15 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 15,000 15,000 xbrli:pure xbrli:shares iso4217:GBP 04901577 2023-10-01 2024-09-30 04901577 2024-09-30 04901577 2023-09-30 04901577 2022-10-01 2023-09-30 04901577 2023-09-30 04901577 2022-09-30 04901577 core:NetGoodwill 2023-10-01 2024-09-30 04901577 core:PlantMachinery 2023-10-01 2024-09-30 04901577 core:FurnitureFittings 2023-10-01 2024-09-30 04901577 core:MotorVehicles 2023-10-01 2024-09-30 04901577 bus:Director2 2023-10-01 2024-09-30 04901577 core:NetGoodwill 2024-09-30 04901577 core:PlantMachinery 2023-09-30 04901577 core:FurnitureFittings 2023-09-30 04901577 core:MotorVehicles 2023-09-30 04901577 core:PlantMachinery 2024-09-30 04901577 core:FurnitureFittings 2024-09-30 04901577 core:MotorVehicles 2024-09-30 04901577 core:WithinOneYear 2024-09-30 04901577 core:WithinOneYear 2023-09-30 04901577 core:ShareCapital 2024-09-30 04901577 core:ShareCapital 2023-09-30 04901577 core:SharePremium 2024-09-30 04901577 core:SharePremium 2023-09-30 04901577 core:RetainedEarningsAccumulatedLosses 2024-09-30 04901577 core:RetainedEarningsAccumulatedLosses 2023-09-30 04901577 core:PlantMachinery 2023-09-30 04901577 core:FurnitureFittings 2023-09-30 04901577 core:MotorVehicles 2023-09-30 04901577 bus:Director1 2023-10-01 2024-09-30 04901577 bus:SmallEntities 2023-10-01 2024-09-30 04901577 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04901577 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 04901577 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04901577 bus:FullAccounts 2023-10-01 2024-09-30 04901577 core:OfficeEquipment 2023-10-01 2024-09-30 04901577 core:OfficeEquipment 2023-09-30 04901577 core:OfficeEquipment 2024-09-30
COMPANY REGISTRATION NUMBER: 04901577
MARTIN FLINDERS ELECTRICAL LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
MARTIN FLINDERS ELECTRICAL LTD
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
195,726
110,236
Current assets
Stocks
4,500
4,500
Debtors
7
292,816
255,642
Cash at bank and in hand
266,476
156,919
-----------
-----------
563,792
417,061
Creditors: amounts falling due within one year
8
200,330
158,271
-----------
-----------
Net current assets
363,462
258,790
-----------
-----------
Total assets less current liabilities
559,188
369,026
Provisions
Taxation including deferred tax
36,225
20,773
-----------
-----------
Net assets
522,963
348,253
-----------
-----------
MARTIN FLINDERS ELECTRICAL LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
111
111
Share premium account
9,989
9,989
Profit and loss account
512,863
338,153
-----------
-----------
Shareholders funds
522,963
348,253
-----------
-----------
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 September 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 1 April 2025 , and are signed on behalf of the board by:
M Flinders
Director
Company registration number: 04901577
MARTIN FLINDERS ELECTRICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 Unit 8 Stirlin Court Saxilby Enterprise Park, Skellingthorpe Road, Saxilby, Lincoln, Lincolnshire, LN1 2LR.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all goods and services sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product and service, such as obsolescence, have been transferred to the customer.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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
-
10% reducing balance
Fixtures and Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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 effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
Defined contribution plans
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 15 (2023: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
15,000
---------
Amortisation
At 1 October 2023 and 30 September 2024
15,000
---------
Carrying amount
At 30 September 2024
---------
At 30 September 2023
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
7,045
13,021
216,710
16,493
253,269
Additions
321
185,764
665
186,750
Disposals
( 129,557)
( 129,557)
--------
---------
-----------
---------
-----------
At 30 September 2024
7,366
13,021
272,917
17,158
310,462
--------
---------
-----------
---------
-----------
Depreciation
At 1 October 2023
2,133
9,781
125,858
5,261
143,033
Charge for the year
500
1,302
25,119
2,317
29,238
Disposals
( 57,535)
( 57,535)
--------
---------
-----------
---------
-----------
At 30 September 2024
2,633
11,083
93,442
7,578
114,736
--------
---------
-----------
---------
-----------
Carrying amount
At 30 September 2024
4,733
1,938
179,475
9,580
195,726
--------
---------
-----------
---------
-----------
At 30 September 2023
4,912
3,240
90,852
11,232
110,236
--------
---------
-----------
---------
-----------
7. Debtors
2024
2023
£
£
Trade debtors
248,496
221,191
Other debtors
44,320
34,451
-----------
-----------
292,816
255,642
-----------
-----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,869
49,050
Corporation tax
82,503
26,826
Social security and other taxes
75,191
75,560
Other creditors
5,767
6,835
-----------
-----------
200,330
158,271
-----------
-----------
9. Related party transactions
There were no transactions with related parties during the current and previous period that required disclosure under FRS102 Section 1A.
10. Controlling party
The company was under the control of its directors throughout the current and previous year.