Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-06-01falsespecialised services in arboriculture, overhead power line engineering, grounds maintenance and facilities management.true4752true 09576481 2022-06-01 2023-05-31 09576481 2021-06-01 2022-05-31 09576481 2023-05-31 09576481 2022-05-31 09576481 c:Director3 2022-06-01 2023-05-31 09576481 d:PlantMachinery 2022-06-01 2023-05-31 09576481 d:PlantMachinery 2023-05-31 09576481 d:PlantMachinery 2022-05-31 09576481 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 09576481 d:MotorVehicles 2022-06-01 2023-05-31 09576481 d:MotorVehicles 2023-05-31 09576481 d:MotorVehicles 2022-05-31 09576481 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 09576481 d:FurnitureFittings 2022-06-01 2023-05-31 09576481 d:FurnitureFittings 2023-05-31 09576481 d:FurnitureFittings 2022-05-31 09576481 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 09576481 d:OfficeEquipment 2022-06-01 2023-05-31 09576481 d:OfficeEquipment 2023-05-31 09576481 d:OfficeEquipment 2022-05-31 09576481 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 09576481 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 09576481 d:CurrentFinancialInstruments 2023-05-31 09576481 d:CurrentFinancialInstruments 2022-05-31 09576481 d:CurrentFinancialInstruments 1 2023-05-31 09576481 d:CurrentFinancialInstruments 1 2022-05-31 09576481 d:Non-currentFinancialInstruments 2023-05-31 09576481 d:Non-currentFinancialInstruments 2022-05-31 09576481 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 09576481 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 09576481 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 09576481 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 09576481 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 09576481 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 09576481 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 09576481 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-05-31 09576481 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 09576481 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-05-31 09576481 d:ShareCapital 2023-05-31 09576481 d:ShareCapital 2022-05-31 09576481 d:RetainedEarningsAccumulatedLosses 2023-05-31 09576481 d:RetainedEarningsAccumulatedLosses 2022-05-31 09576481 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 09576481 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 09576481 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-05-31 09576481 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-05-31 09576481 c:FRS102 2022-06-01 2023-05-31 09576481 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 09576481 c:FullAccounts 2022-06-01 2023-05-31 09576481 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 09576481 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 09576481 d:HirePurchaseContracts d:WithinOneYear 2022-05-31 09576481 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 09576481 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-05-31 09576481 2 2022-06-01 2023-05-31 09576481 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 09576481 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 09576481 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 09576481 d:TaxLossesCarry-forwardsDeferredTax 2022-05-31 09576481 d:RetirementBenefitObligationsDeferredTax 2023-05-31 09576481 d:RetirementBenefitObligationsDeferredTax 2022-05-31 09576481 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-31 09576481 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-05-31 09576481 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 09576481 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-05-31 09576481 d:LeasedAssetsHeldAsLessee 2023-05-31 09576481 d:LeasedAssetsHeldAsLessee 2022-05-31 iso4217:GBP xbrli:pure

Registered number:  09576481














MAN COED VM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


 
MAN COED VM LIMITED
REGISTERED NUMBER: 09576481

BALANCE SHEET
AS AT 31 MAY 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,249,735
1,091,128

  
1,249,735
1,091,128

Current assets
  

Stocks
  
59,570
21,542

Debtors: amounts falling due within one year
 5 
1,673,597
1,188,218

Cash at bank and in hand
 6 
29,873
4,501

  
1,763,040
1,214,261

Creditors: amounts falling due within one year
 7 
(1,612,078)
(1,425,178)

Net current assets/(liabilities)
  
 
 
150,962
 
 
(210,917)

Total assets less current liabilities
  
1,400,697
880,211

Creditors: amounts falling due after more than one year
 8 
(1,015,814)
(417,091)

Provisions for liabilities
  

Deferred tax
 12 
(232,362)
(208,224)

  
 
 
(232,362)
 
 
(208,224)

Net assets
  
152,521
254,896


Capital and reserves
  

Called up share capital 
  
150
150

Profit and loss account
  
152,371
254,746

  
152,521
254,896


Page 1

 
MAN COED VM LIMITED
REGISTERED NUMBER: 09576481
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A Jones
Director

