3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04149209 2023-02-01 2024-01-31 04149209 2024-01-31 04149209 2023-01-31 04149209 2022-02-01 2023-01-31 04149209 2023-01-31 04149209 2022-01-31 04149209 core:PlantMachinery 2023-02-01 2024-01-31 04149209 core:FurnitureFittings 2023-02-01 2024-01-31 04149209 core:MotorVehicles 2023-02-01 2024-01-31 04149209 bus:Director2 2023-02-01 2024-01-31 04149209 core:WithinOneYear 2024-01-31 04149209 core:WithinOneYear 2023-01-31 04149209 core:AfterOneYear 2023-01-31 04149209 core:ShareCapital 2024-01-31 04149209 core:ShareCapital 2023-01-31 04149209 core:RetainedEarningsAccumulatedLosses 2024-01-31 04149209 core:RetainedEarningsAccumulatedLosses 2023-01-31 04149209 bus:SmallEntities 2023-02-01 2024-01-31 04149209 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 04149209 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04149209 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04149209 bus:AbridgedAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 04149209
PAT McDONALD GROUNDWORKS LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 January 2024
PAT McDONALD GROUNDWORKS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
390,635
431,596
Current assets
Stocks
29,126
66,586
Debtors
114,949
158,795
Cash at bank and in hand
178,591
116,306
---------
---------
322,666
341,687
Creditors: amounts falling due within one year
173,968
322,600
---------
---------
Net current assets
148,698
19,087
---------
---------
Total assets less current liabilities
539,333
450,683
Creditors: amounts falling due after more than one year
31,847
---------
---------
Net assets
539,333
418,836
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
539,233
418,736
---------
---------
Shareholders funds
539,333
418,836
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
PAT McDONALD GROUNDWORKS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
P McDonald
Director
Company registration number: 04149209
PAT McDONALD GROUNDWORKS LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Blackthorn Court, South Hykeham, Lincoln, Lincolnshire, LN6 9UR.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
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
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. The only exception is that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
£
Cost
At 1 February 2023
745,540
Additions
78,675
Disposals
( 79,791)
---------
At 31 January 2024
744,424
---------
Depreciation
At 1 February 2023
313,944
Charge for the year
97,916
Disposals
( 58,071)
---------
At 31 January 2024
353,789
---------
Carrying amount
At 31 January 2024
390,635
---------
At 31 January 2023
431,596
---------
6. Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
7. Directors' advances, credits and guarantees
At the start of the year the directors owed the company £139,195. During the year the directors repaid £70,918 to the company leaving the directors loan account with an overdrawn debit balance of £68,277 at the year end. There is no set repayment date and interest is not charged on the outstanding amounts.