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COMPANY REGISTRATION NUMBER: 06308250
Mark Cartwright Decorators Limited
Filleted Unaudited Financial Statements
31 July 2023
Mark Cartwright Decorators Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
7,029
9,292
Current assets
Stocks
6,000
6,000
Debtors
7
39,522
24,800
Cash at bank and in hand
28,966
50,826
------------
------------
74,488
81,626
Creditors: amounts falling due within one year
8
( 47,438)
( 66,264)
------------
------------
Net current assets
27,050
15,362
------------
------------
Total assets less current liabilities
34,079
24,654
------------
------------
Net assets
34,079
24,654
------------
------------
Mark Cartwright Decorators Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
3
3
Profit and loss account
34,076
24,651
------------
------------
Shareholders funds
34,079
24,654
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 July 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 26 September 2023 , and are signed on behalf of the board by:
Mr M Cartwright
Director
Company registration number: 06308250
Mark Cartwright Decorators Limited
Notes to the Financial Statements
Year ended 31 July 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 11 Greenlands Road, Dearham, Maryport, Cumbria, CA15 7HA, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
20% reducing balance
Motor vehicles
-
25% reducing balance
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
35,000
------------
Amortisation
At 1 August 2022 and 31 July 2023
35,000
------------
Carrying amount
At 31 July 2023
------------
At 31 July 2022
------------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
10,070
24,420
34,490
------------
------------
------------
Depreciation
At 1 August 2022
8,852
16,346
25,198
Charge for the year
244
2,019
2,263
------------
------------
------------
At 31 July 2023
9,096
18,365
27,461
------------
------------
------------
Carrying amount
At 31 July 2023
974
6,055
7,029
------------
------------
------------
At 31 July 2022
1,218
8,074
9,292
------------
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
14,740
7,172
Other debtors
24,782
17,628
------------
------------
39,522
24,800
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,639
15,554
Trade creditors
3,422
4,318
Corporation tax
26,002
22,276
Social security and other taxes
314
Other creditors
6,375
23,802
------------
------------
47,438
66,264
------------
------------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr M Cartwright
------------
------------
------------
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr M Cartwright
( 43,022)
21,762
( 21,260)
------------
------------
------------