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Company registration number: 08994482
MDF CONSTRUCTION LIMITED
Unaudited filleted financial statements
30 April 2024
MDF CONSTRUCTION LIMITED
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
MDF CONSTRUCTION LIMITED
Directors and other information
Directors M Fasola
D Fasola
Company number 08994482
Registered office 65 Gaddesden Crescent
Watford
Herts
WD25 9QU
MDF CONSTRUCTION LIMITED
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 121,008 150,034
Investments 5 320,249 328,062
_______ _______
441,257 478,096
Current assets
Debtors 6 1,165,335 772,224
Cash at bank and in hand 380,056 303,013
_______ _______
1,545,391 1,075,237
Creditors: amounts falling due
within one year 7 ( 575,825) ( 394,416)
_______ _______
Net current assets 969,566 680,821
_______ _______
Total assets less current liabilities 1,410,823 1,158,917
Creditors: amounts falling due
after more than one year 8 ( 13,834) ( 23,283)
Accruals and deferred income ( 5,925) ( 6,366)
_______ _______
Net assets 1,391,064 1,129,268
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,390,964 1,129,168
_______ _______
Shareholders funds 1,391,064 1,129,268
_______ _______
For the year ending 30 April 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
M Fasola
Director
Company registration number: 08994482
MDF CONSTRUCTION LIMITED
Notes to the financial statements
Year ended 30 April 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 65 Gaddesden Crescent, Watford, Herts, WD25 9QU.
2. Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a fair view. The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 759,182 9,144 89,378 857,704
Additions 253,670 999 30,990 285,659
Disposals ( 238,851) - ( 3,025) ( 241,876)
_______ _______ _______ _______
At 30 April 2024 774,001 10,143 117,343 901,487
_______ _______ _______ _______
Depreciation
At 1 May 2023 619,628 6,145 81,897 707,670
Charge for the year 72,873 1,771 10,732 85,376
Disposals ( 11,054) - ( 1,513) ( 12,567)
_______ _______ _______ _______
At 30 April 2024 681,447 7,916 91,116 780,479
_______ _______ _______ _______
Carrying amount
At 30 April 2024 92,554 2,227 26,227 121,008
_______ _______ _______ _______
At 30 April 2023 139,554 2,999 7,481 150,034
_______ _______ _______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2023 328,062 328,062
Fair value adjustment (7,813) (7,813)
_______ _______
At 30 April 2024 320,249 320,249
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 320,249 320,249
_______ _______
At 30 April 2023 328,062 328,062
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 163,411 76,657
Amounts owed by group undertakings and undertakings in which the company has a participating interest 799,988 528,414
Other debtors 201,936 167,153
_______ _______
1,165,335 772,224
_______ _______
Amounts owed by group undertakings relates to Dami Prod Com, a company incorporated in Romania which is a wholly owned subsidiary.
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 9,583 9,583
Corporation tax 146,603 86,989
Social security and other taxes 8,933 1,820
Other creditors 410,706 296,024
_______ _______
575,825 394,416
_______ _______
Included in other creditors is amount of £407,230 (2023: £291,817) owed to the directors at the year end. This loan is interest free with no specific date of repayment.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 13,834 23,283
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
M Fasola ( 77,622) ( 57,828) ( 135,450)
D Fasola ( 214,194) ( 57,586) ( 271,780)
_______ _______ _______
( 291,816) ( 115,414) ( 407,230)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
M Fasola ( 91,560) 13,937 (77,623)
D Fasola ( 245,603) 31,409 ( 214,194)
_______ _______ _______
( 337,163) 45,346 (291,817)
_______ _______ _______
10. Related party
During the year the company sold plant and machinery to Dami Prod Com, a company incorporated in Romania which is a wholly owned subsidiary.