Method Contract Services Limited
Registered number: 05940540
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,590 995
Current assets
Debtors 4 24,229 53,713
Cash at bank and in hand 140,239 91,104
164,468 144,817
Creditors: amounts falling due within one year 5 (53,488) (34,317)
Net current assets 110,980 110,500
Total assets less current liabilities 117,570 111,495
Creditors: amounts falling due after more than one year 6 (32,481) (43,470)
Net assets 85,089 68,025
Capital and reserves
Called up share capital 100 100
Profit and loss account 84,989 67,925
Shareholders' funds 85,089 68,025
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M. Dickey
Director
Approved by the board on 29 July 2024
Method Contract Services Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 - 995 995
Additions 1,770 5,100 6,870
At 31 October 2023 1,770 6,095 7,865
Depreciation
Charge for the year - 1,275 1,275
At 31 October 2023 - 1,275 1,275
Net book value
At 31 October 2023 1,770 4,820 6,590
At 31 October 2022 - 995 995
4 Debtors 2023 2022
£ £
Trade debtors 5,000 60,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest 36,688 9,938
Other debtors (17,459) (16,225)
24,229 53,713
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 25,000 10,000
Taxation and social security costs 14,676 8,716
Other creditors 13,812 15,601
53,488 34,317
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bounceback Loan 32,481 43,470
7 Other information
Method Contract Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Holly House
220 New London Road
Chelmsford
CM2 9AE
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