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Registered number: 01245245
M PARTON (BUILDERS) LIMITED
Unaudited Financial Statements
For The Year Ended 31 January 2024
SWAIN & CO LIMITED.
2 BRAEMAR ROAD
PATTINGHAM
WOLVERHAMPTON
WV6 7DT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01245245
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 194,823 198,529
194,823 198,529
CURRENT ASSETS
Stocks 5 3,000 3,000
Debtors 6 5,387 33,273
Cash at bank and in hand 182,495 88,082
190,882 124,355
Creditors: Amounts Falling Due Within One Year 7 (53,824 ) (44,349 )
NET CURRENT ASSETS (LIABILITIES) 137,058 80,006
TOTAL ASSETS LESS CURRENT LIABILITIES 331,881 278,535
NET ASSETS 331,881 278,535
CAPITAL AND RESERVES
Called up share capital 8 377 377
Share premium account (62,580 ) (62,580 )
Profit and Loss Account 394,084 340,738
SHAREHOLDERS' FUNDS 331,881 278,535
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D A PARTON
Director
29/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
M PARTON (BUILDERS) LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 01245245 . The registered office is ADJACENT TO 319 ASPEN WAY, WOLVERHAMPTON, WEST MIDLANDS, WV3 0PZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold NIL
Plant & Machinery 15% Per annum reducing balance.
Motor Vehicles 25% Per annum reducing balance.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 1
2 1
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 February 2023 182,404 61,062 89,902 333,368
As at 31 January 2024 182,404 61,062 89,902 333,368
Depreciation
As at 1 February 2023 - 57,814 77,025 134,839
Provided during the period - 487 3,219 3,706
As at 31 January 2024 - 58,301 80,244 138,545
Net Book Value
As at 31 January 2024 182,404 2,761 9,658 194,823
As at 1 February 2023 182,404 3,248 12,877 198,529
5. Stocks
2024 2023
£ £
Materials 3,000 3,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,654 30,090
Other debtors 3,733 3,183
5,387 33,273
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 28,081 10,786
Corporation tax 16,874 9,165
Other taxes and social security 7,917 23,376
Other creditors 19 22
Directors' loan accounts 933 1,000
53,824 44,349
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Page 5
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 377 377
Page 5