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Registration number: SC633403

Forge Construction (Mull) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Forge Construction (Mull) Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Forge Construction (Mull) Limited

Company Information

Directors

Mr Eoghann MacLean

Ms Rebecca Rose Martinez

Registered office

Rose Bank Beadoun
Tobermory
Isle Of Mull
Argyll
PA75 6QA

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Forge Construction (Mull) Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Eoghann MacLean

Ms Rebecca Rose Martinez

Principal activity

The principal activity of the company is construction

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 January 2024 and signed on its behalf by:
 

.........................................
Mr Eoghann MacLean
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Forge Construction (Mull) Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Forge Construction (Mull) Limited for the year ended 30 June 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Forge Construction (Mull) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Forge Construction (Mull) Limited and state those matters that we have agreed to state to the Board of Directors of Forge Construction (Mull) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forge Construction (Mull) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Forge Construction (Mull) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Forge Construction (Mull) Limited. You consider that Forge Construction (Mull) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Forge Construction (Mull) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

23 January 2024

 

Forge Construction (Mull) Limited

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

166,902

179,534

Cost of sales

 

(28,180)

(56,457)

Gross profit

 

138,722

123,077

Administrative expenses

 

(72,082)

(58,740)

Other operating income

 

625

3,755

Operating profit

 

67,265

68,092

Other interest receivable and similar income

 

64

149

Interest payable and similar expenses

 

(1,521)

(339)

   

(1,457)

(190)

Profit before tax

3

65,808

67,902

Tax on profit

 

(13,749)

(2,757)

Profit for the financial year

 

52,059

65,145

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Forge Construction (Mull) Limited

Statement of Comprehensive Income for the Year Ended 30 June 2023

2023
£

2022
£

Profit for the year

52,059

65,145

Total comprehensive income for the year

52,059

65,145

 

Forge Construction (Mull) Limited

(Registration number: SC633403)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

65,499

73,928

Current assets

 

Debtors

5

55,527

20,217

Cash at bank and in hand

 

22,934

41,063

 

78,461

61,280

Creditors: Amounts falling due within one year

6

(21,752)

(3,652)

Net current assets

 

56,709

57,628

Total assets less current liabilities

 

122,208

131,556

Creditors: Amounts falling due after more than one year

6

(36,576)

(53,983)

Net assets

 

85,632

77,573

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

85,532

77,473

Shareholders' funds

 

85,632

77,573

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 January 2024 and signed on its behalf by:
 

.........................................
Mr Eoghann MacLean
Director

 

Forge Construction (Mull) Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

77,473

77,573

Profit for the year

-

52,059

52,059

Dividends

-

(44,000)

(44,000)

At 30 June 2023

100

85,532

85,632

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

100

37,328

37,428

Profit for the year

-

65,145

65,145

Dividends

-

(25,000)

(25,000)

At 30 June 2022

100

77,473

77,573

 

Forge Construction (Mull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

 

Forge Construction (Mull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Forge Construction (Mull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

16,374

18,481

 

Forge Construction (Mull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

106,629

106,629

Additions

7,945

7,945

At 30 June 2023

114,574

114,574

Depreciation

At 1 July 2022

32,701

32,701

Charge for the year

16,374

16,374

At 30 June 2023

49,075

49,075

Carrying amount

At 30 June 2023

65,499

65,499

At 30 June 2022

73,928

73,928

5

Debtors

Current

2023
£

2022
£

Trade debtors

24,509

3,304

Other debtors

31,018

16,913

 

55,527

20,217

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,111

313

Taxation and social security

20,391

3,089

Other creditors

250

250

21,752

3,652

Creditors: amounts falling due after more than one year

 

Forge Construction (Mull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

36,576

53,983

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,053

22,178

Hire purchase contracts

19,523

31,805

36,576

53,983

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £440.00 (2022 - £250.00) per ordinary share

 

44,000

 

25,000

         

10

Related party transactions

 

Forge Construction (Mull) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,000

10,000