COMPANY REGISTRATION NUMBER:
09742204
Medway Preservation Limited |
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Filleted Unaudited Financial Statements |
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Medway Preservation Limited |
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Year ended 30 November 2023
Statement of financial position |
1 |
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Notes to the financial statements |
2 |
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Medway Preservation Limited |
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Statement of Financial Position |
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30 November 2023
Current assets
Stocks |
883,737 |
883,737 |
Debtors |
6 |
100 |
151,850 |
Cash at bank and in hand |
11,222 |
6,383 |
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--------- |
------------ |
|
895,059 |
1,041,970 |
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|
|
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Creditors: amounts falling due within one year |
7 |
797,190 |
970,752 |
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--------- |
------------ |
Net current assets |
97,869 |
71,218 |
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-------- |
-------- |
Total assets less current liabilities |
97,869 |
71,218 |
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-------- |
-------- |
Net assets |
97,869 |
71,218 |
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-------- |
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|
|
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Capital and reserves
Called up share capital |
900 |
900 |
Profit and loss account |
96,969 |
70,318 |
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-------- |
-------- |
Shareholders funds |
97,869 |
71,218 |
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-------- |
-------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 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 financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
28 August 2024
, and are signed on behalf of the board by:
Company registration number:
09742204
Medway Preservation Limited |
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Notes to the Financial Statements |
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Year ended 30 November 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery |
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25% straight line |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4).
5.
Tangible assets
|
Plant and machinery |
|
£ |
Cost |
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At 1 December 2022 and 30 November 2023 |
15,241 |
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Depreciation |
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At 1 December 2022 and 30 November 2023 |
15,241 |
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Carrying amount |
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At 30 November 2023 |
– |
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At 30 November 2022 |
– |
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6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
115,500 |
Other debtors |
100 |
36,350 |
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---- |
--------- |
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100 |
151,850 |
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---- |
--------- |
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7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
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£ |
£ |
Trade creditors |
– |
5,050 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
388,478 |
257,924 |
Corporation tax |
6,778 |
13,357 |
Social security and other taxes |
4,967 |
– |
Other creditors |
396,967 |
694,421 |
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--------- |
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797,190 |
970,752 |
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--------- |
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8.
Related party transactions
At the balance sheet date, the company was owed trade debtor balances of £Nil (2022: £115,500) from a group company, and owed creditor balances of £388,478 (2022: £257,924) to a group company.
At the balance sheet date, the directors were owed £143,357 (2021: £238,277) from the company.