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Registration number: 05166608

M P Building Limited

Unaudited Financial Statements

for the Period from 28 December 2022 to 31 December 2023

 

M P Building Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

M P Building Limited

Company Information

Directors

Mr Kevin Boyle

Mrs Alison Boyle

Registered office

Unit 2
Shaftsbury Industrial Estate
Letchworth
Hertfordshire
SG6 1HE

 

M P Building Limited

Directors' Report for the Period from 28 December 2022 to 31 December 2023

The directors present their report and the financial statements for the period from 28 December 2022 to 31 December 2023.

Directors of the company

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

Mr Kevin Boyle

Mrs Alison Boyle

Principal activity

The principal activity of the company during the year continued to be that of a building contractor.

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 23 September 2024 and signed on its behalf by:

.........................................
Mrs Alison Boyle
Director

 

M P Building Limited

(Registration number: 05166608)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

113,480

83,575

Current assets

 

Stocks

5

893,557

1,067,629

Debtors

6

1,076,356

1,091,024

Cash at bank and in hand

 

814,480

1,107,198

 

2,784,393

3,265,851

Creditors: Amounts falling due within one year

7

(1,219,167)

(2,304,359)

Net current assets

 

1,565,226

961,492

Total assets less current liabilities

 

1,678,706

1,045,067

Creditors: Amounts falling due after more than one year

7

(510,000)

-

Provisions for liabilities

(21,847)

(10,605)

Net assets

 

1,146,859

1,034,462

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,146,857

1,034,460

Shareholders' funds

 

1,146,859

1,034,462

For the financial period 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 period 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 23 September 2024 and signed on its behalf by:
 

 

M P Building Limited

(Registration number: 05166608)
Balance Sheet as at 31 December 2023

.........................................
Mrs Alison Boyle
Director

 

M P Building Limited

Notes to the Unaudited Financial Statements for the Period from 28 December 2022 to 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:
Unit 2
Shaftsbury Industrial Estate
Letchworth
Hertfordshire
SG6 1HE
United Kingdom

These financial statements were authorised for issue by the Board on 23 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.

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.

 

M P Building Limited

Notes to the Unaudited Financial Statements for the Period from 28 December 2022 to 31 December 2023

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 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.

Where a long term contract exists, each job is reviewed at the period end with reference to the costs incurred in accordance with FRS102. The resultant amounts are recorded within debtors and sales as amounts recoverable on contracts, where amounts exceed the contract progression an amount would be recognised within creditors as payments on account.

At each period end contracts are assessed for their recoverability, where a contract is considered to be onerous a full provision is made for the loss in the relevent period with in the cost of sales.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

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.

 

M P Building Limited

Notes to the Unaudited Financial Statements for the Period from 28 December 2022 to 31 December 2023

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

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 or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. Amounts are reviewed for recoverability periodically and where amounts are not considered to be recoverable these are written off to the profit and loss account when necessary.

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 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.

 

M P Building Limited

Notes to the Unaudited Financial Statements for the Period from 28 December 2022 to 31 December 2023

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 period, was 18 (2022 - 17).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 28 December 2022

13,659

293,468

32,914

340,041

Additions

2,980

63,325

-

66,305

Disposals

-

(31,395)

-

(31,395)

At 31 December 2023

16,639

325,398

32,914

374,951

Depreciation

At 28 December 2022

13,108

226,659

16,699

256,466

Charge for the period

696

28,260

4,054

33,010

Eliminated on disposal

-

(28,005)

-

(28,005)

At 31 December 2023

13,804

226,914

20,753

261,471

Carrying amount

At 31 December 2023

2,835

98,484

12,161

113,480

At 27 December 2022

551

66,809

16,215

83,575

5

Stocks

2023
£

2022
£

Work in progress

893,557

1,067,629

 

M P Building Limited

Notes to the Unaudited Financial Statements for the Period from 28 December 2022 to 31 December 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

986,512

1,004,620

Amounts owed by related parties

9

57,704

-

Prepayments

 

29,832

28,492

Other debtors

 

2,308

57,912

   

1,076,356

1,091,024

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

587,568

1,138,804

Taxation and social security

378,113

265,083

Accruals and deferred income

70,387

89,261

Other creditors

183,099

811,211

1,219,167

2,304,359

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Related party transactions

At the balance sheet date, the company owed £19,600 to (2022: £18,140) A Boyle and K Boyle, the directors of the company. There are no terms of repayment and interest is not being charged.

At the balance sheet date M P Building owed £510,000 (2022: £510,000) to Mallon Hind Holdings Limited which is a connected company. There are no terms of repayment or interest on this loan.

At the balance sheet date M P Building was owed £57,704 (2022: £57,704) by Mallon Hind Homes Limited which is a conected company. There are no terms of repayment or interest on this loan.

 

M P Building Limited

Notes to the Unaudited Financial Statements for the Period from 28 December 2022 to 31 December 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Mallon Hind Holdings Limited , incorporated in England, by virtue of its shareholding.

 The ultimate controlling party is Mr K Boyle and Mrs A Boyle, by virtue of their shareholding in the parent company.