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COMPANY REGISTRATION NUMBER: 05552361
M & S RESTORATIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
M & S RESTORATIONS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
23,774
73,668
Current assets
Stocks
11,000
10,387
Debtors
6
436,485
551,645
Cash at bank and in hand
585,180
435,714
-------------
----------
1,032,665
997,746
Creditors: amounts falling due within one year
7
236,374
380,709
-------------
----------
Net current assets
796,291
617,037
----------
----------
Total assets less current liabilities
820,065
690,705
Provisions
Taxation including deferred tax
4,517
13,997
----------
----------
Net assets
815,548
676,708
----------
----------
M & S RESTORATIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
815,448
676,608
----------
----------
Shareholders funds
815,548
676,708
----------
----------
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 income and retained earnings has not been delivered.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr C M S Silva
Director
Company registration number: 05552361
M & S RESTORATIONS 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 and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the director
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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 & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
223,672
17,500
5,057
246,229
Additions
3,610
3,610
Disposals
( 45,472)
( 45,472)
----------
---------
-------
----------
At 31 March 2023
181,810
17,500
5,057
204,367
----------
---------
-------
----------
Depreciation
At 1 April 2022
158,109
9,502
4,950
172,561
Charge for the year
5,926
1,999
107
8,032
----------
---------
-------
----------
At 31 March 2023
164,035
11,501
5,057
180,593
----------
---------
-------
----------
Carrying amount
At 31 March 2023
17,775
5,999
23,774
----------
---------
-------
----------
At 31 March 2022
65,563
7,998
107
73,668
----------
---------
-------
----------
6. Debtors
2023
2022
£
£
Trade debtors
198,518
356,518
Other debtors
237,967
195,127
----------
----------
436,485
551,645
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
47,688
209,233
Corporation tax
62,950
57,442
Social security and other taxes
6,552
Other creditors
125,736
107,482
----------
----------
236,374
380,709
----------
----------
8. Director's advances, credits and guarantees
As at 31st March 2023 the director, Mr C M Silva was owed £162 (2022: £177) by the company.
9. Related party transactions
The company's ultimate controlling party is Mr C Silva, a director and shareholder of the company.