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Registration number: 09710836

F M T Utilities Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

F M T Utilities Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

F M T Utilities Limited

Company Information

Director

Mr Steven Taaffe

Registered office

Office 3B New Winnings Court
Ormonde Drive
Denby Hall Business Park
Denby
Derbyshire
DE5 8LE

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

F M T Utilities Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr Steven Taaffe

Principal activity

The principal activity of the company is Construction of utility projects

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 and authorised by the director on 20 September 2024
 

.........................................
Mr Steven Taaffe
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
F M T Utilities Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of F M T Utilities Limited for the year ended 31 December 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of F M T Utilities Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of F M T Utilities Limited and state those matters that we have agreed to state to the Board of Directors of F M T Utilities Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F M T Utilities Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that F M T Utilities Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of F M T Utilities Limited. You consider that F M T Utilities Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of F M T Utilities Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

20 September 2024

 

F M T Utilities Limited

(Registration number: 09710836)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

626,429

180,606

Investments

6

846,000

846,000

 

1,472,429

1,026,606

Current assets

 

Stocks

7

200,000

700,000

Debtors

8

1,302,813

726,652

Cash at bank and in hand

 

1,122,045

754,893

 

2,624,858

2,181,545

Creditors: Amounts falling due within one year

9

(2,534,078)

(2,193,995)

Net current assets/(liabilities)

 

90,780

(12,450)

Total assets less current liabilities

 

1,563,209

1,014,156

Creditors: Amounts falling due after more than one year

9

(56,935)

(64,474)

Provisions for liabilities

(149,323)

(34,315)

Net assets

 

1,356,951

915,367

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,356,851

915,267

Shareholders' funds

 

1,356,951

915,367

 

F M T Utilities Limited

(Registration number: 09710836)
Balance Sheet as at 31 December 2023

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 20 September 2024
 

.........................................
Mr Steven Taaffe
Director

 

F M T Utilities 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 & Wales.

The address of its registered office is:
Office 3B New Winnings Court
Ormonde Drive
Denby Hall Business Park
Denby
Derbyshire
DE5 8LE
England

These financial statements were authorised for issue by the director on 20 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

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 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.

 

F M T Utilities Limited

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

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

Plant and Machinery

25% Reducing Balance

Fixtures and Fittings

20% Reducing Balance

Motor Vehicles

20% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

F M T Utilities Limited

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

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.

 

F M T Utilities Limited

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

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 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 the director) during the year, was 3 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

60,978

63,242

 

F M T Utilities Limited

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

397

357,052

-

357,449

Additions

1,200

474,602

30,999

506,801

At 31 December 2023

1,597

831,654

30,999

864,250

Depreciation

At 1 January 2023

259

176,584

-

176,843

Charge for the year

228

57,650

3,100

60,978

At 31 December 2023

487

234,234

3,100

237,821

Carrying amount

At 31 December 2023

1,110

597,420

27,899

626,429

At 31 December 2022

138

180,468

-

180,606

6

Investments

2023
£

2022
£

Investments in joint ventures

846,000

846,000

Joint ventures

£

Cost

At 1 January 2023

578,000

Provision

Provision

(268,000)

Carrying amount

At 31 December 2023

846,000

At 31 December 2022

846,000

 

F M T Utilities Limited

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

7

Stocks

2023
£

2022
£

Other inventories

200,000

700,000

8

Debtors

Current

2023
£

2022
£

Trade debtors

485,075

345,914

Other debtors

817,738

380,738

 

1,302,813

726,652

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

37,182

34,071

Trade creditors

 

1,801,450

1,454,863

Amounts owed to group undertakings and undertakings in which the company has a participating interest

277,897

-

Taxation and social security

 

311,648

567,731

Accruals and deferred income

 

86,933

75,156

Other creditors

 

18,968

62,174

 

2,534,078

2,193,995

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

56,935

64,474

 

F M T Utilities Limited

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,667

23,408

Hire purchase contracts

44,268

41,066

56,935

64,474

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,946

10,945

Hire purchase contracts

26,236

23,126

37,182

34,071