Company registration number 04780834 (England and Wales)
Murphy Builders (Kent) Limited
Annual report and unaudited financial statements
For the year ended 31 July 2023
Pages for filing with registrar
Murphy Builders (Kent) Limited
Contents
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Murphy Builders (Kent) Limited
Director's report
For the year ended 31 July 2023
- 1 -
The director presents his annual report and financial statements for the year ended 31 July 2023.
Principal activities
The principal activity of the company is building and construction works.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
A K Murphy
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A K Murphy
Director
1 July 2024
Murphy Builders (Kent) Limited
Balance sheet
As at 31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,413
9,610
Current assets
Stocks
750
750
Debtors
4
22,177
225
Cash at bank and in hand
63,210
73,295
86,137
74,270
Creditors: amounts falling due within one year
5
(74,646)
(42,455)
Net current assets
11,491
31,815
Total assets less current liabilities
20,904
41,425
Provisions for liabilities
(37)
Net assets
20,904
41,388
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
20,903
41,387
Total equity
20,904
41,388
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and signed by the director and authorised for issue on 1 July 2024
A K Murphy
Director
Company registration number 04780834 (England and Wales)
Murphy Builders (Kent) Limited
Notes to the financial statements
For the year ended 31 July 2023
- 3 -
1
Accounting policies
Company information
Murphy Builders (Kent) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 125 John Wilson Business Park, Chestfield, Whitstable, Kent, CT5 3QT.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable, net of discounts and value added taxes.
1.3
Tangible fixed assets
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:
Land and buildings Freehold
Nil
Plant and machinery
25% straight line basis
Fixtures, fittings & equipment
25% straight line basis
Motor vehicles
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the net book value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
Murphy Builders (Kent) Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
9,413
416
3,159
4,995
17,983
Depreciation and impairment
At 1 August 2022
416
2,962
4,995
8,373
Depreciation charged in the year
197
197
At 31 July 2023
416
3,159
4,995
8,570
Carrying amount
At 31 July 2023
9,413
9,413
At 31 July 2022
9,413
197
9,610
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
21,984
Prepayments and accrued income
193
225
22,177
225
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
239
340
Trade creditors
3,614
422
Corporation tax
10,461
7,693
Other taxation and social security
5,949
3,351
Other creditors
50,183
26,449
Accruals and deferred income
4,200
4,200
74,646
42,455
Murphy Builders (Kent) Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
- 5 -
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
-
37
2023
Movements in the year:
£
Liability at 1 August 2022
37
Credit to profit or loss
(37)
Liability at 31 July 2023
-
7
Directors' transactions
Dividends totalling £32,125 (2022 - £32,625) were paid in the year in respect of shares held by the company's directors.
The director's loan account was not overdrawn during the year.