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Medway Controls Engineering Limited
Registered Number:03344372
For the year ended 30 April 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 30 April 2024
Medway Controls Engineering Limited
Contents Page
1
Statement of Financial Position
2 to 7
Notes to the Financial Statements
3
Registered Number :
03344372
As at 30 April 2024
Medway Controls Engineering Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
1,435
1,880
2
Financial assets
74,400
74,400
3
75,835
76,280
Current assets
Trade and other receivables
17,704
23,569
4
23,569
17,704
Trade and other payables: amounts falling due within one
year
(44,565)
(43,518)
5
(26,861)
(19,949)
Net current liabilities
Total assets less current liabilities
55,886
49,419
Trade and other payables: amounts falling due after more
than one year
(22,194)
(18,196)
6
(359)
(470)
Provisions for liabilities
37,331
Net assets
26,755
Capital and reserves
Called up share capital
2
2
Retained earnings
37,329
26,753
37,331
26,755
Shareholders' funds
For the 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 members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
S J Hudson Director
T A Hudson Director
These financial statements were approved and authorised for issue by the Board on 29 August 2024 and were signed by:
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4
Registered Number :
03344372
For the year ended 30 April 2024
Medway Controls Engineering Limited
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 30 April 2024
Medway Controls Engineering Limited
Notes to the Financial Statements
Statutory Information
Medway Controls Engineering Limited is a private limited company, limited by shares, domiciled in England and
Wales, registration number 03344372.
Registered address:
Tudor Heights, Tudor Farm
Stoke Road, Upper Stoke
Rochester
Kent
ME3 9SF
The presentation currency is £ sterling.
The financial statements relate to the trading activities of Medway Controls Engineering Limited only.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. Amounts receivable for services performed over time are based upon the stage of completion of the services performed.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
10% Straight line
Fixtures and fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
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6
For the year ended 30 April 2024
Medway Controls Engineering Limited
Notes to the Financial Statements Continued
Deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:· the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and· any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Financial Instruments
The company enters into financial instruments transactions that result in the recognition of financial assets and
liabilities like trade and other accounts receivable and payable.
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the
future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are
payable or receivable within one year, typically trade payables and receivables, are measured, initially and
subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
However if the payment of a short-term instrument constitutes a financing transaction, like the payment of a trade
debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in cash of an
outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at
the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in
the profit and loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective
interest rate. If a financial asset has variable interest rate, the discount rate for measuring any impairment loss is the
current effective interest rate determined under the contact.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between
an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would
receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
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7
For the year ended 30 April 2024
Medway Controls Engineering Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Fixtures and
fittings
£
Cost or
valuation
At 01 May 2023
15,021
At 30 April 2024
15,021
Provision for depreciation and impairment
At 01 May 2023
13,141
Charge for year
445
At 30 April 2024
13,586
At 30 April 2024
Net book value
1,435
At 30 April 2023
1,880
3. Investments held as fixed assets
Other investments
Total
At 01 May 2023
74,400
74,400
Cost
£
£
At 30 April 2024
74,400
74,400
At 30 April 2024
Net book value
74,400
74,400
At 01 May 2023
74,400
74,400
Medway Controls Engineering Limited holds B Non-Voting Shares in Tudor Farm Estates. The directors of Medway
Controls Engineering Limited have reviewed the value of the shares held, and do not consider any permanent
impairment or fair value adjustment is required for the year.
4. Trade and other receivables
2023
2024
£
£
Trade debtors
22,630
16,621
Other debtors
939
1,083
17,704
23,569
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8
For the year ended 30 April 2024
Medway Controls Engineering Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
8,576
11,903
Trade creditors
1,865
1,865
Taxation and social security
31,478
28,022
Other creditors
1,599
2,775
43,518
44,565
6. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft
18,196
22,194
7. Related party transactions
Director's and Shareholder's
Received in total dividends of £64,500 (2023:£64,000) and salary of £23,215 (2023: £12,149).
The balance owed to the director/shareholder's was £116 (2023: £1,292) , the loan is short term repayable on
demand and does not bear interest.
8. Directors advances and guarantees
At 01/05/2023
Loaned
Repaid
At 30/04/2024
£
£
£
£
T A Hudson
Loans
-
(646)
45,012
44,366
-
(646)
45,012
44,366
S J Hudson
Loans
(116)
(646)
45,968
45,438
(116)
(646)
45,968
45,438
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9
For the year ended 30 April 2024
Medway Controls Engineering Limited
Notes to the Financial Statements Continued
9. Guarantees and other financial commitments
Lease commitments
At 30 April 2024 the company had annual commitments under non-cancellable operating leases as set out below:
2023
£
2024
£
Operating leases which expire:
4,203
4,200
Within 1 year
5,555
1,753
Within 2 to 5 years
5,956
9,755
10. Average number of persons employed
During the year the average number of employees was 2 (2023 : 2) including directors.
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