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Registration number: 08540155

M & S Groundworks Grab Hire Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 October 2023

 

M & S Groundworks Grab Hire Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

M & S Groundworks Grab Hire Limited

Company Information

Directors

S Bunning

M S Stack

Company secretary

M S Stack

Registered office

Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

M & S Groundworks Grab Hire Limited

(Registration number: 08540155)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

1,863,279

1,760,648

Current assets

 

Stocks

7,200

7,200

Debtors

117,405

102,494

Cash at bank and in hand

 

60,067

60,297

 

184,672

169,991

Creditors: Amounts falling due within one year

(611,344)

(690,829)

Net current liabilities

 

(426,672)

(520,838)

Total assets less current liabilities

 

1,436,607

1,239,810

Creditors: Amounts falling due after more than one year

(945,535)

(870,458)

Provisions for liabilities

(144,009)

(91,334)

Net assets

 

347,063

278,018

Capital and reserves

 

Called up share capital

356

356

Retained earnings

346,707

277,662

Shareholders' funds

 

347,063

278,018

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

M & S Groundworks Grab Hire Limited

(Registration number: 08540155)
Abridged Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 1 May 2024 and signed on its behalf by:
 

.........................................
S Bunning
Director

   
     
 

M & S Groundworks Grab Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

M & S Groundworks Grab Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

Not depreciated

Plant and machinery

15% reducing balance basis

Office equipment

25% straight line basis

Motor vehicles

15%, 20% & 25% reducing balance basis

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

 

M & S Groundworks Grab Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

3

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

1,261,241

18,043

11,227

760,450

Additions

-

-

120,000

70,000

At 31 October 2023

1,261,241

18,043

131,227

830,450

Depreciation

At 1 November 2022

-

11,389

4,501

274,423

Charge for the year

-

2,900

7,009

77,460

At 31 October 2023

-

14,289

11,510

351,883

Carrying amount

At 31 October 2023

1,261,241

3,754

119,717

478,567

At 31 October 2022

1,261,241

6,654

6,726

486,027

Total
£

Cost or valuation

At 1 November 2022

2,050,961

Additions

190,000

At 31 October 2023

2,240,961

Depreciation

At 1 November 2022

290,313

Charge for the year

87,369

At 31 October 2023

377,682

Carrying amount

At 31 October 2023

1,863,279

At 31 October 2022

1,760,648

Included within the net book value of land and buildings above is £1,261,241 (2022 - £1,261,241) in respect of freehold land and buildings.
 

 

M & S Groundworks Grab Hire Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

4

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

356

356

356

356