Company Registration No. SC608626 (Scotland)
MRH Joinery Limited
Unaudited financial statements
for the year ended 30 September 2020
Pages for filing with registrar
MRH Joinery Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of MRH Joinery Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MRH Joinery Limited for the year ended 30 September 2020 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 I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
This report is made solely to the
d
irector of MRH Joinery Limited in accordance with the terms of our engagement letter dated 11 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of MRH Joinery Limited and state those matters that we have agreed to state to the
d
irector of MRH Joinery Limited in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MRH Joinery Limited and its
d
irector for our work or for this report.
It is your duty to ensure that MRH Joinery 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 MRH Joinery Limited. You consider that MRH Joinery 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 MRH Joinery 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.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
16 June 2021
MRH Joinery Limited
Statement of financial position
at 30 September 2020
2
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,555
4,680
Current assets
Debtors
1,339
137
Cash at bank and in hand
13,949
7,531
15,288
7,668
Creditors: amounts falling due within one year
(8,926)
(8,131)
Net current assets/(liabilities)
6,362
(463)
Net assets
9,917
4,217
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
9,907
4,207
Total equity
9,917
4,217
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MRH Joinery Limited
Statement of financial position (continued)
at 30 September 2020
3
The financial statements were approved and signed by the director and authorised for issue on 16 June 2021
Mark Hood
Director
Company Registration No. SC608626
MRH Joinery Limited
Notes to the financial statements
for the year ended 30 September 2020
4
1
Accounting policies
Company information
MRH Joinery Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
39 Beech Tree Road, Banchory, Aberdeenshire, AB31 5ZT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Sales represent revenue recognised in the accounts. Revenue is recognised when the business fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Computers
3 years straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MRH Joinery Limited
Notes to the financial statements (continued)
for the year ended 30 September 2020
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Tangible fixed assets
Total
£
Cost
At 1 October 2019 and 30 September 2020
6,063
Depreciation and impairment
At 1 October 2019
1,383
Depreciation charged in the year
1,125
At 30 September 2020
2,508
Carrying amount
At 30 September 2020
3,555
At 30 September 2019
4,680