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Registration number: 13465119

Mainland Construction Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Mainland Construction Engineering Ltd

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Mainland Construction Engineering Ltd

Registration number: 13465119

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

34,438

29,663

Current assets

 

Debtors

6

4,375

4,671

Cash at bank and in hand

 

5,628

22,255

 

10,003

26,926

Creditors: Amounts falling due within one year

7

(17,527)

(28,019)

Net current liabilities

 

(7,524)

(1,093)

Total assets less current liabilities

 

26,914

28,570

Creditors: Amounts falling due after more than one year

7

(8,800)

(5,918)

Provisions for liabilities

(2,065)

(38)

Net assets

 

16,049

22,614

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

15,949

22,514

Shareholders' funds

 

16,049

22,614



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Mainland Construction Engineering Ltd

Registration number: 13465119

Balance Sheet as at 30 June 2023 (continued)

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.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 March 2024
 


J W Flowerdew
Director

 

Mainland Construction Engineering Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wymondham Business Centre
1 Town Green
Wymondham
Norfolk
NR18 0PN
England

The principal place of business is:
66 Longwater Lane
New Costessey
Norwich
Norfolk
NR5 0TF
England

These financial statements were authorised for issue by the director on 14 March 2024.

2

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Mainland Construction Engineering Ltd

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

2

Accounting policies (continued)

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 and machinery

20% reducing balance

 

Mainland Construction Engineering Ltd

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

2

Accounting policies (continued)

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Mainland Construction Engineering Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,609

7,416

 

Mainland Construction Engineering Ltd

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

5

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

37,079

37,079

Additions

13,384

13,384

At 30 June 2023

50,463

50,463

Depreciation

At 1 July 2022

7,416

7,416

Charge for the period

8,609

8,609

At 30 June 2023

16,025

16,025

Carrying amount

At 30 June 2023

34,438

34,438

At 30 June 2022

29,663

29,663

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

3,060

Prepayments

529

-

Other debtors

3,846

1,611

 

4,375

4,671

 

Mainland Construction Engineering Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

8,639

6,239

Trade creditors

 

267

-

Directors loan account

180

7,421

Taxation and social security

 

6,470

12,477

Other creditors

 

1,971

1,882

 

17,527

28,019

Due after one year

 

Loans and borrowings

9

8,800

5,918

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

8,800

5,918

 

Mainland Construction Engineering Ltd

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

8,800

5,918

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

8,639

6,239