Registered number
03627016
MMP Construction Limited
Filleted Accounts
31 October 2024
MMP Construction Limited
Company Information
Directors
L C Parker
R M Smith
Accountants
Brandrick Accountancy Services Limited
44 Cloves Hill
Morley
Derbyshire
DE7 6DH
Registered office
Unit 4, Griffon Court
Griffon Road
Ilkeston
Derbyshire
DE7 4RF
Registered number
03627016
MMP Construction Limited
Registered number: 03627016
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 245,697 187,725
Current assets
Stocks 5,760 4,680
Debtors 5 739,275 612,384
Cash at bank and in hand 228,018 176,097
973,053 793,161
Creditors: amounts falling due within one year 6 (856,037) (746,473)
Net current assets 117,016 46,688
Total assets less current liabilities 362,713 234,413
Creditors: amounts falling due after more than one year 7 (135,236) (80,794)
Provisions for liabilities (46,682) (35,667)
Net assets 180,795 117,952
Capital and reserves
Called up share capital 77 77
Profit and loss account 180,718 117,875
Shareholders' funds 180,795 117,952
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R M Smith
Director
Approved by the board on 18 March 2025
MMP Construction Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 300,000
At 31 October 2024 300,000
Amortisation
At 1 November 2023 300,000
At 31 October 2024 300,000
Net book value
At 31 October 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 558,216 116,544 674,760
Additions 96,000 35,996 131,996
Disposals (64,000) (9,237) (73,237)
At 31 October 2024 590,216 143,303 733,519
Depreciation
At 1 November 2023 395,365 91,670 487,035
Charge for the year 50,052 15,162 65,214
On disposals (55,410) (9,017) (64,427)
At 31 October 2024 390,007 97,815 487,822
Net book value
At 31 October 2024 200,209 45,488 245,697
At 31 October 2023 162,851 24,874 187,725
5 Debtors 2024 2023
£ £
Trade debtors 678,149 560,756
Other debtors 61,126 51,628
739,275 612,384
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 719 6,607
Directors loan accounts 35,617 55,501
Obligations under finance lease and hire purchase contracts 55,061 33,177
Trade creditors 706,055 528,472
Taxation and social security costs 44,085 48,824
Other creditors 14,500 73,892
856,037 746,473
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 135,236 80,794
8 Controlling party
L C Parker is the ultimate controlling party.
9 Other information
MMP Construction Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4, Griffon Court
Griffon Road
Ilkeston
Derbyshire
DE7 4RF
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