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REGISTERED NUMBER: 02340575 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Fred Mence (Construction) Limited

Fred Mence (Construction) Limited (Registered number: 02340575)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fred Mence (Construction) Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: P Mence
Mrs D Mence
C Douglas





REGISTERED OFFICE: Walton Road
Pattinson North Industrial Estate
Washington
Tyne and Wear
NE38 8QE





REGISTERED NUMBER: 02340575 (England and Wales)





ACCOUNTANTS: Little & Neal
37-38 Market Street
Ferryhill
Co. Durham
DL17 8JH

Fred Mence (Construction) Limited (Registered number: 02340575)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,269,578 1,805,221

CURRENT ASSETS
Stocks 120,790 103,000
Debtors 5 1,538,612 1,748,426
Cash in hand 103 196
1,659,505 1,851,622
CREDITORS
Amounts falling due within one year 6 1,259,031 1,309,805
NET CURRENT ASSETS 400,474 541,817
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,670,052

2,347,038

CREDITORS
Amounts falling due after more than one
year

7

(844,131

)

(255,890

)

PROVISIONS FOR LIABILITIES (441,964 ) (466,454 )
NET ASSETS 1,383,957 1,624,694

CAPITAL AND RESERVES
Called up share capital 56 56
Revaluation reserve 8 736,470 390,019
Capital redemption reserve 50 50
Retained earnings 647,381 1,234,569
1,383,957 1,624,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Fred Mence (Construction) Limited (Registered number: 02340575)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by:





P Mence - Director


Fred Mence (Construction) Limited (Registered number: 02340575)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Fred Mence (Construction) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Fred Mence (Construction) Limited (Registered number: 02340575)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 58 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 840,000 2,444,025 3,284,025
Additions 360,000 920,000 1,280,000
Disposals - (1,047,670 ) (1,047,670 )
At 30 June 2024 1,200,000 2,316,355 3,516,355
DEPRECIATION
At 1 July 2023 13,700 1,465,104 1,478,804
Charge for year 20,900 142,430 163,330
Eliminated on disposal - (395,357 ) (395,357 )
At 30 June 2024 34,600 1,212,177 1,246,777
NET BOOK VALUE
At 30 June 2024 1,165,400 1,104,178 2,269,578
At 30 June 2023 826,300 978,921 1,805,221

Fred Mence (Construction) Limited (Registered number: 02340575)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2023 1,946,505
Additions 920,000
Disposals (1,031,714 )
Transfer to ownership (11,307 )
At 30 June 2024 1,823,484
DEPRECIATION
At 1 July 2023 1,036,226
Charge for year 126,521
Eliminated on disposal (382,793 )
Transfer to ownership (4,636 )
At 30 June 2024 775,318
NET BOOK VALUE
At 30 June 2024 1,048,166
At 30 June 2023 910,279

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 96,969 58,586
Amounts recoverable on contract 1,369,768 1,563,274
Other debtors 71,875 126,566
1,538,612 1,748,426

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 198,750 100,173
Hire purchase contracts 175,613 224,088
Trade creditors 624,087 648,035
Taxation and social security 151,624 208,580
Other creditors 108,957 128,929
1,259,031 1,309,805

Fred Mence (Construction) Limited (Registered number: 02340575)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 116,667 160,417
Hire purchase contracts 727,464 95,473
844,131 255,890

8. RESERVES
Revaluation
reserve
£   
At 1 July 2023 390,019
Depreciation of revalued asset (13,549 )
Increase in property value 360,000

At 30 June 2024 736,470