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Registration number: 08830025

Methley Fitout Services Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 January 2024

 

Methley Fitout Services Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Methley Fitout Services Limited

(Registration number: 08830025)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,119

11,649

Current assets

 

Stocks

5

500

500

Debtors

6

322,487

1,415,573

Cash at bank and in hand

 

2,445,821

1,529,521

 

2,768,808

2,945,594

Creditors: Amounts falling due within one year

7

(508,069)

(569,573)

Net current assets

 

2,260,739

2,376,021

Total assets less current liabilities

 

2,283,858

2,387,670

Provisions for liabilities

(5,780)

(2,213)

Net assets

 

2,278,078

2,385,457

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,277,978

2,385,357

Shareholders' funds

 

2,278,078

2,385,457

For the financial 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 accounts for the year 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

 

Methley Fitout Services Limited

(Registration number: 08830025)
Statement of Financial Position as at 31 January 2024

.........................................
B L Methley
Director

.........................................
P C Methley
Director

 

Methley Fitout Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 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.

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.

 

Methley Fitout Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

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 debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Methley Fitout Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

437

610

2,246

24,103

27,396

Additions

-

-

810

18,800

19,610

Disposals

-

-

(1,136)

-

(1,136)

At 31 January 2024

437

610

1,920

42,903

45,870

Depreciation

At 1 February 2023

360

354

1,111

13,922

15,747

Charge for the year

19

64

380

7,245

7,708

Eliminated on disposal

-

-

(704)

-

(704)

At 31 January 2024

379

418

787

21,167

22,751

Carrying amount

At 31 January 2024

58

192

1,133

21,736

23,119

At 31 January 2023

77

256

1,135

10,181

11,649

5

Stocks

2024
£

2023
£

Other inventories

500

500

 

Methley Fitout Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

131,489

1,123

Amounts owed by related parties

8

-

1,218,261

Other debtors

 

81,424

111,380

Accrued income

 

109,574

84,809

 

322,487

1,415,573

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

15,202

11,419

Taxation and social security

113,932

124,081

Accruals and deferred income

2,934

2,884

Other creditors

376,001

431,189

508,069

569,573

8

Related party transactions

As at 31 January 2024 the directors were jointly owed the sum of £376,001 by the company (2023: £431,189). The loan is repayable on demand, and no interest has been charged by the directors.

At the year end a loan existed of £Nil (2023: £1,218,261) which is to a separate company controlled by the directors.