MARLAND ELECTRICAL ENGINEERING CO. LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MARLAND ELECTRICAL ENGINEERING CO. LIMITED
COMPANY INFORMATION
Directors
C J Rowlands
G C Rowlands
Secretary
G C Rowlands
Company number
00695411 (England and Wales)
Registered office
68 Albert Road
Colne
Lancashire
BB8 0AG
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
National Westminster Bank Plc
St James Street
Burnley
Lancashire
BB11 2BB
MARLAND ELECTRICAL ENGINEERING CO. LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4
Notes to the financial statements
5 - 9
The following pages do not form part of the statutory financial statements:
Detailed trading and profit and loss account
Appendix
MARLAND ELECTRICAL ENGINEERING CO. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities
The principal activity of the company continued to be electrical installation contracting, and electrical maintenance and repair.
Directors
The directors' interests in the shares of the company were as stated below:
C J Rowlands
G C Rowlands
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
C J Rowlands
Director
13 September 2024
MARLAND ELECTRICAL ENGINEERING CO. LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MARLAND ELECTRICAL ENGINEERING CO. LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marland Electrical Engineering Co. Limited for the year ended 31 March 2024 set out on pages 3 to 9 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Marland Electrical Engineering Co. 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 financial statements of Marland Electrical Engineering Co. Limited and state those matters that we have agreed to state to the board of directors of Marland Electrical Engineering Co. 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 Marland Electrical Engineering Co. Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Marland Electrical Engineering Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Marland Electrical Engineering Co. Limited. You consider that Marland Electrical Engineering Co. 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 financial statements of Marland Electrical Engineering Co. 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 financial statements.

Ashworth Moulds
13 September 2024
Chartered Accountants
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
MARLAND ELECTRICAL ENGINEERING CO. LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2024
2023
Notes
£
£
Turnover
1,909,575
1,891,029
Cost of sales
(1,514,915)
(1,426,529)
Gross profit
394,660
464,500
Administrative expenses
(294,949)
(288,306)
Operating profit
99,711
176,194
Interest payable and similar expenses
(265)
(1,251)
Profit before taxation
99,446
174,943
Taxation
3
(23,472)
(35,781)
Profit for the financial year
75,974
139,162
Retained earnings brought forward
267,353
278,191
Dividends
(95,000)
(150,000)
Retained earnings carried forward
248,327
267,353
The notes on pages 5 - 9 form an integral part of these financial statements.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MARLAND ELECTRICAL ENGINEERING CO. LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,654
24,368
Current assets
Stocks
3,900
3,850
Debtors
5
530,262
408,011
Cash at bank and in hand
64,362
48,139
598,524
460,000
Creditors: amounts falling due within one year
6
(364,088)
(210,823)
Net current assets
234,436
249,177
Total assets less current liabilities
253,090
273,545
Provisions for liabilities
(4,663)
(6,092)
Net assets
248,427
267,453
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
248,327
267,353
Total equity
248,427
267,453
The notes on pages 5 - 9 form an integral part of these financial statements.

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
C J  Rowlands
Director
Company registration number 00695411 (England and Wales)
MARLAND ELECTRICAL ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information

Marland Electrical Engineering Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 68 Albert Road, Colne, Lancashire, BB8 0AG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly labour rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and equipment
20% straight line basis
Motor vehicles
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MARLAND ELECTRICAL ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

MARLAND ELECTRICAL ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
12
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
24,901
36,375
Deferred tax
Origination and reversal of timing differences
(1,429)
(594)
Total tax charge
23,472
35,781
MARLAND ELECTRICAL ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Tangible fixed assets
Fixtures and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
14,656
80,995
95,651
Additions
1,407
8,495
9,902
Disposals
(3,930)
(13,799)
(17,729)
At 31 March 2024
12,133
75,691
87,824
Depreciation and impairment
At 1 April 2023
14,499
56,784
71,283
Depreciation charged in the year
215
10,513
10,728
Eliminated in respect of disposals
(3,930)
(8,911)
(12,841)
At 31 March 2024
10,784
58,386
69,170
Carrying amount
At 31 March 2024
1,349
17,305
18,654
At 31 March 2023
157
24,211
24,368
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
497,250
387,822
Other debtors
22,453
11,114
Prepayments and accrued income
10,559
9,075
530,262
408,011
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
6,962
Trade creditors
230,233
136,006
Corporation tax
24,901
36,375
Other taxation and social security
13,881
11,546
Other creditors
6,888
-
0
Accruals and deferred income
78,185
19,934
364,088
210,823

The bank loan is secured by a guarantee provided by the directors.

MARLAND ELECTRICAL ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
9,000
18,000
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
620
87,984
(95,000)
(6,396)
620
87,984
(95,000)
(6,396)
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