Date: 2 August 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.09576481). The address of the registered office is Unit B, Reigan Industrial Estate, Factory Road, Sandycroft, Deeside, Clwyd, CH5 2QJ.
These financial statements present information about the company as an individual undertaking. The principal activities of the company are that of specialised services in arboriculture, overhead power line engineering, grounds maintenance and facilities management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 47 (2022 - 52).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
1,719,241
120,597
1,951
7,441
1,849,230


Additions
523,924
-
745
4,829
529,498


Disposals
(231,500)
-
-
-
(231,500)



At 31 May 2023

2,011,665
120,597
2,696
12,270
2,147,228



Depreciation


At 1 June 2022
658,373
94,579
1,536
3,614
758,102


Charge for the year on owned assets
215,950
6,504
132
1,222
223,808


Disposals
(84,417)
-
-
-
(84,417)



At 31 May 2023

789,906
101,083
1,668
4,836
897,493



Net book value



At 31 May 2023
1,221,759
19,514
1,028
7,434
1,249,735



At 31 May 2022
1,060,867
26,018
415
3,828
1,091,128

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£

Page 7

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

           4.Tangible fixed assets (continued)



Plant and machinery
883,909
727,539

Motor vehicles
5,407
7,209

889,316
734,748

Page 8

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Debtors

As restated
2023
2022
£
£


Trade debtors
838,117
570,596

Other debtors
827,502
565,152

Prepayments and accrued income
7,978
52,470

1,673,597
1,188,218



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
29,873
4,501

Less: bank overdrafts
-
(12,858)

29,873
(8,357)


Page 9

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank overdrafts
-
12,858

Bank loans
48,323
42,884

Trade creditors
351,850
394,241

Corporation tax
2,134
3,120

Other taxation and social security
388,928
331,947

Obligations under finance lease and hire purchase contracts
307,755
238,827

Proceeds of factored debts
454,114
333,755

Other creditors
57,724
61,258

Accruals and deferred income
1,250
6,288

1,612,078
1,425,178


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
307,755
238,827

Proceeds of factored debts
454,114
333,755

761,869
572,582

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured against the assets concerned.
Proceeds of factored debts are secured by a fixed and floating charge over all the property or undertaking of the company.

Page 10

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
126,767
175,090

Net obligations under finance leases and hire purchase contracts
889,047
242,001

1,015,814
417,091


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
889,047
242,001

889,047
242,001

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured against the assets concerned.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
48,323
42,884

Amounts falling due 1-2 years

Bank loans
54,452
48,323

Amounts falling due 2-5 years

Bank loans
72,315
115,809

Amounts falling due after more than 5 years

Bank loans
-
10,958

175,090
217,974


Page 11

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
307,755
238,827

Between 1-5 years
889,047
242,001

1,196,802
480,828


11.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
29,873
-

Financial assets measured at amortised cost
1,582,127
1,176,250

1,612,000
1,176,250


Financial liabilities


Financial liabilities measured at amortised cost
2,523,028
1,474,939


Financial assets measured at fair value through profit or loss comprise of cash at bank.


Financial assets measured at amortised cost comprises of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of bank overdraft, trade creditors, factored debt, other creditors and accruals.

Page 12

 
MAN COED VM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

12.


Deferred taxation




2023


£






At beginning of year
(208,226)


Charged to profit or loss
(24,136)



At end of year
(232,362)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(295,169)
(209,764)

Tax losses carried forward
59,382
-

Short term timing differences
3,425
1,538

(232,362)
(208,226)


13.


Related party transactions

Included in debtors and creditors are the following amounts due (to) / from related parties:


2023
2022
£
£

MCVM Holdings Limited
360,575
191,500
Happy Horse Bedding Limited
121,758
4,698
Woodfuels UK Firewood & Biomass Ltd
14,990
-
T Jones
27,233
37,518
J Reid
(24,767)
(27,223)

MCVM Holdings Limited is the parent company.
Happy Horse Bedding Limited and Woodfuels UK Firewood & Biomass Ltd are fellow subsidiaries.
T Jones and J Reid are directors.
The loans are repayable on demand.


14.


Controlling party

The company is under the control of it's directors.

 
Page 13