M R CONSTRUCTION LTD |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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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: |
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Freehold buildings |
NIL |
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Leasehold land and buildings |
over the lease term |
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Investment property |
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Investment property is revalued annually for the fair value and the surplus or deficit is transferred to profit and loss account. No depreciation is provided in respect of investment property. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Leased assets |
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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. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 31 March 2024 |
- |
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- |
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- |
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- |
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Depreciation |
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At 31 March 2024 |
- |
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- |
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- |
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- |
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Net book value |
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At 31 March 2024 |
- |
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- |
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- |
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- |
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Freehold land and buildings: |
2024 |
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2023 |
£ |
£ |
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Historical cost |
- |
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1,594,449 |
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Cumulative depreciation based on historical cost |
- |
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- |
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- |
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1,594,449 |
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In the opinion of the director, Ms Harpreet Kaur, the market value of the properties are fairly stated as at 30 April 2022. |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
494,364 |
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775,456 |
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5 |
Investments held as current assets |
2024 |
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2023 |
£ |
£ |
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Fair value |
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Unlisted investments |
50 |
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50 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
1,390 |
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92,429 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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87,397 |
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270,182 |
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Taxation and social security costs |
354,177 |
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353,419 |
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Director's account |
1,500 |
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20,506 |
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Other creditors |
47,563 |
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48,343 |
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492,027 |
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784,879 |
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7 |
Revaluation reserve |
2024 |
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2023 |
£ |
£ |
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At 1 April 2023 |
- |
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1,626,189 |
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Revaluation reserve reversed |
- |
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(1,626,189) |
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At 31 March 2024 |
- |
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- |
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8 |
Related party transactions |
2024 |
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2023 |
£ |
£ |
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Ms Harpreet Kaur - Director |
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Included within creditor is a balance due from the company of: |
1,500 |
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20,506 |
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Consort House(Fleet) Ltd |
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Common Director |
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During he year the company charged Consort House (Fleet) |
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Limited interest of: |
- |
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36,640 |
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Included with other debtors is an amount receivable of: |
- |
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189,582 |
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Lincoln Court Development Ltd |
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Common director |
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Included with other debtors is an amount |
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receivable of: |
- |
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90,010 |
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Tavistock Property Development Ltd |
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Common director |
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Included with other debtors is an amount |
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receivable of: |
- |
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1,500 |
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BCL Group Ltd |
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Common director |
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Included within payable to group undertakings is an |
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amount due to: |
- |
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270,182 |
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Included with other debtors is an amount receivable of: |
87,397 |
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- |
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During the year, the company paid dividends of: |
- |
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1,349,282 |
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Simrit Development Ltd |
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Common director |
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Included with other creditors is an amount |
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payable of: |
39,418 |
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39,418 |
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BCL Management & Consultancy Ltd |
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Common director |
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Included with other creditors is an amount |
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payable of: |
5,850 |
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5,850 |
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Pinewood House Property Ltd |
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Common director |
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Included with other creditors is an amount |
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payable of: |
675 |
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675 |
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9 |
Controlling party |
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The company is under the control of BCL Group Limited registered at Unit 9, Hounslow Business Park, Alice Way, Hounslow, Middlesex, TW3 3UD. The parent company has taken exemption available being a small group fo not preparing a consolidated accounts. |
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10 |
Other information |
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M R CONSTRUCTION LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 9 Hounslow Business Park |
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Alice Way |
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Hounslow |
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Middlesex |
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TW3 3UD |