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COMPANY REGISTRATION NUMBER: 11099529
Material Works Architecture Limited
Filleted Unaudited Financial Statements
31 December 2023
Material Works Architecture Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Material Works Architecture Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
5,526
944
Current assets
Stocks
5,000
5,000
Debtors
6
51,918
27,623
Cash at bank and in hand
177,590
155,792
---------
---------
234,508
188,415
Creditors: amounts falling due within one year
7
141,866
109,448
---------
---------
Net current assets
92,642
78,967
--------
--------
Total assets less current liabilities
98,168
79,911
Provisions
1,381
179
--------
--------
Net assets
96,787
79,732
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
96,687
79,632
--------
--------
Shareholders funds
96,787
79,732
--------
--------
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 December 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 .
Material Works Architecture Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 April 2024 , and are signed on behalf of the board by:
R D Hayward
J Z A Dick
Director
Director
Company registration number: 11099529
Material Works Architecture Limited
Notes to the Financial Statements
Year ended 31 December 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the amounts invoiced for services rendered, net of Value Added Tax.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
Fixtures and fittings
-
25% straight line
Equipment
-
25% 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.
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.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 5 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023
1,217
9,705
10,922
Additions
683
5,342
6,025
-------
--------
--------
At 31 December 2023
1,900
15,047
16,947
-------
--------
--------
Depreciation
At 1 January 2023
1,033
8,945
9,978
Charge for the year
263
1,180
1,443
-------
--------
--------
At 31 December 2023
1,296
10,125
11,421
-------
--------
--------
Carrying amount
At 31 December 2023
604
4,922
5,526
-------
--------
--------
At 31 December 2022
184
760
944
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
50,289
24,478
Other debtors
1,629
3,145
--------
--------
51,918
27,623
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,417
1,365
Corporation tax
13,005
8,251
Social security and other taxes
9,446
6,730
Director loan accounts
117,500
89,000
Other creditors
498
4,102
---------
---------
141,866
109,448
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 1 each
50
50
50
50
B Ordinary shares of £ 1 each
50
50
50
50
----
----
----
----
100
100
100
100
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
11,732
Later than 1 year and not later than 5 years
37,151
--------
----
48,883
--------
----
10. Related party transactions
At the year end the company owed its directors £117,500 (2022 - £89,000) which is shown amongst creditors.