M.D.F. Electrical Limited NI038458 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is electrical contractors Digita Accounts Production Advanced 6.30.9574.0 true NI038458 2023-04-01 2024-03-31 NI038458 2024-03-31 NI038458 bus:OrdinaryShareClass1 2024-03-31 NI038458 core:CurrentFinancialInstruments 2024-03-31 NI038458 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI038458 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI038458 core:FurnitureFittingsToolsEquipment 2024-03-31 NI038458 core:MotorVehicles 2024-03-31 NI038458 core:OtherPropertyPlantEquipment 2024-03-31 NI038458 bus:SmallEntities 2023-04-01 2024-03-31 NI038458 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI038458 bus:FilletedAccounts 2023-04-01 2024-03-31 NI038458 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI038458 bus:RegisteredOffice 2023-04-01 2024-03-31 NI038458 bus:Director1 2023-04-01 2024-03-31 NI038458 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI038458 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI038458 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI038458 core:MotorVehicles 2023-04-01 2024-03-31 NI038458 core:OfficeEquipment 2023-04-01 2024-03-31 NI038458 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI038458 core:ToolsEquipment 2023-04-01 2024-03-31 NI038458 countries:NorthernIreland 2023-04-01 2024-03-31 NI038458 2023-03-31 NI038458 core:FurnitureFittingsToolsEquipment 2023-03-31 NI038458 core:MotorVehicles 2023-03-31 NI038458 core:OtherPropertyPlantEquipment 2023-03-31 NI038458 2022-04-01 2023-03-31 NI038458 2023-03-31 NI038458 bus:OrdinaryShareClass1 2023-03-31 NI038458 core:CurrentFinancialInstruments 2023-03-31 NI038458 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI038458 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI038458 core:FurnitureFittingsToolsEquipment 2023-03-31 NI038458 core:MotorVehicles 2023-03-31 NI038458 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI038458

M.D.F. Electrical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

M.D.F. Electrical Limited

(Registration number: NI038458)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,228

18,288

Current assets

 

Work in progress

5

43,362

9,002

Debtors

6

14,467

91,961

Cash at bank and in hand

 

87,907

105,190

 

145,736

206,153

Creditors: Amounts falling due within one year

7

(102,923)

(160,634)

Net current assets

 

42,813

45,519

Total assets less current liabilities

 

56,041

63,807

Creditors: Amounts falling due after more than one year

7

(14,966)

(24,070)

Provisions for liabilities

(3,307)

(3,475)

Net assets

 

37,768

36,262

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

27,768

26,262

Shareholders' funds

 

37,768

36,262

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

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

M.D.F. Electrical Limited

(Registration number: NI038458)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 3 July 2024
 

.........................................
Mr Dominic Connolly
Director

 

M.D.F. Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 3A Shelton Road, Armoy, Ballymoney, Co. Antrim, BT53 8YQ.

These financial statements were authorised for issue by the director on 3 July 2024.

2

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 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 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.

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

Tools and equipment

25% straight line basis

Motor vehicles

25% reducing balance basis

Office equipment

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

M.D.F. Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Work in progress

Work in progress is valued at cost of labour and materials plus attributable profits less foreseeable losses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 11).

 

M.D.F. Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Office Equipment
 £

Motor vehicles
 £

Tools and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

7,827

45,995

54,476

108,298

Additions

-

-

1,103

1,103

At 31 March 2024

7,827

45,995

55,579

109,401

Depreciation

At 1 April 2023

6,727

29,164

54,119

90,010

Charge for the year

604

5,053

506

6,163

At 31 March 2024

7,331

34,217

54,625

96,173

Carrying amount

At 31 March 2024

496

11,778

954

13,228

At 31 March 2023

1,100

16,831

357

18,288

 

M.D.F. Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Work in progress

2024
£

2023
£

Work in progress

43,362

9,002

6

Debtors

Current

2024
£

2023
£

Trade debtors

12,410

89,741

Prepayments

2,057

2,057

Other debtors

-

163

 

14,467

91,961

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Bank loan

10,000

9,900

Trade creditors

 

7,147

4,061

Taxation and social security

 

41,516

6,169

Accruals

 

28,761

15,166

Other creditors

 

15,499

125,338

 

102,923

160,634

Due after one year

 

Bank loan

14,966

24,070

 

M.D.F. Electrical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       

9

Related party transactions

The following amounts were owed to the director at 31st March 2024:-
 

2024
 £

2023
 £

Directors loan

810

413

No interest was charged in respect of this balance.