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REGISTERED NUMBER:
OC307934
Marfleet Building Contractors LLP |
|
Filleted Unaudited Financial Statements |
|
Marfleet Building Contractors LLP |
|
Year Ended 5th April 2024
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements |
2 |
|
|
Statement of Financial Position |
3 |
|
|
Notes to the Financial Statements |
5 |
|
|
Marfleet Building Contractors LLP |
|
Year Ended 5th April 2024
The members present their report and the unaudited financial statements of the LLP for the year ended
5 April 2024
.
Principal Activities
The principal activity of the company during the period was building contractors.
Designated Members
The designated members who served the LLP during the year were as follows:
S. G. & Mrs A Marfleet |
|
M. Marfleet |
|
|
|
Policy Regarding Members' Drawings and the Subscription and Repayment of Amounts Subscribed or Otherwise Contributed by Members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on
16 January 2025
and signed on behalf of the members by:
Steve Marfleet
Designated member
Registered office: |
Unit 14, Angora Business Park |
Peartree Road |
Colchester |
Essex |
CO3 0AB |
|
Marfleet Building Contractors LLP |
|
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of
Marfleet Building Contractors LLP |
|
Year Ended 5th April 2024
As described on the statement of financial position, the members of the LLP are responsible for the preparation of the financial statements for the year ended 5th April 2024, which comprise the statement of financial position and the related notes. You consider that the LLP is exempt from an audit under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PEYTON TYLER MEARS
Chartered accountants
Middleborough House
16 Middleborough
Colchester
Essex
CO1 1QT
16 January 2025
Marfleet Building Contractors LLP |
|
Statement of Financial Position |
|
5 April 2024
Fixed Assets
Tangible assets |
5 |
|
107,054 |
91,000 |
|
|
|
|
|
Current Assets
Stocks |
21,450 |
|
27,948 |
Debtors |
6 |
540,766 |
|
820,992 |
Cash at bank and in hand |
23,439 |
|
16,858 |
|
---------- |
|
---------- |
|
585,655 |
|
865,798 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
624,876 |
|
903,622 |
|
---------- |
|
---------- |
Net Current Liabilities |
|
39,221 |
37,824 |
|
|
---------- |
--------- |
Total Assets Less Current Liabilities |
|
67,833 |
53,176 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
67,833 |
53,176 |
|
|
--------- |
--------- |
Net Liabilities |
|
– |
– |
|
|
--------- |
--------- |
|
|
|
|
|
Represented by:
Loans and Other Debts due to Members
Other amounts |
|
– |
– |
|
|
---- |
---- |
|
|
|
|
Members' Other Interests
Other reserves |
|
– |
– |
|
|
---- |
---- |
|
|
– |
– |
|
|
---- |
---- |
|
|
|
|
Total Members' Interests
Amounts due from members |
|
(509,684) |
(770,348) |
Loans and other debts due to members |
|
– |
– |
Members' other interests |
|
– |
– |
|
|
---------- |
---------- |
|
|
(509,684) |
(770,348) |
|
|
---------- |
---------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' 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 (as applied to LLPs), the statement of comprehensive income has not been delivered.
Marfleet Building Contractors LLP |
|
Statement of Financial Position (continued) |
|
5 April 2024
For the year ending 5th April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
members
and authorised for issue on
16 January 2025
, and are signed on their behalf by:
Steve Marfleet
Designated member
Registered number:
OC307934
Marfleet Building Contractors LLP |
|
Notes to the Financial Statements |
|
Year Ended 5th April 2024
The LLP is registered in England and Wales. The address of the registered office is Unit 14, Angora Business Park, Peartree Road, Colchester, Essex, CO3 0AB.
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', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Members' Participation Rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
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:
|
Plant and machinery |
- |
15% straight line |
|
Fixtures and fittings |
- |
15% straight line |
|
Motor vehicles |
- |
25% straight line |
|
|
|
|
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.
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.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
3
(2023:
3
).
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 6th April 2023 |
117,745 |
36,148 |
89,385 |
243,278 |
Additions |
– |
– |
61,041 |
61,041 |
|
---------- |
--------- |
---------- |
---------- |
At 5th April 2024 |
117,745 |
36,148 |
150,426 |
304,319 |
|
---------- |
--------- |
---------- |
---------- |
Depreciation |
|
|
|
|
At 6th April 2023 |
87,076 |
18,852 |
46,350 |
152,278 |
Charge for the year |
12,834 |
4,632 |
27,521 |
44,987 |
|
---------- |
--------- |
---------- |
---------- |
At 5th April 2024 |
99,910 |
23,484 |
73,871 |
197,265 |
|
---------- |
--------- |
---------- |
---------- |
Carrying amount |
|
|
|
|
At 5th April 2024 |
17,835 |
12,664 |
76,555 |
107,054 |
|
---------- |
--------- |
---------- |
---------- |
At 5th April 2023 |
30,669 |
17,296 |
43,035 |
91,000 |
|
---------- |
--------- |
---------- |
---------- |
|
|
|
|
|
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
700 |
Other debtors |
540,766 |
820,292 |
|
---------- |
---------- |
|
540,766 |
820,992 |
|
---------- |
---------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
71,271 |
49,353 |
Social security and other taxes |
– |
6,897 |
Other creditors |
543,605 |
837,372 |
|
---------- |
---------- |
|
624,876 |
903,622 |
|
---------- |
---------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
11,667 |
21,667 |
Other creditors |
56,166 |
31,509 |
|
--------- |
--------- |
|
67,833 |
53,176 |
|
--------- |
--------- |
|
|
|