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Registered number: 04608234










M D WRIGHT MACHINERY REMOVALS LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 October 2024

 
M D WRIGHT MACHINERY REMOVALS LIMITED
 

Company Information


Directors
S L Mieszczak 
M T Ledger 




Company secretary
S L Mieszczak



Registered number
04608234



Registered office
Units 4 & 5 Coleford Road
Darnall

Sheffield

S9 5PH





 
M D WRIGHT MACHINERY REMOVALS LIMITED
Registered number: 04608234

Balance sheet
As at 31 October 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
248,032
221,052

  
248,032
221,052

Current assets
  

Debtors
  
146,884
84,307

Cash at bank and in hand
  
37,471
5,353

  
184,355
89,660

Creditors: amounts falling due within one year
 7 
(142,847)
(107,127)

Net current assets/(liabilities)
  
 
 
41,508
 
 
(17,467)

Total assets less current liabilities
  
289,540
203,585

Creditors: amounts falling due after more than one year
  
(85,549)
(35,600)

Provisions for liabilities
  
(62,008)
(46,298)

Net assets
  
141,983
121,687


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
141,883
121,587

  
141,983
121,687


Page 1

 
M D WRIGHT MACHINERY REMOVALS LIMITED
Registered number: 04608234

Balance sheet (continued)
As at 31 October 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 December 2024.




M T Ledger
S L Mieszczak
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
M D WRIGHT MACHINERY REMOVALS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

1.


General information

M D Wright Machinery Removals Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
M D WRIGHT MACHINERY REMOVALS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
M D WRIGHT MACHINERY REMOVALS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
M D WRIGHT MACHINERY REMOVALS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 -7).

Page 6

 
M D WRIGHT MACHINERY REMOVALS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 November 2023
240,000



At 31 October 2024

240,000



Amortisation


At 1 November 2023
240,000



At 31 October 2024

240,000



Net book value



At 31 October 2024
-



At 31 October 2023
-



Page 7

 
M D WRIGHT MACHINERY REMOVALS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2023
368,008
98,845
7,431
1,947
476,231


Additions
97,800
-
-
-
97,800



At 31 October 2024

465,808
98,845
7,431
1,947
574,031



Depreciation


At 1 November 2023
227,705
18,999
6,745
1,730
255,179


Charge for the year on owned assets
45,833
24,712
173
102
70,820



At 31 October 2024

273,538
43,711
6,918
1,832
325,999



Net book value



At 31 October 2024
192,270
55,134
513
115
248,032



At 31 October 2023
140,303
79,846
686
217
221,052


6.


Debtors

2024
2023
£
£


Trade debtors
105,357
54,065

Prepayments and accrued income
41,527
30,241

146,884
84,306


Page 8

 
M D WRIGHT MACHINERY REMOVALS LIMITED
 

 
Notes to the financial statements
For the year ended 31 October 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,001
10,002

Trade creditors
12,921
16,865

Taxation and social security
62,932
30,736

Obligations under finance lease and hire purchase contracts
28,044
20,415

Other creditors
24,624
24,784

Accruals and deferred income
4,325
4,325

142,847
107,127



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,003
20,001

Net obligations under finance leases and hire purchase contracts
75,545
15,598

85,548
35,599



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares of £1.00 each
100
100



Page 9