Registration number:
MSC Joinery & Building Services Limited
Information for Filing with The Registrar
30 June 2018
MSC Joinery & Building Services Limited
(Registration number: 06609045)
Balance Sheet
30 June 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
- |
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
NET CURRENT LIABILITIES |
( |
( |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provision for liabilities |
( |
( |
|
|
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
TOTAL EQUITY |
|
|
For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
As permitted by section 444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account.
Approved and authorised by the
M.S. Cornell
Director
Page 1 |
MSC Joinery & Building Services Limited
Notes to the Accounts
Year Ended 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis on the assumption that the creditors will continue their support for the foreseeable future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises corporation and deferred tax.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 2 |
MSC Joinery & Building Services Limited
Notes to the Accounts
Year Ended 30 June 2018
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Pland and machinery |
10 years straight line basis |
Motor vehicles |
5 years straight line basis |
Office equipment |
3 years straight line basis |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 3 |
MSC Joinery & Building Services Limited
Notes to the Accounts
Year Ended 30 June 2018
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 July 2017 |
|
|
|
|
Additions |
- |
- |
|
|
Disposals |
- |
- |
( |
( |
At 30 June 2018 |
|
|
|
|
Depreciation |
||||
At 1 July 2017 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2018 |
|
|
|
|
Carrying amount |
||||
At 30 June 2018 |
|
|
|
|
At 30 June 2017 |
|
|
|
|
Debtors |
2018 |
2017 |
|
Trade debtors |
|
- |
Other debtors |
|
|
|
|
Page 4 |
MSC Joinery & Building Services Limited
Notes to the Accounts
Year Ended 30 June 2018
Creditors |
Note |
2018 |
2017 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
- |
|
Corporation tax |
|
|
|
Other taxes and social security |
|
|
|
Other creditors |
|
|
|
|
|
Note |
2018 |
2017 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Loans and borrowings |
2018 |
2017 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
|
|
2018 |
2017 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |
Finance lease liabilities |
|
|
|
|
Page 5 |