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Registration number: 04080411

M & G Fire Protection (Essex) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

M & G Fire Protection (Essex) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

M & G Fire Protection (Essex) Limited

Company Information

Directors

S Middleton

A G Middleton

Registered office

Unit 1 Taber Place
Witham
Essex
CM8 3YP

Bankers

National Westminster Bank PLC
36 High Street
Maldon
Essex
CM9 5PW

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

M & G Fire Protection (Essex) Limited

(Registration number: 04080411)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

120,899

107,456

Current assets

 

Stocks

5

15,321

14,376

Debtors

6

750,586

673,891

Cash at bank and in hand

 

740,945

857,915

 

1,506,852

1,546,182

Creditors: Amounts falling due within one year

7

(426,687)

(403,628)

Net current assets

 

1,080,165

1,142,554

Total assets less current liabilities

 

1,201,064

1,250,010

Creditors: Amounts falling due after more than one year

7

-

(51,230)

Provisions for liabilities

(15,749)

(21,658)

Net assets

 

1,185,315

1,177,122

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

1,185,313

1,177,120

Shareholders' funds

 

1,185,315

1,177,122

For the financial year ending 31 December 2023 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 16 September 2024 and signed on its behalf by:
 

S Middleton
Director

 

M & G Fire Protection (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is: Unit 1 Taber Place, Witham, Essex, CM8 3YP.

These financial statements were authorised for issue by the Board on 16 September 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

These 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).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Reclassification of comparative amounts

Expenses totalling £429,509 have been reclassified from administrative expenses to cost of sales in the 2022 period. The directors consider that the reallocation gives a fairer view of the company's financial performance.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of fire protection equipment and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

M & G Fire Protection (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33.3% straight line

Leasehold improvements

Over the term of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

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.

 

M & G Fire Protection (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 27 (2022 - 26).

4

Tangible assets

Leasehold improvements
£

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

23,800

78,396

114,730

216,926

Additions

-

16,168

45,358

61,526

At 31 December 2023

23,800

94,564

160,088

278,452

Depreciation

At 1 January 2023

2,975

57,976

48,519

109,470

Charge for the year

3,372

15,800

28,911

48,083

At 31 December 2023

6,347

73,776

77,430

157,553

Carrying amount

At 31 December 2023

17,453

20,788

82,658

120,899

At 31 December 2022

20,825

20,420

66,211

107,456

5

Stocks

2023
£

2022
£

Stocks

15,321

14,376

 

M & G Fire Protection (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Trade debtors

551,730

592,273

Prepayments

4,600

-

Other debtors

194,256

81,618

750,586

673,891

Included within Other debtors is £176,406 (2022 - £59,318) owed by a company under common control. Whilst these amounts are due within one year it is unlikely they will be repaid in full in the next 12 months.

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

51,229

14,111

Trade creditors

131,023

145,639

Taxation and social security

201,148

205,792

Accruals and deferred income

35,634

31,025

Other creditors

7,653

7,061

426,687

403,628

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £51,229 (2022 - £14,111).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

-

51,230

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2022 - £51,230).

 

M & G Fire Protection (Essex) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £93,503 (2022 - £183,851).