Mayne Gas Heating Limited 05090571 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is plumbing and heating Digita Accounts Production Advanced 6.30.9574.0 true 05090571 2023-04-01 2024-03-31 05090571 2024-03-31 05090571 bus:Director1 1 2024-03-31 05090571 core:RetainedEarningsAccumulatedLosses 2024-03-31 05090571 core:ShareCapital 2024-03-31 05090571 core:FinanceLeases core:Non-currentFinancialInstruments 2024-03-31 05090571 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 05090571 core:CurrentFinancialInstruments 2024-03-31 05090571 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05090571 core:Non-currentFinancialInstruments 2024-03-31 05090571 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05090571 core:FurnitureFittingsToolsEquipment 2024-03-31 05090571 core:MotorVehicles 2024-03-31 05090571 bus:SmallEntities 2023-04-01 2024-03-31 05090571 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05090571 bus:FullAccounts 2023-04-01 2024-03-31 05090571 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05090571 bus:RegisteredOffice 2023-04-01 2024-03-31 05090571 bus:Director1 2023-04-01 2024-03-31 05090571 bus:Director1 1 2023-04-01 2024-03-31 05090571 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05090571 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05090571 core:MotorVehicles 2023-04-01 2024-03-31 05090571 core:OfficeEquipment 2023-04-01 2024-03-31 05090571 core:PlantMachinery 2023-04-01 2024-03-31 05090571 1 2023-04-01 2024-03-31 05090571 countries:England 2023-04-01 2024-03-31 05090571 2023-03-31 05090571 bus:Director1 1 2023-03-31 05090571 core:FurnitureFittingsToolsEquipment 2023-03-31 05090571 core:MotorVehicles 2023-03-31 05090571 2022-04-01 2023-03-31 05090571 2023-03-31 05090571 bus:Director1 1 2023-03-31 05090571 core:RetainedEarningsAccumulatedLosses 2023-03-31 05090571 core:ShareCapital 2023-03-31 05090571 core:FinanceLeases core:Non-currentFinancialInstruments 2023-03-31 05090571 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 05090571 core:CurrentFinancialInstruments 2023-03-31 05090571 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05090571 core:Non-currentFinancialInstruments 2023-03-31 05090571 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05090571 core:FurnitureFittingsToolsEquipment 2023-03-31 05090571 core:MotorVehicles 2023-03-31 05090571 bus:Director1 1 2022-04-01 2023-03-31 05090571 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05090571

Mayne Gas Heating Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Mayne Gas Heating Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Mayne Gas Heating Limited

(Registration number: 05090571)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

63,621

60,096

Current assets

 

Stocks

5

4,850

4,850

Debtors

6

56,470

67,260

Cash at bank and in hand

 

25

1,064

 

61,345

73,174

Creditors: Amounts falling due within one year

7

(83,010)

(88,269)

Net current liabilities

 

(21,665)

(15,095)

Total assets less current liabilities

 

41,956

45,001

Creditors: Amounts falling due after more than one year

7

(36,777)

(32,003)

Net assets

 

5,179

12,998

Capital and reserves

 

Called up share capital

2

2

Retained earnings

5,177

12,996

Shareholders' funds

 

5,179

12,998

For the financial year ending 31 March 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 12 August 2024 and signed on its behalf by:
 

.........................................
D Mayne
Director

 

Mayne Gas Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
26 South Saint Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

These financial statements were authorised for issue by the Board on 12 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

The 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).

These financial statements cover the individual entity, Mayne Gas Heating Limited

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Mayne Gas Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Plant and machinery

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.

 

Mayne Gas Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

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 11 (2023 - 14).

 

Mayne Gas Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

76,742

32,771

109,513

Additions

-

12,995

12,995

Disposals

(5,920)

(30,636)

(36,556)

At 31 March 2024

70,822

15,130

85,952

Depreciation

At 1 April 2023

19,479

29,938

49,417

Charge for the year

4,404

893

5,297

Eliminated on disposal

(4,257)

(28,126)

(32,383)

At 31 March 2024

19,626

2,705

22,331

Carrying amount

At 31 March 2024

51,196

12,425

63,621

At 31 March 2023

57,263

2,833

60,096

5

Stocks

2024
£

2023
£

Other inventories

4,850

4,850

6

Debtors

Current

2024
£

2023
£

Trade debtors

48,193

58,234

Prepayments

7,301

8,026

Other debtors

976

1,000

 

56,470

67,260

 

Mayne Gas Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

32,827

12,951

Trade creditors

 

17,437

21,250

Taxation and social security

 

16,476

40,847

Accruals and deferred income

 

6,500

7,968

Other creditors

 

9,770

5,253

 

83,010

88,269

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £32,827 (2023 - £12,951).

The bank overdraft is secured by a fixed and floating charge over the assets of the company and the hire purchase contracts are secured against the assets they finance.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

36,777

32,003

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £36,777 (2023 - £32,003).

The aggregate amount of secured liabilities at the Balance Sheet date is £69,604 (2023: £44,954)

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

26,814

32,003

Finance lease liabilities

9,963

-

36,777

32,003

 

Mayne Gas Heating Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,189

5,190

Bank overdrafts

25,039

7,720

Hire purchase contracts

2,599

-

Other borrowings

-

41

32,827

12,951

Bank borrowings


 

Included within bank borrowings is an amount of £32,033 (2023: £37,193) advanced by the company’s bankers in respect of the Coronavirus Business Interruption Loan. This loan is repayable in equal instalments over 60 months and commenced May 2021, and interest is payable on the loan at a rate of 2.5% over base rate.

9

Related party transactions

Transactions with Directors

2024

At 1 April 2023
£

Advances to Director
£

Repayments by Director
£

At 31 March 2024
£

D Mayne

Directors loan account

41

(26,332)

25,315

(976)

         
       

 

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

D Mayne

Directors loan account

(7,438)

(59,002)

66,481

41