Medway Controls Engineering Limited |
Registered Number:03344372 |
For the year ended 30 April 2024
England and Wales
Unaudited Financial Statements
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
Medway Controls Engineering Limited
Statement of Financial Position
2023
2024
Property, plant and equipment |
1,435
1,880
2
74,400
74,400
3
75,835
76,280
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
2
2
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. |
These financial statements were approved and authorised for issue by the Board on 29 August 2024 and were signed by: |
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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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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. |
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.
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: |
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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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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For the year ended 30 April 2024
Medway Controls Engineering Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment |
15,021
15,021
Provision for depreciation and impairment |
13,141
Charge for year
445
13,586
1,435
1,880
3. Investments held as fixed assets |
74,400
74,400
74,400
74,400
74,400
74,400
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
22,630
16,621
939
1,083
17,704
23,569
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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
8,576
11,903
1,865
1,865
Taxation and social security |
31,478
28,022
1,599
2,775
43,518
44,565
6. Trade and other payables: amounts falling due after more than one year |
2023
2024
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 |
Loaned
Repaid
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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For the year ended 30 April 2024
Medway Controls Engineering Limited
Notes to the Financial Statements Continued
9. Guarantees and other financial 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
5,555
1,753
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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