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COMPANY REGISTRATION NUMBER: 04005756
L M Marrison Drylining Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
L M Marrison Drylining Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
L M Marrison Drylining Limited
Officers and Professional Advisers
DIRECTOR
L M Marrison
COMPANY SECRETARY
N Marrison
REGISTERED OFFICE
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
Metro Bank
One Southampton Row
London
WC1B 5HA
L M Marrison Drylining Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
190,701
220,015
Current assets
Debtors
6
5,198,159
4,425,449
Cash at bank and in hand
665,978
333,361
------------
------------
5,864,137
4,758,810
Creditors: amounts falling due within one year
7
1,357,442
1,174,416
------------
------------
Net current assets
4,506,695
3,584,394
------------
------------
Total assets less current liabilities
4,697,396
3,804,409
Creditors: amounts falling due after more than one year
8
17,755
144,832
Provisions
47,675
55,004
------------
------------
Net assets
4,631,966
3,604,573
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,631,866
3,604,473
------------
------------
Shareholders funds
4,631,966
3,604,573
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' 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, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L M Marrison Drylining Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
L M Marrison
Director
Company registration number: 04005756
L M Marrison Drylining Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.
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'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents the value of goods and services provided during the year, exclusive of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
15% straight line per annum
Motor vehicles
-
25% straight line per annum
Equipment
-
25% straight line per annum
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution pension
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
2,764
280,238
13,586
296,588
Additions
3,034
14,000
6,866
23,900
-------
-------
---------
--------
---------
At 30 June 2024
3,034
2,764
294,238
20,452
320,488
-------
-------
---------
--------
---------
Depreciation
At 1 July 2023
702
69,774
6,097
76,573
Charge for the year
414
48,984
3,816
53,214
-------
-------
---------
--------
---------
At 30 June 2024
1,116
118,758
9,913
129,787
-------
-------
---------
--------
---------
Carrying amount
At 30 June 2024
3,034
1,648
175,480
10,539
190,701
-------
-------
---------
--------
---------
At 30 June 2023
2,062
210,464
7,489
220,015
-------
-------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
1,431,917
1,115,763
Other debtors
3,766,242
3,309,686
------------
------------
5,198,159
4,425,449
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,227
10,014
Trade creditors
452,101
510,568
Social security and other taxes
566,504
472,797
Other creditors
328,610
181,037
------------
------------
1,357,442
1,174,416
------------
------------
Other creditors include liabilities under hire purchase and finance lease agreements totalling £119,599 (2023 £5,883). These liabilities are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,555
19,782
Other creditors
8,200
125,050
--------
---------
17,755
144,832
--------
---------
Other creditors include liabilities under hire purchase and finance lease agreements totalling £8,200 (2023 £125,050). These liabilities are secured on the assets concerned.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
47,675
55,004
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
47,675
55,004
--------
--------
10. Director's advances, credits and guarantees
The director maintains a loan account with the company. At the beginning of the year the director owed the company £2,233,550. During the year there were advances to the director of £430,419 (2023 £393,597) and repayments to the director totalling £174,636 (2023 £180,000). At the reporting date the director owed the company £2,542,609. During the year interest was charged amounting to £53,276 (2023 £44,767) and no amounts were written off.