REGISTERED NUMBER: |
M & K QUARRY PLANT LTD |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
REGISTERED NUMBER: |
M & K QUARRY PLANT LTD |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
M & K QUARRY PLANT LTD (REGISTERED NUMBER: NI050011) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
M & K QUARRY PLANT LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
M & K QUARRY PLANT LTD (REGISTERED NUMBER: NI050011) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Inventories | 5 |
Receivables | 6 |
Cash at bank and in hand |
PAYABLES |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
M & K QUARRY PLANT LTD (REGISTERED NUMBER: NI050011) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
M & K Quarry Plant Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparation |
The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets. |
The accounting policies detailed below have been applied consistently throughout the year. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
Inventories |
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
Taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. |
Research and development |
Research expenditure is written off in the year in which it is incurred. |
Development expenditure incurred is capitalised as an intangible asset only when the following criteria are met; |
- it is technically feasible to complete the project so that it will be available for use or for sale |
- there is the intention to complete the intangible asset and use and sell it |
- there is the ability to use or sell the intangible asset |
- the use or sale of the intangible asset will generate probable future economic benefits |
- the expenditure attributable to the intangible asset during its development can be measured reliably |
Expenditure that does not meet the above criteria is expensed as incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Cash flow statement |
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
Share capital |
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
M & K QUARRY PLANT LTD (REGISTERED NUMBER: NI050011) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
3. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand and deposits held at call with banks. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INVENTORIES |
2023 | 2022 |
£ | £ |
Inventories |
Work-in-progress |
6. | RECEIVABLES |
2023 | 2022 |
£ | £ |
Trade receivables |
Other receivables |
7. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade payables |
Amounts owed to group undertakings |
Taxation and social security | ( |
) | ( |
) |
Other payables |
The amounts owed to the group undertakings are interest free and repayable on demand. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 10 | 10 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end there was a balance of £NIL (2022 : £NIL) owing to the company from the directors. |