Registration number:
Mullan Groundworks & Civil Engineering Ltd
for the Year Ended 31 December 2023
Mullan Groundworks & Civil Engineering Ltd
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Mullan Groundworks & Civil Engineering Ltd
(Registration number: 09361746)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Retained earnings |
1,142,690 |
1,616,432 |
|
Shareholders' funds |
1,143,690 |
1,617,432 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Mullan Groundworks & Civil Engineering Ltd
(Registration number: 09361746)
Balance Sheet as at 31 December 2023
......................................... |
Mullan Groundworks & Civil Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Woodside Livery Stables,
Haynes West End,
Bedfordshire
MK45 3QU
These financial statements were authorised for issue by the
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.
Mullan Groundworks & Civil Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 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 sale of goods and 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.
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.
Specifically the company deals with long term contracts and in arriving at a value for these contracts
the company uses an estimation of the work undertaken, with reference to applications made at the year end, in order to arrive at contract values. The resultant value will be amounts recoverable
on contracts, which is included within debtors, or payments received on account, which is included
within creditors.
Retentions are recognised when due and included within debtors. Where amounts are not considered
to be recoverable they are provided for as appropriate,
Tax
The tax expense for the period comprises 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.
Mullan Groundworks & Civil Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% Reducing balance |
Fixtures and fittings |
25% Reducing balance |
Motor vehicles |
20% Reducing balance |
Computer 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 transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Debtors include amounts recoverable on long term contracts. When a contract has not been invoiced at the year end an amount is recorded for the value of that work undertaken to date on a percentage complete basis.
The company invoices customers net of retentions, given rhe historic recovery of retentions, retentions raised but not yet invoiced is recognised within debtors at their invoice value.
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 and subsequently measured at amortised cost using the effective interest method.
Mullan Groundworks & Civil Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Mullan Groundworks & Civil Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and |
Total |
|
Cost or valuation |
||||
At 1 January 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
Depreciation |
||||
At 1 January 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
Carrying amount |
||||
At 31 December 2023 |
|
|
|
|
At 31 December 2022 |
|
|
|
|
The above assets include assets held on hire purchase contracts. These are secured on the assets concerned. The total net book value of assets held on hire purchase is £603,069 (2022: £709,724). The total depreciation charged in the year in respect of these assets was £70,972 (2022: £135,098).
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
- |
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Details of non-current trade and other debtors
Mullan Groundworks & Civil Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
£85,628 (2022 - £85,628) of other debtors is classified as non current.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
Ordinary shares of £1 each |
1,000 |
1,000 |
1,000 |
1,000 |
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
Interim dividend of £ |
105,500 |
155,052 |
||
Related party transactions |
Mullan Groundworks & Civil Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Summary of transactions with other related parties
At the balance sheet date the company owed £nil (2022: £nil) to Nallum Holdings Limited its parent company.
At the balance sheet date the company was owed £7,190 (2022: £nil) by H&E Homes Limited, a company associated by common directorship of Mr B Mullan. This amount is repayable on demand and no interest is being charged.
At the balance sheet date the company owed £257,945 (2022 : £nil) to Glenullin Limited, a group company. This amount is repayable on demand and no interest is being charged.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Loans and borrowings |
Certain assets are held on hire purchase contracts, the amounts are secured on the assets concerned. The total amount amount due is £288,516 and of this £180,633 is due within one year and £107,883 is due after one year.
The company has a Coronavirus Business Interruption Loan (CBIL) and this is secured by a fixed and floating charge over the assets of the company. The total amount outstanding is £111,633, of this amount £37,828 is due within one year and £73,806 is due over one year.