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COMPANY REGISTRATION NUMBER: 00727986
Martin & Taylor Engineers Ltd
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Martin & Taylor Engineers Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
172,029
150,437
Current assets
Stocks
54,900
75,000
Debtors
6
381,244
527,976
Investments
7
70,889
70,000
Cash at bank and in hand
320,134
310,737
---------
---------
827,167
983,713
Creditors: amounts falling due within one year
8
107,814
213,655
---------
---------
Net current assets
719,353
770,058
---------
---------
Total assets less current liabilities
891,382
920,495
Creditors: amounts falling due after more than one year
9
70,284
81,720
---------
---------
Net assets
821,098
838,775
---------
---------
Martin & Taylor Engineers Ltd
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1,010
1,010
Profit and loss account
820,088
837,765
---------
---------
Shareholders funds
821,098
838,775
---------
---------
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.
For the year ending 30th 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 were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr R Stumbilich
Director
Company registration number: 00727986
Martin & Taylor Engineers Ltd
Notes to the Financial Statements
Year ended 30th April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Limefield Works, Limefield Brow, Bury, Lancashire, BL9 6NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exception: * deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Land and buildings
-
2% straight line
Plant and machinery
-
15% straight line
Fixtures and fittings
-
10% straight line
Motor Vehicles
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st May 2023
80,159
647,439
27,312
25,534
780,444
Additions
282
43,445
43,727
--------
---------
--------
--------
---------
At 30th April 2024
80,159
647,721
27,312
68,979
824,171
--------
---------
--------
--------
---------
Depreciation
At 1st May 2023
73,699
521,083
25,009
10,216
630,007
Charge for the year
1,592
12,926
337
7,280
22,135
--------
---------
--------
--------
---------
At 30th April 2024
75,291
534,009
25,346
17,496
652,142
--------
---------
--------
--------
---------
Carrying amount
At 30th April 2024
4,868
113,712
1,966
51,483
172,029
--------
---------
--------
--------
---------
At 30th April 2023
6,460
126,356
2,303
15,318
150,437
--------
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
39,367
152,746
Other debtors
341,877
375,230
---------
---------
381,244
527,976
---------
---------
7. Investments
2024
2023
£
£
Other investments
70,889
70,000
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,341
75,698
Corporation tax
11,891
18,125
Social security and other taxes
2,010
Other creditors
34,572
119,832
---------
---------
107,814
213,655
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
70,284
81,720
--------
--------
10. Directors' advances, credits and guarantees
Included in other creditors is £1633(2023 £26,963) due to R Stumbilich and £1633(2023 £26038) due to B Stumbilich, the company directors.