REGISTERED NUMBER: |
Underpin & Makegood (Contracting) |
Limited |
Unaudited Financial Statements |
for the Year Ended 29th February 2024 |
REGISTERED NUMBER: |
Underpin & Makegood (Contracting) |
Limited |
Unaudited Financial Statements |
for the Year Ended 29th February 2024 |
Underpin & Makegood (Contracting) |
Limited (Registered number: 01323310) |
Contents of the Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Underpin & Makegood (Contracting) |
Limited |
Company Information |
for the Year Ended 29th February 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
4 Post Office Walk |
Hertford |
Hertfordshire |
SG14 1DL |
Underpin & Makegood (Contracting) |
Limited (Registered number: 01323310) |
Statement of Financial Position |
29th February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Revaluation reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Underpin & Makegood (Contracting) |
Limited (Registered number: 01323310) |
Statement of Financial Position - continued |
29th February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Underpin & Makegood (Contracting) |
Limited (Registered number: 01323310) |
Notes to the Financial Statements |
for the Year Ended 29th February 2024 |
1. | Statutory information |
Underpin & Makegood (Contracting) Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Underpin & Makegood (Contracting) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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 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. |
Intangible assets - goodwill |
Goodwill represents the excess of the cost of acquisition of trade and asset over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery | - |
Motor vehicles | - |
An item of plant and machinery whose fair value can be measured reliably shall be carried at revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made on an annual basis. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Underpin & Makegood (Contracting) |
Limited (Registered number: 01323310) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
eases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset of the company. All other leases are classified as operating leases. |
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
Underpin & Makegood (Contracting) |
Limited (Registered number: 01323310) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1st March 2023 |
and 29th February 2024 |
Amortisation |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
Net book value |
At 29th February 2024 |
At 28th February 2023 |
5. | Tangible fixed assets |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1st March 2023 |
Additions |
At 29th February 2024 |
Depreciation |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
Net book value |
At 29th February 2024 |
At 28th February 2023 |
Underpin & Makegood (Contracting) |
Limited (Registered number: 01323310) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
5. | Tangible fixed assets - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
Cost |
At 1st March 2023 |
and 29th February 2024 |
Depreciation |
At 1st March 2023 |
and 29th February 2024 |
Net book value |
At 29th February 2024 |
At 28th February 2023 |
6. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1st March 2023 |
and 29th February 2024 |
Net book value |
At 29th February 2024 |
At 28th February 2023 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Underpin & Makegood (Contracting) |
Limited (Registered number: 01323310) |
Notes to the Financial Statements - continued |
for the Year Ended 29th February 2024 |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
10. | Secured debts |
Hire purchase debts are secured over the specific assets that were purchased using the finance. |
The Director, D R Gakhar, has given a personal guarantee of £150,000 to secure all liabilities of the company. |
An unlimited intragroup guarantee exists between U & M Group Limited, M25 Scaffolding Limited, Bush Hill Construction Limited, U & M Piling Limited and Underpin & Makegood (Contracting) Limited to secure all liabilities of each other. |
Bank facilities are secure by way of fixed and floating charges over the assets of the company. |
11. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 163,125 | 167,333 |
Deferred |
tax |
£ |
Balance at 1st March 2023 |
Credit to Profit and loss account during year | ( |
) |
Balance at 29th February 2024 |
12. | Related party disclosures |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |