Registered number
09687217
Maguire Contracting Ltd
Report and Accounts
30 January 2024
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Maguire Contracting Ltd
Registered number: 09687217
Balance Sheet
as at 30 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 581,069 379,033
Current assets
Stocks 94,100 149,003
Debtors 4 1,397,543 686,750
Cash at bank and in hand 9,049 2,417
1,500,692 838,170
Creditors: amounts falling due within one year 5 (1,291,475) (520,338)
Net current assets 209,217 317,832
Total assets less current liabilities 790,286 696,865
Creditors: amounts falling due after more than one year 6 (49,854) -
Provisions for liabilities (103,589) (61,024)
Net assets 636,843 635,841
Capital and reserves
Called up share capital 100 100
Profit and loss account 636,743 635,741
Shareholders' funds 636,843 635,841
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
WTB Maguire
Director
Approved by the board on 24 October 2024
Maguire Contracting Ltd
Notes to the Accounts
for the period from 1 February 2023 to 30 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% and 33% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 468,689 219,501 688,190
Additions 235,177 252,856 488,033
Disposals (104,845) (61,550) (166,395)
At 30 January 2024 599,021 410,807 1,009,828
Depreciation
At 1 February 2023 264,625 44,532 309,157
Charge for the period 99,235 94,454 193,689
On disposals (62,547) (11,540) (74,087)
At 30 January 2024 301,313 127,446 428,759
Net book value
At 30 January 2024 297,708 283,361 581,069
At 31 January 2023 204,064 174,969 379,033
4 Debtors 2024 2023
£ £
Trade debtors 1,184,706 514,061
Amounts owed by group undertakings and undertakings in which the company has a participating interest 270 -
Other debtors 212,567 172,689
1,397,543 686,750
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 24,927 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 523,759 7,256
Corporation tax 151,559 15,649
Other taxes and social security costs 260,152 199,963
Other creditors 331,078 297,470
1,291,475 520,338
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 49,854 -
7 Related party transactions
At the year end the company owed the director £326,761 (2023 £46,688 overdrawn).
8 Controlling party
The ultimate holding company is Maguire Park Management Ltd, which is controlled by the Maguire family.
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