MT Mechanical & Electrical Services Ltd
Registered number: 06132507
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,164 25,551
Investment property 4 741,408 488,771
760,572 514,322
Current assets
Debtors 5 96,194 70,296
Cash at bank and in hand 207,842 215,226
304,036 285,522
Creditors: amounts falling due within one year 6 (54,892) (75,610)
Net current assets 249,144 209,912
Total assets less current liabilities 1,009,716 724,234
Creditors: amounts falling due after more than one year 7 (25,833) (36,667)
Provisions for liabilities (67,950) -
Net assets 915,933 687,567
Capital and reserves
Called up share capital 100 100
Fair value reserve 8 189,478 -
Profit and loss account 726,355 687,467
Shareholders' funds 915,933 687,567
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 M Todd
Director
Approved by the board on 21 November 2023
MT Mechanical & Electrical Services Ltd
Notes to the Accounts
for the year ended 31 March 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.
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.
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:
Freehold buildings
Plant and machinery 25% Reducing balance
Motor vehicles 25% Reducing balance
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 19,648 40,775 60,423
At 31 March 2023 19,648 40,775 60,423
Depreciation
At 1 April 2022 14,327 20,545 34,872
Charge for the year 1,330 5,057 6,387
At 31 March 2023 15,657 25,602 41,259
Net book value
At 31 March 2023 3,991 15,173 19,164
At 31 March 2022 5,321 20,230 25,551
4 Investment property 2023 2022
£ £
Fair Value
At 1 April 2022 488,771 488,771
Additions - -
Fair value adjustment 252,637 -
Disposals - -
At 31 March 2023 741,408 488,771
5 Debtors 2023 2022
£ £
Trade debtors 93,123 67,437
Other debtors 3,071 2,859
96,194 70,296
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 6,667
Corporation tax 21,795 9,166
Other taxes and social security costs 21,615 8,019
Other creditors 1,482 51,758
54,892 75,610
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,833 36,667
8 Fair value reserve 2023 2022
£ £
At 1 April 2022 - -
Fair value adjustment of investment property 252,637 -
Deferred taxation arising on the fair value adjustment (63,159) -
At 31 March 2023 189,478 -
9 Other information
MT Mechanical & Electrical Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
119 Havant Road
Drayton
Portsmouth
Hampshire
PO6 2AH
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