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COMPANY REGISTRATION NUMBER: 10943332
Marfleet Contractors Limited
Filleted Unaudited Financial Statements
For the Year Ended
30 September 2023
Marfleet Contractors Limited
Financial Statements
Year Ended 30th September 2023
Contents
Page
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Marfleet Contractors Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Marfleet Contractors Limited
Year Ended 30th September 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30th September 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Chartered accountants
30 January 2024
Marfleet Contractors Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
378,412
340,539
Current Assets
Stocks
569,998
736,914
Debtors
6
1,821,422
1,902,334
Cash at bank and in hand
1,469
33,798
-------------
-------------
2,392,889
2,673,046
Creditors: amounts falling due within one year
7
2,170,401
2,349,540
-------------
-------------
Net Current Assets
222,488
323,506
----------
----------
Total Assets Less Current Liabilities
600,900
664,045
Creditors: amounts falling due after more than one year
8
211,530
200,023
Provisions
48,220
66,908
----------
----------
Net Assets
341,150
397,114
----------
----------
Marfleet Contractors Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
100
100
Revaluation reserve
25,619
35,273
Profit and loss account
315,431
361,741
----------
----------
Shareholders Funds
341,150
397,114
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30th September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:
Mr M Marfleet
Director
Company registration number: 10943332
Marfleet Contractors Limited
Notes to the Financial Statements
Year Ended 30th September 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 14, Angora Business Park, Peartree Road, Colchester, Essex, CO3 0AB, England.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Motor vehicles
-
15% straight line
Software
-
20% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 21 ).
5. Tangible Assets
Plant and machinery
Motor vehicles
Software
Total
£
£
£
£
Cost
At 1st October 2022
206,402
171,971
30,208
408,581
Additions
128,852
36,145
164,997
Disposals
( 50,846)
( 28,999)
( 79,845)
----------
----------
---------
----------
At 30th September 2023
284,408
179,117
30,208
493,733
----------
----------
---------
----------
Depreciation
At 1st October 2022
33,181
16,653
18,208
68,042
Charge for the year
36,422
23,602
5,600
65,624
Disposals
( 13,346)
( 4,999)
( 18,345)
----------
----------
---------
----------
At 30th September 2023
56,257
35,256
23,808
115,321
----------
----------
---------
----------
Carrying amount
At 30th September 2023
228,151
143,861
6,400
378,412
----------
----------
---------
----------
At 30th September 2022
173,221
155,318
12,000
340,539
----------
----------
---------
----------
6. Debtors
2023
2022
£
£
Trade debtors
943,636
1,222,805
Other debtors
877,786
679,529
-------------
-------------
1,821,422
1,902,334
-------------
-------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
159,751
27,112
Trade creditors
1,453,281
1,925,833
Social security and other taxes
122,686
321,304
Other creditors
434,683
75,291
-------------
-------------
2,170,401
2,349,540
-------------
-------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,167
29,167
Other creditors
192,363
170,856
----------
----------
211,530
200,023
----------
----------