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Registration number: 02436767

Marshmoor Bricks Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Marshmoor Bricks Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Marshmoor Bricks Limited

Company Information

Directors

Mr J D Wheeler

Mrs Maureen Patricia Wheeler

Mr Alexander Wheeler

Company secretary

Mrs Maureen Patricia Wheeler

Registered office

Greyfriars
42 Walkern Road
Benington
Stevenage Herts
SG2 7LP

 

Marshmoor Bricks Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr J D Wheeler

Mrs Maureen Patricia Wheeler - Company secretary and director

Mr Alexander Wheeler

Principal activity

The principal activity of the company is the sale and distribution of building materials.

Small companies provision statement

This report has 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.

Approved by the Board on 16 April 2024 and signed on its behalf by:

.........................................
Mr J D Wheeler
Director

 

Marshmoor Bricks Limited

(Registration number: 02436767)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

68,612

90,514

Current assets

 

Stocks

5

20,003

69,275

Debtors

6

452,561

599,667

Cash at bank and in hand

 

77,258

202,939

 

549,822

871,881

Creditors: Amounts falling due within one year

7

(411,224)

(652,015)

Net current assets

 

138,598

219,866

Total assets less current liabilities

 

207,210

310,380

Creditors: Amounts falling due after more than one year

7

(7,986)

(11,789)

Provisions for liabilities

(9,510)

(12,897)

Net assets

 

189,714

285,694

Capital and reserves

 

Called up share capital

15,000

15,000

Retained earnings

174,714

270,694

Shareholders' funds

 

189,714

285,694

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 April 2024 and signed on its behalf by:
 

 

Marshmoor Bricks Limited

(Registration number: 02436767)
Balance Sheet as at 31 December 2023

.........................................
Mr J D Wheeler
Director

 

Marshmoor Bricks 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 and Wales.

The address of its registered office is:
Greyfriars
42 Walkern Road
Benington
Stevenage Herts
SG2 7LP

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

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

Marshmoor Bricks Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

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 merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

 

Marshmoor Bricks Limited

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

Stocks

The cost of finished goods 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.

Trade creditors

Trade creditors are obligations to pay for goods 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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 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.

 

Marshmoor Bricks Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

4,700

63,143

179,209

247,052

Additions

-

225

-

225

At 31 December 2023

4,700

63,368

179,209

247,277

Depreciation

At 1 January 2023

988

60,198

95,352

156,538

Charge for the year

371

792

20,964

22,127

At 31 December 2023

1,359

60,990

116,316

178,665

Carrying amount

At 31 December 2023

3,341

2,378

62,893

68,612

At 31 December 2022

3,712

2,945

83,857

90,514

Included with the net book value of £68,611 is £76,072 (2022: £76,072) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £19,018 (2022: £17,365). No liabilites are secured on the assets concerned.

Included within the net book value of land and buildings above is £3,341 (2022 - £3,712) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

20,003

69,275

6

Debtors

 

Marshmoor Bricks Limited

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

Current

2023
£

2022
£

Trade debtors

449,886

598,483

Prepayments

2,675

1,184

 

452,561

599,667

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

81,814

107,039

Trade creditors

 

245,786

366,595

Taxation and social security

 

32,257

106,954

Accruals and deferred income

 

14,426

25,380

Other creditors

 

36,941

46,047

 

411,224

652,015

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £20,114 (2022: £39,539).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7,986

11,789

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £7,986 (2022: £11,789).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

15,000

15,000

15,000

15,000

         
 

Marshmoor Bricks Limited

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

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £6.20 (2022 - £4.00) per ordinary share

 

93,000

 

60,000

         

10

Related party transactions

 

Marshmoor Bricks Limited

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

At the balance sheet date, the company owed £833 to the directors (2022: £3,324). There is no interest charged on this loan, and there are no terms relating to the repayment of capital.

11

Ultimate Controlling Party

The ultimate controlling party is J Wheeler, M Wheeler and A Wheeler, the directors and equal shareholders of the company.