Registered number
01143387
McDonald Roofing Contractors Ltd
Filleted Accounts
30 September 2024
McDonald Roofing Contractors Ltd
Registered number: 01143387
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 477,064 498,247
Current assets
Stocks & WIP 237,757 217,566
Debtors 4 84,069 116,222
Cash at bank and in hand 91,222 54,355
413,048 388,143
Creditors: amounts falling due within one year 5 (248,338) (244,303)
Net current assets 164,710 143,840
Total assets less current liabilities 641,774 642,087
Creditors: amounts falling due after more than one year 6 (108,948) (138,159)
Net assets 532,826 503,928
Capital and reserves
Called up share capital 201 201
Profit and loss account 532,625 503,727
Shareholders' funds 532,826 503,928
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J. C. McDonald
Director
Approved by the board on 9 December 2024
McDonald Roofing Contractors Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Commercial vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 10
3 Tangible fixed assets
Land and buildings Plant and machinery Commercial vehicles Total
£ £ £ £
Cost
At 1 October 2023 461,243 163,446 292,272 916,961
Additions 11,491 11,491
At 30 September 2024 461,243 163,446 303,763 928,452
Depreciation
At 1 October 2023 110,730 141,392 166,592 418,714
Charge for the year 2,108 30,566 32,674
At 30 September 2024 110,730 143,500 197,158 451,388
Net book value
At 30 September 2024 350,513 19,946 106,605 477,064
At 30 September 2023 350,513 22,054 125,680 498,247
4 Debtors 2024 2023
£ £
Trade debtors 57,256 87,968
Prepaid expenses 3,761 3,558
Lease interest - 1,722
Other debtors (incl directors current accts) 23,052 22,974
84,069 116,222
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation Tax 10,827 7,371
Bank loans and overdrafts - 31,583
Obligations under finance lease and hire purchase contracts 10,351 1,133
Trade creditors 166,390 153,434
Taxation and social security costs 56,073 45,052
Other creditors 4,697 5,730
248,338 244,303
The bank overdraft is secured by a legal charge over the company's freehold property
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 20,862 20,073
Other creditors 88,086 118,086
108,948 138,159
7 Other information
McDonald Roofing Contractors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6 Colville Road
Acton
London
W3 8BL
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