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Registration number: 09361746

Mullan Groundworks & Civil Engineering Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Mullan Groundworks & Civil Engineering Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Mullan Groundworks & Civil Engineering Ltd

(Registration number: 09361746)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,165,899

1,273,803

Current assets

 

Debtors

6

2,411,374

2,272,504

Cash at bank and in hand

 

19,367

460,096

 

2,430,741

2,732,600

Creditors: Amounts falling due within one year

7

(2,066,358)

(1,828,753)

Net current assets

 

364,383

903,847

Total assets less current liabilities

 

1,530,282

2,177,650

Creditors: Amounts falling due after more than one year

7

(181,689)

(335,999)

Provisions for liabilities

(204,903)

(224,219)

Net assets

 

1,143,690

1,617,432

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 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 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 director on 28 October 2024
 

 

Mullan Groundworks & Civil Engineering Ltd

(Registration number: 09361746)
Balance Sheet as at 31 December 2023

.........................................
Mr B Mullan
Director

 

Mullan Groundworks & Civil Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 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 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
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 director on 28 October 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 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

147,267

253,643

 

Mullan Groundworks & Civil Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and
machinery
£

Total
£

Cost or valuation

At 1 January 2023

81,140

323,770

2,019,438

2,424,348

Additions

582

61,000

4,350

65,932

Disposals

-

(5,400)

(141,183)

(146,583)

At 31 December 2023

81,722

379,370

1,882,605

2,343,697

Depreciation

At 1 January 2023

56,622

175,007

918,916

1,150,545

Charge for the year

6,276

31,521

109,472

147,269

Eliminated on disposal

-

(3,016)

(117,000)

(120,016)

At 31 December 2023

62,898

203,512

911,388

1,177,798

Carrying amount

At 31 December 2023

18,824

175,858

971,217

1,165,899

At 31 December 2022

24,518

148,763

1,100,522

1,273,803

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).

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

259,890

567,800

Amounts owed by related parties

10

7,190

-

Prepayments

 

14,400

7,521

Other debtors

 

2,129,894

1,697,183

   

2,411,374

2,272,504

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.

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

218,461

281,179

Trade creditors

 

1,270,967

982,111

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

257,945

-

Taxation and social security

 

185,920

522,155

Accruals and deferred income

 

131,685

35,919

Other creditors

 

1,380

7,389

 

2,066,358

1,828,753

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

181,689

335,999

8

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

         

9

Dividends

2023

2022

£

£

Interim dividend of £105.50 (2022 - £155.05) per ordinary share

105,500

155,052

 

 

10

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 the Director, Mr B Mullan, £496 (2022: £4,511). There is no interest charged to the director and no terms for repayment.

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.

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Nallum Holdings Limited , incorporated in England and Wales.

 The ultimate controlling party is Mr B Mullan.

12

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.