
Amounts owed by group undertakings
2,509,043
2,217,258
Other debtors
1,500
48,098
Prepayments and accrued income
83,517
64,931
3,351,364
3,192,387
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
94,060
98,973
Trade creditors
1,210,960
1,406,899
Corporation tax
112,563
102,124
Other taxation and social security
58,758
57,774
Accruals and deferred income
131,703
127,104
1,608,044
1,792,874
MCVEIGH TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
5
Creditors: amounts falling due within one year
(Continued)
- 7 -
Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors included above for which security has been given amounted to £94,060 (2022 - £98,973).
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
107,734
51,377
Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors included above for which security has been given amounted to £107,734 (2022 - £51,377).
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
90
90
90
90
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
39,000
65,000
9
Parent company
The parent company of McVeigh Technical Solutions Limited is McVeigh Solutions Limited. Its registered office is 110 Regent Road, Leicester, LE1 7LT and its principal place of business is 9 Hill Lane Close, Hill Lane Industrial Estate, Markfield, Leicestershire, LE67 9PY.