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Registration number: 02602219

The Martin Sewell Building Company Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

The Martin Sewell Building Company Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

The Martin Sewell Building Company Ltd

Company Information

Directors

Mr M M Sewell

H Holloway

Mrs CJ Sewell

Registered office

Hungerdown House
Fontwell
Arundel
West Sussex
BN18 0ST

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Martin Sewell Building Company Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Martin Sewell Building Company Ltd for the year ended 30 April 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Martin Sewell Building Company Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Martin Sewell Building Company Ltd and state those matters that we have agreed to state to the Board of Directors of The Martin Sewell Building Company Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Martin Sewell Building Company Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Martin Sewell Building Company Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Martin Sewell Building Company Ltd. You consider that The Martin Sewell Building Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Martin Sewell Building Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

8 August 2024

 

The Martin Sewell Building Company Ltd

(Registration number: 02602219)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

46,159

47,775

Current assets

 

Stocks

5

131,193

219,762

Debtors

6

546,324

48,053

Cash at bank and in hand

 

168,803

101,542

 

846,320

369,357

Creditors: Amounts falling due within one year

7

(728,037)

(367,872)

Net current assets

 

118,283

1,485

Total assets less current liabilities

 

164,442

49,260

Creditors: Amounts falling due after more than one year

7

(20,323)

(37,663)

Provisions for liabilities

(11,540)

(9,227)

Net assets

 

132,579

2,370

Capital and reserves

 

Called up share capital

8

1,001

1,001

Retained earnings

131,578

1,369

Shareholders' funds

 

132,579

2,370

For the financial year ending 30 April 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr M M Sewell
Director

 

The Martin Sewell Building Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hungerdown House
Fontwell
Arundel
West Sussex
BN18 0ST

These financial statements were authorised for issue by the Board on 8 August 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

The Martin Sewell Building Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Plant and machinery

25% reducing balance

Fixtures and fittings

10% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

The Martin Sewell Building Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 directors) during the year, was 14 (2023 - 19).

 

The Martin Sewell Building Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Plant, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

42,071

72,065

114,136

Additions

14,059

-

14,059

Disposals

(4,811)

-

(4,811)

At 30 April 2024

51,319

72,065

123,384

Depreciation

At 1 May 2023

25,694

40,667

66,361

Charge for the year

6,998

7,850

14,848

Eliminated on disposal

(3,984)

-

(3,984)

At 30 April 2024

28,708

48,517

77,225

Carrying amount

At 30 April 2024

22,611

23,548

46,159

At 30 April 2023

16,377

31,398

47,775

5

Stocks

2024
£

2023
£

Work in progress

123,193

211,762

Other inventories

8,000

8,000

131,193

219,762

6

Debtors

Current

2024
£

2023
£

Trade debtors

532,831

33,518

Prepayments

13,493

14,477

Other debtors

-

58

 

546,324

48,053

 

The Martin Sewell Building Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

17,340

23,586

Trade creditors

 

214,156

150,246

Taxation and social security

 

280,379

135,588

Accruals and deferred income

 

137,746

3,719

Other creditors

 

78,416

54,733

 

728,037

367,872

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

20,323

37,663

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1,000

1,000

1,000

1,000

Ordinary B share of £1 each

1

1

1

1

1,001

1,001

1,001

1,001

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,061

29,096

Hire purchase contracts

1,262

8,567

20,323

37,663

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,034

9,787

Bank overdrafts

-

6,926

Hire purchase contracts

7,306

6,873

17,340

23,586

 

The Martin Sewell Building Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £100.18 (2023 - £63.60) per each Ordinary share

100,175

63,600

Interim dividend of £30,000.00 (2023 - £20,000.00) per each Ordinary B share

30,000

20,000

130,175

83,600