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Registration number: 09242630

M.C.S. Contracting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

M.C.S. Contracting Ltd

(Registration number: 09242630)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

633,979

677,839

Current assets

 

Stocks

6

60,000

-

Debtors

7

183,438

401,012

Cash at bank and in hand

 

298,958

77,195

 

542,396

478,207

Creditors: Amounts falling due within one year

8

(355,506)

(443,495)

Net current assets

 

186,890

34,712

Total assets less current liabilities

 

820,869

712,551

Creditors: Amounts falling due after more than one year

8

(301,917)

(256,611)

Provisions for liabilities

(120,270)

(104,498)

Net assets

 

398,682

351,442

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

398,582

351,342

Shareholders' funds

 

398,682

351,442

For the financial year ending 30 September 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.

The company has opted not to file the profit and loss.

Approved and authorised by the director on 3 March 2024
 

.........................................
Matthew Saynor
Director

 

M.C.S. Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Highwood Farm
Off Shay Lane
Wallton
Wakefield
WF2 6PR

These financial statements were authorised for issue by the director on 3 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.

Presentation currency is GDP, rounded to the whole £1

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 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.

 

M.C.S. Contracting Ltd

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

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. Depreciation policy has been altered for the year end 30th September 2022 to be as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% Straight line

Motor vehicles

7 years Straight line

Office equipment

33% Straight line

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

M.C.S. Contracting Ltd

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

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.

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.

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 7 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

104,043

102,475

 

M.C.S. Contracting Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

1,712

177,839

917,285

1,096,836

Additions

-

46,000

44,800

90,800

Disposals

-

(1,800)

(109,600)

(111,400)

At 30 September 2023

1,712

222,039

852,485

1,076,236

Depreciation

At 1 October 2022

1,434

95,813

321,750

418,997

Charge for the year

139

23,669

80,235

104,043

Eliminated on disposal

-

(1,800)

(78,983)

(80,783)

At 30 September 2023

1,573

117,682

323,002

442,257

Carrying amount

At 30 September 2023

139

104,357

529,483

633,979

At 30 September 2022

278

82,026

595,535

677,839

6

Stocks

2023
£

2022
£

Other inventories

60,000

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

67,687

122,955

Prepayments

20,550

28,964

Other debtors

95,201

249,093

 

183,438

401,012

 

M.C.S. Contracting Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

235,498

252,574

Trade creditors

 

54,705

114,824

Taxation and social security

 

17,351

6,048

Accruals and deferred income

 

525

525

Other creditors

 

47,427

69,524

 

355,506

443,495

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

301,917

256,611

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

169,709

26,667

Hire purchase contracts

132,208

229,944

301,917

256,611

 

M.C.S. Contracting Ltd

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

36,958

10,000

Hire purchase contracts

120,727

157,383

Other borrowings

77,813

85,191

235,498

252,574