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REGISTERED NUMBER: SC405761















MAINLINE ROAD MARKING LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






MAINLINE ROAD MARKING LTD (REGISTERED NUMBER: SC405761)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MAINLINE ROAD MARKING LTD (REGISTERED NUMBER: SC405761)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,860 20,041

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 5 95,712 131,340
Cash at bank 24,539 37,855
125,251 174,195
CREDITORS
Amounts falling due within one year 6 379,203 376,844
NET CURRENT LIABILITIES (253,952 ) (202,649 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(249,092

)

(182,608

)

CREDITORS
Amounts falling due after more than one
year

7

27,285

58,595
NET LIABILITIES (276,377 ) (241,203 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (276,379 ) (241,205 )
SHAREHOLDERS' FUNDS (276,377 ) (241,203 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MAINLINE ROAD MARKING LTD (REGISTERED NUMBER: SC405761)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2024 and were signed by:





G P McCourt - Director


MAINLINE ROAD MARKING LTD (REGISTERED NUMBER: SC405761)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Mainline Road Marking Ltd is a private company, limited by shares, registered in Scotland. The registered office is Unit 5, 37 Orton Place, Moorpark Industrial Estate, Govan, Glasgow, Strathclyde, G51 2HF.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Going concern
The financial statements have been prepared on a going concern basis. The validity of this is dependent on the continued support from the director and other creditors. After due consideration, the director considers it appropriate to prepare the financial statements on a going concern basis.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

Turnover
Turnover represents the invoice value of services provided, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33.3% on cost, 25% on cost and 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Stocks
Stock has been valued at the lower of cost and estimated selling price less costs to sell.

MAINLINE ROAD MARKING LTD (REGISTERED NUMBER: SC405761)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit or loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

MAINLINE ROAD MARKING LTD (REGISTERED NUMBER: SC405761)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 239,557
Disposals (96,241 )
At 31 March 2023 143,316
DEPRECIATION
At 1 April 2022 219,516
Charge for year 8,300
Eliminated on disposal (89,360 )
At 31 March 2023 138,456
NET BOOK VALUE
At 31 March 2023 4,860
At 31 March 2022 20,041

Included above is £4,860 (2022: £20,041) carrying value of assets for which the company has pledged as security.


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 89,469 131,340
Other debtors 6,243 -
95,712 131,340

MAINLINE ROAD MARKING LTD (REGISTERED NUMBER: SC405761)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,000 36,022
Hire purchase contracts and finance leases 2,488 8,068
Trade creditors 103,529 78,320
Taxation and social security 157,373 128,303
Other creditors 95,813 126,131
379,203 376,844

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,833 48,145
Hire purchase contracts and finance leases 1,452 10,450
27,285 58,595

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 3,940 18,518
Invoice Financing 88,144 121,311
Bank loans 15,000 48,333
107,084 188,162

The hire purchase and finance lease creditors are secured over the assets to which the contracts relate.

The invoice financing loan is secured by a floating charge over company assets.

In relation to the bank loans, the director has provided a personal guarantee in relation to this debt.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
G P McCourt
Balance outstanding at start of year - -
Amounts advanced 25,507 27,623
Amounts repaid (19,859 ) (41,050 )
Amounts written off - 13,427
Amounts waived - -
Balance outstanding at end of year 5,648 -

MAINLINE ROAD MARKING LTD (REGISTERED NUMBER: SC405761)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

The above amount is interest free and was repaid to the company on 5 May 2023. In the previous year, the directors loan balance in credit of £13,427 was written off.

10. LEASING ARRANGEMENTS

The total amount of non-cancellable operating leases due at the balance sheet date amounted to £Nil (2022: £34,820).