Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity1010truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02101063 2023-01-01 2023-12-31 02101063 2022-01-01 2022-12-31 02101063 2023-12-31 02101063 2022-12-31 02101063 c:Director1 2023-01-01 2023-12-31 02101063 d:Buildings 2023-01-01 2023-12-31 02101063 d:Buildings 2023-12-31 02101063 d:Buildings 2022-12-31 02101063 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02101063 d:PlantMachinery 2023-01-01 2023-12-31 02101063 d:PlantMachinery 2023-12-31 02101063 d:PlantMachinery 2022-12-31 02101063 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02101063 d:MotorVehicles 2023-01-01 2023-12-31 02101063 d:MotorVehicles 2023-12-31 02101063 d:MotorVehicles 2022-12-31 02101063 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02101063 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02101063 d:CurrentFinancialInstruments 2023-12-31 02101063 d:CurrentFinancialInstruments 2022-12-31 02101063 d:Non-currentFinancialInstruments 2023-12-31 02101063 d:Non-currentFinancialInstruments 2022-12-31 02101063 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02101063 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02101063 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02101063 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02101063 d:ShareCapital 2023-12-31 02101063 d:ShareCapital 2022-12-31 02101063 d:RevaluationReserve 2023-12-31 02101063 d:RevaluationReserve 2022-12-31 02101063 d:RetainedEarningsAccumulatedLosses 2023-12-31 02101063 d:RetainedEarningsAccumulatedLosses 2022-12-31 02101063 c:FRS102 2023-01-01 2023-12-31 02101063 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02101063 c:FullAccounts 2023-01-01 2023-12-31 02101063 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02101063 d:WithinOneYear 2023-12-31 02101063 d:WithinOneYear 2022-12-31 02101063 d:BetweenOneFiveYears 2023-12-31 02101063 d:BetweenOneFiveYears 2022-12-31 02101063 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 02101063 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 02101063 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 02101063 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 02101063 2 2023-01-01 2023-12-31 02101063 5 2023-01-01 2023-12-31 02101063 6 2023-01-01 2023-12-31 02101063 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02101063









MOUNTFIELD BUILDING GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MOUNTFIELD BUILDING GROUP LIMITED
REGISTERED NUMBER: 02101063

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
282,311
300,076

Investments
 5 
1
1

  
282,312
300,077

Current assets
  

Debtors: amounts falling due within one year
 6 
3,906,382
2,100,436

Cash at bank and in hand
  
2,964,582
2,208,708

  
6,870,964
4,309,144

Creditors: amounts falling due within one year
 7 
(5,860,159)
(3,678,050)

Net current assets
  
 
 
1,010,805
 
 
631,094

Creditors: amounts falling due after more than one year
 8 
(48,577)
(52,735)

Net assets
  
1,244,540
878,436


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
168,200
168,200

Profit and loss account
  
1,076,240
710,136

  
1,244,540
878,436


The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
MOUNTFIELD BUILDING GROUP LIMITED
REGISTERED NUMBER: 02101063
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 16 July 2024.




G J Read
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mountfield Building Group Limited (the 'Company') is a private company limited by shares and incorporated in England and Wales. The Company's principal business is that of specialist construction services. The Company's registered office is located at Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue


Revenue is stated exclusive of VAT and consists of sales of services to third parties.
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. Retentions are recognised throughout the life of a contract and are deducted from the sales invoice.
Revenue relating to contracts includes the amount initially agreed in the contract plus any variations in contract work and incentive payments to the extent that it is probable they will result in revenue and can be reliably measured. As soon as the outcome of the contract can be measured reliably, revenue and expense is recognised in the Statement of Income and Retained Earnings on a stage of completion basis. The stage of completion is determined by reference to a survey of work performed. Any losses are recognised immediately in the Statement of Income and Retained Earnings as soon as they are foreseen.
Contract work in progress
Revenue from fixed price construction contracts is recognised on the percentage of completion method, measured by reference to the percentage of contract costs incurred for work performed to date to the estimated total contract costs or the proportion of the value of work done to the total value of work under the contract, except where these would not be representative of the stage of completion. Full provision is made for all known or expected losses on individual contracts immediately once such losses are foreseen.
 

 
2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

Page 3

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to the Statement of income and retained earnings 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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in the Statement of income and retained earnings 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.

 
2.7

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.

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 bases:

Freehold land and property
-
2%
Straight line
Plant and equipment
-
10%
reducing balance
Motor vehicles
-
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.

Page 4

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

 
2.13

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.

 
2.14

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.

Page 5

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
3
3



Cost of sales
4
4



Management
3
3

10
10


4.


Tangible fixed assets





Freehold land and property
Plant and equipment
Motor vehicles
Total

£
£
£
£



Cost


At 1 January 2023
215,000
60,910
106,086
381,996


Additions
-
679
-
679



At 31 December 2023

215,000
61,589
106,086
382,675



Depreciation


At 1 January 2023
-
42,071
39,849
81,920


Charge for the year on owned assets
-
1,884
16,560
18,444



At 31 December 2023

-
43,955
56,409
100,364



Net book value



At 31 December 2023
215,000
17,634
49,677
282,311



At 31 December 2022
215,000
18,839
66,237
300,076

Page 6

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
1



At 31 December 2023
1





6.


Debtors

2023
2022
£
£


Trade debtors
1,798,190
171,117

Amounts owed by group undertakings
1,647,348
1,647,348

Other debtors
36,199
34,358

Prepayments
150,046
73,817

Amounts recoverable on long term contracts
274,599
173,796

3,906,382
2,100,436



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,752,408
870,424

Amounts owed to group undertakings
386,800
511,903

Corporation tax
50,689
162,228

Other taxation and social security
1,031,871
992,370

Obligations under finance lease and hire purchase contracts
13,360
13,360

Other creditors
121,295
36,038

Accruals
2,503,736
1,091,727

5,860,159
3,678,050


Page 7

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
48,577
52,735



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
13,360
13,360

Between 1-5 years
48,577
52,735

61,937
66,095


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £62,367 (2022 - £65,611). Contributions totalling £4,753 (2022 - £2,820) were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,132
2,690

Later than 1 year and not later than 5 years
1,585
2,717

2,717
5,407

Page 8

 
MOUNTFIELD BUILDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Transactions with directors

2023
2022
£
£
Balance brought forward

22,637

-
 
Advances during the period

6,282

26,113
 
Repayments during the period

(22,950)

(3,800)
 
Interest charged during the period

412

324
 
Balance carried forward
6,381

22,637
 

Interest has been charged at the HMRC official rate of interest. 


13.


Related party transactions

Included within other debtors is an amount owed by its parent company of £1,647,348 (2022 - £1,647,348).
Included within other creditors is an amount owed to its subsidiary company of £386,800 
(2022 - £511,903).


14.


Controlling party

The ultimate parent company is Mountfield Holdings Ltd.
The ultimate controlling party is G J Read.

Page 9