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COMPANY REGISTRATION NUMBER: 03417335
M D CONSTRUCTION (BRADFORD) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
M D CONSTRUCTION (BRADFORD) LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
M D CONSTRUCTION (BRADFORD) LTD
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
411,244
433,222
CURRENT ASSETS
Stocks
1,023,436
1,023,436
Debtors
6
3,190,884
2,546,961
Cash at bank and in hand
1,971,951
564,619
-------------
-------------
6,186,271
4,135,016
CREDITORS: amounts falling due within one year
7
2,532,390
1,327,178
-------------
-------------
NET CURRENT ASSETS
3,653,881
2,807,838
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,065,125
3,241,060
CREDITORS: amounts falling due after more than one year
8
142,286
158,325
PROVISIONS
Taxation including deferred tax
102,810
83,310
-------------
-------------
NET ASSETS
3,820,029
2,999,425
-------------
-------------
M D CONSTRUCTION (BRADFORD) LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
3,819,929
2,999,325
-------------
-------------
SHAREHOLDERS FUNDS
3,820,029
2,999,425
-------------
-------------
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 ;
- 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 27 August 2024 , and are signed on behalf of the board by:
K J Dunbar
Director
Company registration number: 03417335
M D CONSTRUCTION (BRADFORD) LTD
NOTES TO THE FINANCIAL STATEMENTS
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 73 Westgate Hill Street, Bradford, West Yorkshire, BD4 0SL.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office Equipment
-
Over 3 years
Stock and work in progress
Stocks of properties are valued at the lower of cost and net realisable value. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 24 (2022: 23 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
661,390
27,388
250,367
48,706
987,851
Additions
44,606
39,650
2,186
86,442
Disposals
( 15,277)
( 15,277)
----------
---------
----------
---------
-------------
At 30 November 2023
690,719
27,388
290,017
50,892
1,059,016
----------
---------
----------
---------
-------------
Depreciation
At 1 December 2022
370,152
24,815
114,560
45,102
554,629
Charge for the year
59,816
514
40,560
2,525
103,415
Disposals
( 10,272)
( 10,272)
----------
---------
----------
---------
-------------
At 30 November 2023
419,696
25,329
155,120
47,627
647,772
----------
---------
----------
---------
-------------
Carrying amount
At 30 November 2023
271,023
2,059
134,897
3,265
411,244
----------
---------
----------
---------
-------------
At 30 November 2022
291,238
2,573
135,807
3,604
433,222
----------
---------
----------
---------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 November 2023
19,608
33,042
52,650
---------
---------
---------
At 30 November 2022
24,510
9,277
33,787
---------
---------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
1,818,830
1,280,593
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,104,485
1,112,572
Other debtors
267,569
153,796
-------------
-------------
3,190,884
2,546,961
-------------
-------------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loan
44,044
43,552
Trade creditors
1,503,073
1,072,217
Corporation tax
218,582
25,862
Social security and other taxes
291,593
16,591
Other creditors
475,098
168,956
-------------
-------------
2,532,390
1,327,178
-------------
-------------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2023
2022
£
£
Bank loan
34,044
33,552
Hire purchase agreements
8,595
14,213
---------
---------
42,639
47,765
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loan
112,995
156,468
Other creditors
29,291
1,857
----------
----------
142,286
158,325
----------
----------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2023
2022
£
£
Bank Loan
92,995
126,468
Hire purchase agreement
29,291
1,857
----------
----------
122,286
128,325
----------
----------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and interest is charged at standard market rate.