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Registration number: 05483121

Prepared for the registrar

Meister Masonry Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Meister Masonry Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Meister Masonry Limited

Company Information

Director

R M Heather

Registered office

Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

 

Meister Masonry Limited

(Registration number: 05483121)
Balance Sheet as at 31 December 2024

Note

31 December 2024
 £

31 December 2023
 £

Fixed assets

 

Tangible assets

4

1,605,403

1,133,513

Current assets

 

Stocks

482,875

228,715

Debtors

5

2,060,667

2,187,373

Cash at bank and in hand

 

200,000

57

 

2,743,542

2,416,145

Creditors: Amounts falling due within one year

6

(3,293,252)

(3,001,960)

Net current liabilities

 

(549,710)

(585,815)

Total assets less current liabilities

 

1,055,693

547,698

Creditors: Amounts falling due after more than one year

6

(609,590)

(335,073)

Deferred tax liabilities

8

(275,449)

(183,943)

Net assets

 

170,654

28,682

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

170,652

28,680

Total equity

 

170,654

28,682

For the financial year ending 31 December 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 February 2025
 


R M Heather
Director

 

Meister Masonry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

The principal place of business is:
Catbrain Quarry
Painswick Beacon
Painswick
Gloucestershire
GL6 6SU

 

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements
No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Meister Masonry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. Stage of completion is measured by a surveys of work performed at the balance sheet date. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Turnover from the sale of goods not accounted for as a construction contract is recognised when the goods are physically delivered to the customer.

Tax

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

The current corporation 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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5% straight line

Plant and machinery

8% / 10% straight line

Fixtures and fittings

10% straight line

Computer equipment

33% straight line

Motor vehicles

25% straight line

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Meister Masonry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 an expense 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 expenses.

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 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 and hire purchase 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, unless there is reasonable certainty that ownership will pass in which case these assets are depreciated over their useful lives. 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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Meister Masonry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Financial instruments


Classification
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 on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

 

Meister Masonry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

4

Tangible assets

Leasehold improvements
£

Plant and machinery
 £

Fixtures and fittings
 £

Office equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

894,769

1,979,227

21,220

132,182

78,853

3,106,251

Additions

135,199

951,710

-

5,850

-

1,092,759

Disposals

-

(910,291)

-

-

-

(910,291)

At 31 December 2024

1,029,968

2,020,646

21,220

138,032

78,853

3,288,719

Depreciation

At 1 January 2024

713,503

1,067,219

13,931

125,727

52,358

1,972,738

Charge for the period

72,288

182,780

1,396

6,427

7,292

270,183

Eliminated on disposal

-

(559,605)

-

-

-

(559,605)

At 31 December 2024

785,791

690,394

15,327

132,154

59,650

1,683,316

Carrying amount

At 31 December 2024

244,177

1,330,252

5,893

5,878

19,203

1,605,403

At 31 December 2023

181,266

912,008

7,289

6,455

26,495

1,133,513

 

Meister Masonry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

5

Debtors

31 December 2024
 £

31 December 2023
 £

Trade debtors

1,401,760

580,041

Amounts owed by related parties

50,162

128,819

Other debtors

419,121

464,009

Prepayments

108,013

843,917

Gross amount due from customers for contract work

81,611

170,587

 

2,060,667

2,187,373

 

6

Creditors

Note

31 December 2024
 £

31 December 2023
 £

Due within one year

 

Loans and borrowings

7

827,572

520,975

Trade creditors

 

774,241

1,373,392

Social security and other taxes

 

85,693

28,853

Outstanding defined contribution pension costs

 

-

3,424

Other creditors

 

58,268

59,803

Accrued expenses

 

183,701

785,289

Corporation tax liability

57,210

174,294

Gross amount due to customers for contract work

 

1,306,567

55,930

 

3,293,252

3,001,960

Note

31 December 2024
£

31 December 2023
£

Due after one year

 

Loans and borrowings

7

609,590

335,073

 

7

Loans and borrowings

31 December 2024
£

31 December 2023
£

Current loans and borrowings

Bank loans

49,600

49,600

Bank overdrafts

315,243

187,177

Obligations under hire purchase agreements

319,587

58,947

Other borrowings

143,142

225,251

827,572

520,975

 

Meister Masonry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

31 December 2024
£

31 December 2023
£

Non-current loans and borrowings

Bank loans

16,533

66,133

Obligations under hire purchase agreements

452,746

59,636

Other borrowings

140,311

209,304

609,590

335,073

Bank overdrafts
Bank overdrafts are secured by a fixed and floating charge against the assets of the company.

Obligations under hire purchase agreements
Obligations under hire purchase agreements are secured against the assets to which they relate.

Other borrowings
Included in other borrowings is £84,000 which is secured by a fixed and floating charge over the assets of the company.

 

8

Deferred tax

Deferred tax assets and liabilities

31 December 2024

Liability
£

Fixed asset timing differences

275,770

Short term timing differences

(321)

275,449

31 December 2023

Liability
£

Fixed asset timing differences

185,116

Short term timing differences

(1,173)

183,943

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £132,250 (2023 - £166,750). Included within this amount is £34,500 due within 1 year (31 December 2023 - £34,500). The total due between 1 and 2 years is £34,500 (31 December 2023 - £34,500). The total due between 2 and 5 years is £63,250 (31 December 2023 - £97,750).