Company registration number 03282129 (England and Wales)
MASONRY & STRUCTURAL SERVICES LIMITED
Unaudited Financial Statements
for the Year Ended 31 January 2024
MASONRY & STRUCTURAL SERVICES LIMITED
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MASONRY & STRUCTURAL SERVICES LIMITED
Company Information
- 1 -
Directors
Mr D J Jones
Mr A S Jones
Mr J R Payne
Secretary
Mr J R Payne
Company number
03282129
Registered office
10 Clos Lon Fawr
Beaufort
Ebbw Vale
Blaenau Gwent
UK
NP23 5TB
Accountants
Mitchell Associates Ltd
The Business Park
Triangle Business Centre
Merthyr Tydfil
CF48 4TQ
MASONRY & STRUCTURAL SERVICES LIMITED
Balance Sheet
As at 31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,349
19,237
Current assets
Stocks
4
318,639
318,639
Debtors
5
1,031
9,045
Cash at bank and in hand
21,286
4,441
340,956
332,125
Creditors: amounts falling due within one year
6
(410,606)
(445,309)
Net current liabilities
(69,650)
(113,184)
Total assets less current liabilities
(46,301)
(93,947)
Creditors: amounts falling due after more than one year
7
(6,509)
(11,913)
Net liabilities
(52,810)
(105,860)
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
(52,813)
(105,863)
Total equity
(52,810)
(105,860)
MASONRY & STRUCTURAL SERVICES LIMITED
Balance Sheet
As at 31 January 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 26 April 2024 and are signed on its behalf by:
Mr A S Jones
Director
Company Registration No. 03282129
MASONRY & STRUCTURAL SERVICES LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
- 4 -
1
Accounting policies
Company information

Masonry & Structural Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Clos Lon Fawr, Beaufort, Ebbw Vale, Blaenau Gwent, UK, NP23 5TB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A the balance sheet date the company had net current liabilities of £true69,650 (2023 - £113,184) and total net liabilities of £52,810 (2023 - £105,860). However creditors includes loans from the directors of £132,854 (2023 - £175,306). On the basis of their continued support, the directors consider it appropriate to prepare these accounts on the going concern basis.

1.3
Turnover

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 Turnover when:

The amount of Turnover 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% straight line
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MASONRY & STRUCTURAL SERVICES LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
1
Accounting policies
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

MASONRY & STRUCTURAL SERVICES LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
1
Accounting policies
- 6 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
MASONRY & STRUCTURAL SERVICES LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
77,028
Additions
8,540
At 31 January 2024
85,568
Depreciation and impairment
At 1 February 2023
57,791
Depreciation charged in the year
4,428
At 31 January 2024
62,219
Carrying amount
At 31 January 2024
23,349
At 31 January 2023
19,237
4
Stocks
2024
2023
£
£
Stocks
318,639
318,639
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
4,000
Other debtors
1,031
5,045
1,031
9,045
MASONRY & STRUCTURAL SERVICES LIMITED
Notes to the Financial Statements
For the Year Ended 31 January 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,097
3,903
Trade creditors
38,889
37,019
Taxation and social security
(24,507)
(27,784)
Other creditors
392,127
432,171
410,606
445,309
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,509
10,606
Other creditors
-
0
1,307
6,509
11,913
8
Loans and overdrafts
2024
2023
£
£
Bank loans
10,606
14,509
Other loans
250,000
250,000
260,606
264,509
Payable within one year
254,097
253,903
Payable after one year
6,509
10,606

Bank Borrowings

 

Barclays Bounce Back Loan is denominated in GBP and the final instalment is due on 31 July 2026. The carrying amount at year end is £10,606 (2023 - £14,509).

 

This loan is unsecured.

 

Other borrowings

 

Panel People Limited with a carrying amount of £250,000 (2023 - £250,000) is denominated in GBP and is interest free.

 

The loan is secured by a legal charge over the land to the west of Park View, Tredegar.

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