2023-06-012024-05-312024-05-31false06727896Steve Mossop Building Services 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Steve Mossop Building Services Limited

Registered Number
06727896
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

Steve Mossop Building Services Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

Stephen Edward Mossop

Registered Address

57 Arthur Street
Penrith
CA11 7TU

Registered Number

06727896 (England and Wales)
Steve Mossop Building Services Limited
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets413,73414,696
13,73414,696
Current assets
Stocks6-500
Debtors71,9483,448
Cash at bank and on hand87114,064
2,81918,012
Creditors amounts falling due within one year8(8,747)(20,993)
Net current assets (liabilities)(5,928)(2,981)
Total assets less current liabilities7,80611,715
Creditors amounts falling due after one year9(6,302)(7,373)
Provisions for liabilities10(709)(2,792)
Net assets7951,550
Capital and reserves
Called up share capital22
Profit and loss account7931,548
Shareholders' funds7951,550
The financial statements were approved and authorised for issue by the Director on 9 December 2024, and are signed on its behalf by:
Stephen Edward Mossop
Director
Registered Company No. 06727896
Steve Mossop Building Services Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
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. 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 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles25
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year33
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 June 2310,00013,94420,46144,405
At 31 May 2410,00013,94420,46144,405
Depreciation and impairment
At 01 June 23-11,81117,89829,709
Charge for year-321641962
At 31 May 24-12,13218,53930,671
Net book value
At 31 May 2410,0001,8121,92213,734
At 31 May 2310,0002,1332,56314,696
5.Impairment of tangible 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.
6.Stocks

2024

2023

££
Work in progress-500
Total-500
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,8003,300
Amounts owed by associates and joint ventures / participating interests148148
Total1,9483,448
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-2,292
Bank borrowings and overdrafts1,0501,050
Taxation and social security2,55114,128
Other creditors3,9462,323
Accrued liabilities and deferred income1,2001,200
Total8,74720,993
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.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts6,3027,373
Total6,3027,373
10.Provisions for liabilities
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.

2024

2023

££
Net deferred tax liability (asset)7092,792
Total7092,792