Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mrs M J Mitchell 01/04/2007 M J Mitchell 18/05/1999 Michael Jeffrey Mitchell 31 October 2024 The principal activity of the Company was ground works and quarrying, the trade ceased on 31 May 2023. 03772752 2024-05-31 03772752 bus:Director1 2024-05-31 03772752 bus:Director2 2024-05-31 03772752 2023-05-31 03772752 core:CurrentFinancialInstruments 2024-05-31 03772752 core:CurrentFinancialInstruments 2023-05-31 03772752 core:ShareCapital 2024-05-31 03772752 core:ShareCapital 2023-05-31 03772752 core:RetainedEarningsAccumulatedLosses 2024-05-31 03772752 core:RetainedEarningsAccumulatedLosses 2023-05-31 03772752 core:PlantMachinery 2023-05-31 03772752 core:Vehicles 2023-05-31 03772752 core:PlantMachinery 2024-05-31 03772752 core:Vehicles 2024-05-31 03772752 2023-06-01 2024-05-31 03772752 bus:FilletedAccounts 2023-06-01 2024-05-31 03772752 bus:SmallEntities 2023-06-01 2024-05-31 03772752 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03772752 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03772752 bus:Director1 2023-06-01 2024-05-31 03772752 bus:Director2 2023-06-01 2024-05-31 03772752 bus:Director3 2023-06-01 2024-05-31 03772752 core:PlantMachinery 2023-06-01 2024-05-31 03772752 core:Vehicles 2023-06-01 2024-05-31 03772752 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 03772752 (England and Wales)

M & M CONTRACTORS (SW) LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

M & M CONTRACTORS (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

M & M CONTRACTORS (SW) LIMITED

BALANCE SHEET

As at 31 May 2024
M & M CONTRACTORS (SW) LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 184,025
0 184,025
Current assets
Debtors 4 46,007 154,231
Cash at bank and in hand 42,441 98
88,448 154,329
Creditors: amounts falling due within one year 5 ( 12,125) ( 307,806)
Net current assets/(liabilities) 76,323 (153,477)
Total assets less current liabilities 76,323 30,548
Net assets 76,323 30,548
Capital and reserves
Called-up share capital 9 9
Profit and loss account 76,314 30,539
Total shareholders' funds 76,323 30,548

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M & M Contractors (SW) Limited (registered number: 03772752) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

Michael Jeffrey Mitchell
Director
M & M CONTRACTORS (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
M & M CONTRACTORS (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M & M Contractors (SW) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Downslade 1 Chapel Farm, Upper Pitney Road, Pitney, TA10 9FN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for groundworks and quarrying goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 10

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 June 2023 557,496 63,452 620,948
Disposals ( 557,496) ( 63,452) ( 620,948)
At 31 May 2024 0 0 0
Accumulated depreciation
At 01 June 2023 388,058 48,865 436,923
Disposals ( 388,058) ( 48,865) ( 436,923)
At 31 May 2024 0 0 0
Net book value
At 31 May 2024 0 0 0
At 31 May 2023 169,438 14,587 184,025

4. Debtors

2024 2023
£ £
Trade debtors 3,239 84,928
Other debtors 42,768 69,303
46,007 154,231

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 0 113,493
Trade creditors 7,140 91,150
Taxation and social security 0 53,905
Obligations under finance leases and hire purchase contracts 0 26,460
Other creditors 4,985 22,798
12,125 307,806

6. Related party transactions

Transactions with the entity's directors

Advances

The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 June 2023, the balance owed by the director was £63,404. During the year, £47,013 was advanced to the director, and £69,028 was repaid by the director. At 31 May2024, the balance owed by the director was £41,389.

At 1 June 2022, the balance owed by the director was £11,149. During the year, £90,159 was advanced to the director, and £37,904 was repaid by the director. At 31 May2023, the balance owed by the director was £63,404.