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2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
13292869
2022-04-01
2023-03-31
13292869
2023-03-31
13292869
2022-03-31
13292869
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2022-03-31
13292869
2022-03-31
13292869
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13292869
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2023-03-31
13292869
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2023-03-31
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2022-04-01
2023-03-31
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2022-04-01
2023-03-31
13292869
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2023-03-31
13292869
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2022-04-01
2023-03-31
13292869
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2023-03-31
13292869
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2022-03-31
13292869
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2022-03-31
13292869
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2023-03-31
13292869
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13292869
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13292869
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13292869
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2022-03-31
13292869
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13292869
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2022-03-31
13292869
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2022-03-31
13292869
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2023-03-31
13292869
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2022-03-31
13292869
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2023-03-31
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2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
13292869
Filleted Unaudited Financial Statements |
|
Year ended 31 March 2023
Officers and professional advisers |
1 |
|
|
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr R J Roberts |
|
Mr P C Roberts |
|
Mr D J Roberts |
|
Mr J W Myatt |
|
|
Registered office |
8 Old Field Road |
|
Bocam Park |
|
Bridgend |
|
Wales |
|
CF35 5LJ |
|
|
Accountants |
Clay Shaw Thomas Ltd |
|
Chartered accountants |
|
2 Oldfield Road |
|
Bocam Park |
|
Bridgend |
|
CF35 5LJ |
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Macob (Cardiff) Limited |
|
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Macob (Cardiff) Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Macob (Cardiff) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Macob (Cardiff) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Macob (Cardiff) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Macob (Cardiff) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Macob (Cardiff) Limited. You consider that Macob (Cardiff) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Macob (Cardiff) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Clay Shaw Thomas Ltd
Chartered accountants
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
22 December 2023
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
|
145,070 |
54,063 |
|
|
|
|
|
Current assets
Stocks |
207,312 |
|
60,653 |
Debtors |
6 |
2,282,206 |
|
1,158,960 |
Cash at bank and in hand |
438,582 |
|
44,628 |
|
------------ |
|
------------ |
|
2,928,100 |
|
1,264,241 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,656,332 |
|
1,104,969 |
|
------------ |
|
------------ |
Net current assets |
|
271,768 |
159,272 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
416,838 |
213,335 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
96,984 |
37,695 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
24,326 |
9,983 |
|
|
--------- |
--------- |
Net assets |
|
295,528 |
165,657 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
333 |
333 |
Profit and loss account |
|
295,195 |
165,324 |
|
|
--------- |
--------- |
Shareholders funds |
|
295,528 |
165,657 |
|
|
--------- |
--------- |
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31 March 2023 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
.
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
22 December 2023
, and are signed on behalf of the board by:
Mr P C Roberts |
Mr J W Myatt |
Director |
Director |
|
|
Company registration number:
13292869
Notes to the Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Old Field Road, Bocam Park, Bridgend, CF35 5LJ, Wales.
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
Turnover represents amounts chargeable, net of value added tax, in respect of the provision of groundworks and construction. Rendering of services Revenue recognised from the provision of services is recognised when it can measured reliably and is calculated by reference to the stage (or percentage) of completion of the transaction at the end of the reporting period. When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses incurred that are recoverable. Construction contracts When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to insert detail. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.
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:
|
Motor vehicles |
- |
20% straight line |
|
Equipment |
- |
|
|
|
|
|
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 the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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 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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
41
(2022:
26
).
5.
Tangible assets
|
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2022 |
58,380 |
|
60,031 |
Additions |
113,049 |
|
114,599 |
|
--------- |
------- |
--------- |
At 31 March 2023 |
171,429 |
|
174,630 |
|
--------- |
------- |
--------- |
Depreciation |
|
|
|
At 1 April 2022 |
5,838 |
|
5,968 |
Charge for the year |
23,187 |
|
23,592 |
|
--------- |
------- |
--------- |
At 31 March 2023 |
29,025 |
|
29,560 |
|
--------- |
------- |
--------- |
Carrying amount |
|
|
|
At 31 March 2023 |
142,404 |
|
145,070 |
|
--------- |
------- |
--------- |
At 31 March 2022 |
52,542 |
|
54,063 |
|
--------- |
------- |
--------- |
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
At 31 March 2023 |
142,404 |
|
--------- |
At 31 March 2022 |
52,542 |
|
--------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
109,436 |
541,324 |
Amounts owed by customers on construction contracts |
1,743,207 |
504,886 |
Sales Retentions |
236,509 |
57,533 |
Other debtors |
193,054 |
55,217 |
|
------------ |
------------ |
|
2,282,206 |
1,158,960 |
|
------------ |
------------ |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by customers on construction contracts |
236,509 |
57,533 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
1,591,562 |
611,617 |
Accruals and deferred income |
107,906 |
9,811 |
Social security and other taxes |
135,022 |
57,708 |
Obligations under finance leases and hire purchase contracts |
33,205 |
10,550 |
Director loan accounts |
736,959 |
360,000 |
Other creditors |
51,678 |
55,283 |
|
------------ |
------------ |
|
2,656,332 |
1,104,969 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Obligations under finance leases and hire purchase contracts |
96,984 |
37,695 |
|
-------- |
-------- |
|
|
|
9.
Related party transactions
Included in other creditors is an amount of £736,959 (2022: £360,000) owed to
Mr R J Roberts
, a director of the company. This loan is repayable on demand and interest free.
10.
Controlling party
Mr R J Roberts is the ultimate controlling party.