Registered number
04514862
McNally Roofing Services Limited
Filleted Accounts
31 August 2023
McNally Roofing Services Limited
Registered number: 04514862
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 2,500
Tangible assets 4 2,329 1,243
2,329 3,743
Current assets
Debtors 5 23,997 66,449
Cash at bank and in hand 89,103 28,766
113,100 95,215
Creditors: amounts falling due within one year 6 (77,022) (55,668)
Net current assets 36,078 39,547
Total assets less current liabilities 38,407 43,290
Provisions for liabilities (489) (261)
Net assets 37,918 43,029
Capital and reserves
Called up share capital 100 100
Profit and loss account 37,818 42,929
Shareholders' funds 37,918 43,029
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C McNally
Director
Approved by the board on 16 April 2024
McNally Roofing Services Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 5-10 years
Motor vehicles 5-10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 50,000
At 31 August 2023 50,000
Amortisation
At 1 September 2022 47,500
Provided during the year 2,500
At 31 August 2023 50,000
Net book value
At 31 August 2023 -
At 31 August 2022 2,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 338 7,379 7,717
Additions - 2,000 2,000
At 31 August 2023 338 9,379 9,717
Depreciation
At 1 September 2022 338 6,136 6,474
Charge for the year - 914 914
At 31 August 2023 338 7,050 7,388
Net book value
At 31 August 2023 - 2,329 2,329
At 31 August 2022 - 1,243 1,243
5 Debtors 2023 2022
£ £
Other debtors 23,997 66,449
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 7,982 18,106
Other creditors 69,040 37,562
77,022 55,668
7 Related party transactions 2023 2022
The directors are related parties to the company. At 31 August, the company owed the related parties the following unsecured amounts that are repayable upon demand. Interest of 5% calculated on the average balance at the start and end of the year was paid to the related parties.
Amounts due to the related parties 65,315 30,462
8 Controlling party
The directors are the ultimate controlling parties by virtue of their 100% ownership of the issued share capital of the company.
9 Other information
McNally Roofing Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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