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COMPANY REGISTRATION NUMBER: 09620523
Marsden Builders 1979 Limited
Unaudited financial statements
For the year ended
30 June 2024
Marsden Builders 1979 Limited
Statement of financial position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
51,173
68,328
Investments
6
50
50
-------
-------
51,223
68,378
Current assets
Stocks
30,000
35,000
Debtors
7
752,982
325,798
Cash at bank and in hand
22,444
114,937
---------
---------
805,426
475,735
Prepayments and accrued income
2,440
604
Creditors: Amounts falling due within one year
8
( 372,063)
( 203,935)
---------
---------
Net current assets
435,803
272,404
---------
---------
Total assets less current liabilities
487,026
340,782
Creditors: Amounts falling due after more than one year
9
( 10,000)
( 57,802)
Provisions
Taxation including deferred tax
( 10,557)
( 14,355)
Accruals and deferred income
( 135,304)
( 2,548)
---------
---------
Net assets
331,165
266,077
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
331,065
265,977
---------
---------
Shareholders funds
331,165
266,077
---------
---------
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.
Marsden Builders 1979 Limited
Statement of financial position (continued)
30 June 2024
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr L S Marsden
Director
Company registration number: 09620523
Marsden Builders 1979 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 Lovewell Blake LLP, Bankside 300, Peachman Way, Broadland Business Park, Norwich, NR7 0LB.
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 under the historical cost basis. The financial statements are presented 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.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 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 straight line method.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of employees during the year was 3 (2023: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
21,553
108,303
2,854
132,710
-------
---------
------
---------
Depreciation
At 1 July 2023
18,728
42,907
2,747
64,382
Charge for the year
706
16,347
102
17,155
-------
---------
------
---------
At 30 June 2024
19,434
59,254
2,849
81,537
-------
---------
------
---------
Carrying amount
At 30 June 2024
2,119
49,049
5
51,173
-------
---------
------
---------
At 30 June 2023
2,825
65,396
107
68,328
-------
---------
------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
50
----
Impairment
At 1 July 2023 and 30 June 2024
----
Carrying amount
At 30 June 2024
50
----
At 30 June 2023
50
----
7. Debtors
2024
2023
£
£
Trade debtors
79,100
Amounts owed by group undertakings
658,464
315,934
Other debtors
15,418
9,864
---------
---------
752,982
325,798
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
124,259
70,090
Social security and other taxes
52,061
15,659
Other creditors
185,743
108,186
---------
---------
372,063
203,935
---------
---------
Included within other creditors are obligations under finance leases and hire purchase contracts, which are secured against the asset to which they relate. The total obligation as at the balance sheet date is £38,746 (2023: £11,328)
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
20,000
Other creditors
37,802
-------
-------
10,000
57,802
-------
-------
Included within other creditors are obligations under finance leases and hire purchase contracts, which are secured against the asset to which they relate. The total obligation as at the balance sheet date is £Nil (2023: £37,802).
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
24,985
Later than 1 year and not later than 5 years
78,707
---------
----
103,692
---------
----
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A director
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A director
261
( 261)
----
----
----
No interest was charged on the above advances in the current or prior year.