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COMPANY REGISTRATION NUMBER: 01621476
MARTEK CONTRACTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
MARTEK CONTRACTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
7
60,506
84,538
Current assets
Stocks
376,169
356,276
Debtors
8
968,902
840,255
Cash at bank and in hand
20,459
235,489
-------------
-------------
1,365,530
1,432,020
Creditors: amounts falling due within one year
9
757,040
717,101
-------------
-------------
Net current assets
608,490
714,919
----------
----------
Total assets less current liabilities
668,996
799,457
Creditors: amounts falling due after more than one year
10
207,408
385,185
----------
----------
Net assets
461,588
414,272
----------
----------
Capital and reserves
Called up share capital
12
74
74
Capital redemption reserve
33
33
Profit and loss account
461,481
414,165
----------
----------
Shareholders funds
461,588
414,272
----------
----------
These 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 31st March 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 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 financial statements .
MARTEK CONTRACTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 May 2024 , and are signed on behalf of the board by:
W.D. Galloway
Director
Company registration number: 01621476
MARTEK CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 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 High Point Mill, King Henry's Drive, New Addington, Croydon, CR0 0AE.
2. Statement of compliance
These 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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
Short leasehold property
-
over the life of the lease
Plant and machinery
-
over 3 to 10 year straight line
Motor vehicles
-
over 4 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2023: 43 ).
5. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
Adjustments in respect of prior periods
( 33,803)
Deferred tax:
Origination and reversal of timing differences
4,988
( 95,110)
---------
---------
Tax on profit
( 28,815)
( 95,110)
---------
---------
The company has tax losses available for use against future trading profits of £403,363 (2023 - £453,695).
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
18,501
139,843
---------
----------
Profit on ordinary activities by rate of tax
3,515
26,570
Effect of expenses not deductible for tax purposes
1,482
1,877
Effect of capital allowances and depreciation
( 9)
( 533)
Utilisation of tax losses
( 36,822)
Unused tax losses
( 86,202)
R&D tax claim
( 33,803)
---------
----------
Tax on profit
( 28,815)
( 95,110)
---------
----------
6. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
14,000
----
---------
7. Tangible assets
Short leasehold property
Plant and machinery
Total
£
£
£
Cost
At 1st April 2023 and 31st March 2024
158,270
416,516
574,786
----------
----------
----------
Depreciation
At 1st April 2023
158,270
331,978
490,248
Charge for the year
24,032
24,032
----------
----------
----------
At 31st March 2024
158,270
356,010
514,280
----------
----------
----------
Carrying amount
At 31st March 2024
60,506
60,506
----------
----------
----------
At 31st March 2023
84,538
84,538
----------
----------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31st March 2024
----
At 31st March 2023
46,054
---------
8. Debtors
2024
2023
£
£
Trade debtors
393,717
269,290
Amounts owed by customers on construction contracts
398,500
367,250
Deferred tax asset
65,143
70,131
Other debtors
111,542
133,584
----------
----------
968,902
840,255
----------
----------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
255,736
177,778
Trade creditors
344,058
266,158
Accruals and deferred income
43,556
63,028
Social security and other taxes
27,713
119,946
Obligations under finance leases and hire purchase contracts
12,920
Director loan accounts
72,500
72,500
Other creditors
13,477
4,771
----------
----------
757,040
717,101
----------
----------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
207,408
385,185
----------
----------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in debtors (note 8)
65,143
70,131
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
11,496
16,071
Unused tax losses
( 76,639)
( 86,202)
---------
---------
(65,143)
(70,131)
---------
---------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
7,444
74
7,444
74
-------
----
-------
----
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
120,000
120,000
Later than 1 year and not later than 5 years
480,000
480,000
Later than 5 years
360,000
480,000
----------
-------------
960,000
1,080,000
----------
-------------
14. Charges on assets
The company has a fixed and floating charge over all the assets of the company in favour of NatWest Bank over any and all borrowings from them, which includes the company's CBILS loan.