M D Fencing Contractors Ltd SC355350 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of the supply and installation of fencing. Digita Accounts Production Advanced 6.30.9574.0 true true SC355350 2023-03-01 2024-02-29 SC355350 2024-02-29 SC355350 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 SC355350 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 SC355350 core:CurrentFinancialInstruments 2024-02-29 SC355350 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 SC355350 core:Non-currentFinancialInstruments 2024-02-29 SC355350 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 SC355350 core:LandBuildings 2024-02-29 SC355350 core:MotorVehicles 2024-02-29 SC355350 core:OtherPropertyPlantEquipment 2024-02-29 SC355350 bus:SmallEntities 2023-03-01 2024-02-29 SC355350 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC355350 bus:FilletedAccounts 2023-03-01 2024-02-29 SC355350 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 SC355350 bus:RegisteredOffice 2023-03-01 2024-02-29 SC355350 bus:Director1 2023-03-01 2024-02-29 SC355350 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC355350 core:LandBuildings 2023-03-01 2024-02-29 SC355350 core:MotorVehicles 2023-03-01 2024-02-29 SC355350 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC355350 core:PlantMachinery 2023-03-01 2024-02-29 SC355350 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-01 2024-02-29 SC355350 1 2023-03-01 2024-02-29 SC355350 countries:Scotland 2023-03-01 2024-02-29 SC355350 2023-02-28 SC355350 core:LandBuildings 2023-02-28 SC355350 core:MotorVehicles 2023-02-28 SC355350 core:OtherPropertyPlantEquipment 2023-02-28 SC355350 2022-03-01 2023-02-28 SC355350 2023-02-28 SC355350 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 SC355350 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 SC355350 core:CurrentFinancialInstruments 2023-02-28 SC355350 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 SC355350 core:Non-currentFinancialInstruments 2023-02-28 SC355350 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 SC355350 core:LandBuildings 2023-02-28 SC355350 core:MotorVehicles 2023-02-28 SC355350 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: SC355350

M D Fencing Contractors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

M D Fencing Contractors Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

M D Fencing Contractors Ltd

Company Information

Director

Mr M Delaney

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

M D Fencing Contractors Ltd

(Registration number: SC355350)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

484,583

467,725

Current assets

 

Stocks

5

90,354

168,768

Debtors

6

244,797

424,996

Cash at bank and in hand

 

389,566

433,099

 

724,717

1,026,863

Creditors: Amounts falling due within one year

7

(259,986)

(368,651)

Net current assets

 

464,731

658,212

Total assets less current liabilities

 

949,314

1,125,937

Creditors: Amounts falling due after more than one year

7

(68,232)

(228,588)

Provisions for liabilities

(66,176)

(61,377)

Net assets

 

814,906

835,972

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

814,905

835,971

Shareholders' funds

 

814,906

835,972

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

M D Fencing Contractors Ltd

(Registration number: SC355350)
Balance Sheet as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 November 2024
 

.........................................
Mr M Delaney
Director

 

M D Fencing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 18 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of the supply and installation of fencing. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

M D Fencing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

 

M D Fencing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Motor vehicles

25% reducing balance

Land and buildings

2% straight line (50% residual value)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

M D Fencing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 22 (2023 - 27).

 

M D Fencing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 March 2023

233,913

479,898

17,167

730,978

Additions

-

123,983

916

124,899

Disposals

-

(79,904)

-

(79,904)

At 29 February 2024

233,913

523,977

18,083

775,973

Depreciation

At 1 March 2023

11,696

236,312

15,245

263,253

Charge for the year

2,339

87,660

1,112

91,111

Eliminated on disposal

-

(62,974)

-

(62,974)

At 29 February 2024

14,035

260,998

16,357

291,390

Carrying amount

At 29 February 2024

219,878

262,979

1,726

484,583

At 28 February 2023

222,217

243,586

1,922

467,725

Included within the net book value of land and buildings above is £219,878 (2023 - £222,217) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

35,854

90,623

Stock

54,500

78,145

90,354

168,768

 

M D Fencing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

2024
£

2023
£

Trade debtors

170,586

345,509

Prepayments

22,184

643

Other debtors

52,027

78,844

244,797

424,996

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

112,173

85,680

Trade creditors

 

115,141

192,505

Taxation and social security

 

5,706

84,939

Accruals and deferred income

 

25,239

-

Other creditors

 

1,727

5,527

 

259,986

368,651

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

68,232

228,588

 

M D Fencing Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

142,601

Hire purchase contracts

68,232

85,987

68,232

228,588

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

5,901

Hire purchase contracts

112,173

79,779

112,173

85,680

The hire purchase liabilities are secured over the assets concerned.

.

The bank borrowings are secured by a standard security over the land and property at Burnside Road, Bathgate. There is also a floating charge over the assets and undertakings of the company.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Related party transactions

The company operates a loan account with the director, Mr M Delaney.

During the year, the company repaid loans totalling £4,893 to the director. At the year end, the balance due to the director was £263 (2023 - £5,156). This loan is unsecured, interest free and has no fixed repayment terms.