53 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 73,367 261,815 335,182 2,071 64,798 66,869 268,313 71,296 xbrli:pure xbrli:shares iso4217:GBP 02208714 2023-03-01 2024-02-29 02208714 2024-02-29 02208714 2023-02-28 02208714 2022-03-01 2023-02-28 02208714 2023-02-28 02208714 2022-02-28 02208714 core:MotorVehicles 2023-03-01 2024-02-29 02208714 bus:Director1 2023-03-01 2024-02-29 02208714 core:MotorVehicles 2023-02-28 02208714 core:MotorVehicles 2024-02-29 02208714 core:WithinOneYear 2024-02-29 02208714 core:WithinOneYear 2023-02-28 02208714 core:ShareCapital 2024-02-29 02208714 core:ShareCapital 2023-02-28 02208714 core:RetainedEarningsAccumulatedLosses 2024-02-29 02208714 core:RetainedEarningsAccumulatedLosses 2023-02-28 02208714 core:MotorVehicles 2023-02-28 02208714 core:AfterOneYear 2024-02-29 02208714 core:AfterOneYear 2023-02-28 02208714 bus:SmallEntities 2023-03-01 2024-02-29 02208714 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 02208714 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 02208714 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02208714 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 02208714
M. A. Broughton (Electrical Contractors) Limited
Filleted Unaudited Financial Statements
29 February 2024
M. A. Broughton (Electrical Contractors) Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
268,313
71,296
Current assets
Stocks
158,374
194,125
Debtors
6
1,123,764
1,503,806
Cash at bank and in hand
446,462
272,057
------------
------------
1,728,600
1,969,988
Creditors: amounts falling due within one year
7
747,744
993,397
------------
------------
Net current assets
980,856
976,591
------------
------------
Total assets less current liabilities
1,249,169
1,047,887
Provisions
65,028
18,342
------------
------------
Net assets
1,184,141
1,029,545
------------
------------
Capital and reserves
Called up share capital
300
300
Profit and loss account
1,183,841
1,029,245
------------
------------
Shareholders funds
1,184,141
1,029,545
------------
------------
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 income and retained earnings has not been delivered.
For the 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.
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 .
M. A. Broughton (Electrical Contractors) Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mr M Broughton
Director
Company registration number: 02208714
M. A. Broughton (Electrical Contractors) Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Units 11 & 12, Cromford Road Industrial Estate, Langley Mill, Nottingham, NG16 4FL.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of M. A. Broughton Holdings Limited which can be obtained from Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham NG10 1NJ. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Motor vehicles
-
25% reducing balance
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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 53 (2023: 52 ).
5. Tangible assets
Motor vehicles
£
Cost
At 1 March 2023
73,367
Additions
261,815
---------
At 29 February 2024
335,182
---------
Depreciation
At 1 March 2023
2,071
Charge for the year
64,798
---------
At 29 February 2024
66,869
---------
Carrying amount
At 29 February 2024
268,313
---------
At 28 February 2023
71,296
---------
6. Debtors
2024
2023
£
£
Trade debtors
722,551
946,208
Amounts owed by group undertakings and undertakings in which the company has a participating interest
9,725
10,337
Other debtors
391,488
547,261
------------
------------
1,123,764
1,503,806
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Trade debtors
156,302
135,065
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
162,237
285,386
Amounts owed to group undertakings and undertakings in which the company has a participating interest
321,006
421,006
Corporation tax
109,999
119,468
Social security and other taxes
36,381
45,856
Other creditors
118,121
121,681
---------
---------
747,744
993,397
---------
---------
8. Controlling party
The company is a Subsidiary of M. A. Broughton Holdings Limited. The registered office address of the parent company is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.