Company registration number 01163408 (England and Wales)
M. & W. CONTRACTORS (PENSNETT) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
M. & W. CONTRACTORS (PENSNETT) LIMITED
COMPANY INFORMATION
Directors
G D S Morgan
D B A Morgan
R Morgan
(Appointed 31 January 2024)
Secretary
A E Griffin
Company number
01163408
Registered office
Dawley Brook Road
Kingswinford
West Midlands
DY6 7BD
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
M. & W. CONTRACTORS (PENSNETT) LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
M. & W. CONTRACTORS (PENSNETT) LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF M. & W. CONTRACTORS (PENSNETT) LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M. & W. Contractors (Pensnett) Limited for the year ended 30 April 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of M. & W. Contractors (Pensnett) Limited, as a body, in accordance with the terms of our engagement letter dated 29 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of M. & W. Contractors (Pensnett) Limited and state those matters that we have agreed to state to the board of directors of M. & W. Contractors (Pensnett) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M. & W. Contractors (Pensnett) Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that M. & W. Contractors (Pensnett) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M. & W. Contractors (Pensnett) Limited. You consider that M. & W. Contractors (Pensnett) Limited 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 financial statements of M. & W. Contractors (Pensnett) Limited. 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 financial statements.

Jerroms GCN Limited
20 August 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
M. & W. CONTRACTORS (PENSNETT) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,753
72,298
Current assets
Debtors
4
345,816
509,239
Cash at bank and in hand
115,951
402
461,767
509,641
Creditors: amounts falling due within one year
5
(172,916)
(230,802)
Net current assets
288,851
278,839
Total assets less current liabilities
329,604
351,137
Creditors: amounts falling due after more than one year
6
(20,558)
(58,774)
Provisions for liabilities
(9,408)
(4,566)
Net assets
299,638
287,797
Capital and reserves
Called up share capital
8
14,750
8,750
Capital redemption reserve
1,250
1,250
Profit and loss reserves
283,638
277,797
Total equity
299,638
287,797
M. & W. CONTRACTORS (PENSNETT) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have 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 by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
G D S Morgan
Director
Company registration number 01163408 (England and Wales)
M. & W. CONTRACTORS (PENSNETT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

M. & W. Contractors (Pensnett) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dawley Brook Road, Kingswinford, West Midlands, DY6 7BD.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
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 the management.

 

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

 

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

 

Depreciation is provided on the following basis:

 

    Freehold property         -     4% straight line and 2% on cost    

    Plant and machinery        -     Straight line over 7 years    

    Fixtures and fittings        -     25% reducing balance    

    Motor vehicles         -     20% straight line    

 

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 the Statement of Comprehensive Income.

 

1.4
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

M. & W. CONTRACTORS (PENSNETT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

 

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

1.5
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.6
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
13
M. & W. CONTRACTORS (PENSNETT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
265,757
57,046
90,929
413,732
Additions
-
0
1,812
1,500
3,312
Disposals
-
0
-
0
(24,765)
(24,765)
At 30 April 2024
265,757
58,858
67,664
392,279
Depreciation and impairment
At 1 May 2023
259,957
49,101
32,376
341,434
Depreciation charged in the year
1,946
2,439
10,660
15,045
Eliminated in respect of disposals
-
0
-
0
(4,953)
(4,953)
At 30 April 2024
261,903
51,540
38,083
351,526
Carrying amount
At 30 April 2024
3,854
7,318
29,581
40,753
At 30 April 2023
5,800
7,945
58,553
72,298
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
331,414
500,952
Other debtors
1,398
-
0
Prepayments and accrued income
13,004
8,287
345,816
509,239
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Obligations under hire purchase
7,852
11,125
Trade creditors
57,334
95,873
Corporation tax
2,616
-
0
Other taxation and social security
58,072
68,300
Other creditors
32,526
42,284
Accruals and deferred income
4,516
3,220
172,916
230,802

Obligations under hire purchase are secured on the assets to which they relate.

M. & W. CONTRACTORS (PENSNETT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,833
20,833
Obligations under hire purchase
9,725
37,941
20,558
58,774
7
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
9,408
4,566
2024
Movements in the year:
£
Liability at 1 May 2023
4,566
Charge to profit or loss
4,842
Liability at 30 April 2024
9,408

A deferred tax provision has arisen as a result of accelerated capital allowances.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
14,750
8,750
14,750
8,750

6000 Ordinary shares were issued on 31 January 2024.

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