Mulberry Construction Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06510941 (England and Wales)

Abridged Unaudited Financial Statements

For The Year Ended 31 August 2017

for

Mulberry Construction Ltd

Page

Company Information

1

Chartered Certified Accountants' Report

2

Abridged Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

E J Vaughan

SECRETARY:

Mrs K E Vaughan

REGISTERED OFFICE:

161 Lancaster Road

Enfield

Middlesex

EN2 0JN

REGISTERED NUMBER:

06510941 (England and Wales)

ACCOUNTANTS:

Lee Christian & Co Ltd

Chartered Certified Accountants

161 Lancaster Road

Enfield

Middlesex

EN2 0JN

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Mulberry Construction Ltd for the year ended 31 August 2017 which comprise the Abridged

Statement of Income and Retained Earnings, Abridged 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Mulberry Construction Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mulberry Construction Ltd and state those matters that we have agreed to state to the director of Mulberry Construction Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Mulberry Construction Ltd 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 Mulberry Construction Ltd. You consider that Mulberry Construction Ltd 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 Mulberry Construction Ltd. 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.

Lee Christian & Co Ltd

Chartered Certified Accountants

161 Lancaster Road

Enfield

Middlesex

EN2 0JN

8 May 2018

FIXED ASSETS

Tangible assets

5

20,556

12,437

CURRENT ASSETS

Stocks

3,630

1,250

Debtors

91,318

34,001

Cash at bank and in hand

153,086

82,219

248,034

117,470

CREDITORS

Amounts falling due within one year

60,894

32,130

NET CURRENT ASSETS

187,140

85,340

TOTAL ASSETS LESS CURRENT LIABILITIES

207,696

97,777

PROVISIONS FOR LIABILITIES

4,025

2,487

NET ASSETS

203,671

95,290

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

203,571

95,190

SHAREHOLDERS' FUNDS

203,671

95,290

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 August 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 8 May 2018 and were signed by:

E J Vaughan - Director

1.	STATUTORY INFORMATION

Mulberry Construction Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 August 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 September 2015.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and

the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or

receivable and represents amounts receivable for services rendered stated net of discounts, other sales taxes and

value added tax.

Revenue arises from an increase in the value of work performed on construction contracts and on the value of

service provided during the year. Where the outcome of a long term contract can be estimated reliably and it is

probable that the contract will be profitable, revenue and costs are recognised by reference to the stage of

completion of the contract activity at the statement of financial position date. Stage of completion is assessed by

reference to proportion of contract costs incurred for the work performed to date relative to the estimated total

costs.

A variation is an instruction by the customer for a change in the scope of the work to be performed under the

contract. Variations are included in contract revenue when it is probable that the customer will approve the

variation and the related adjustment to the contract price can be measured reliably.

A claim is an amount that the contractors seeks to collect from the customer as reimbursement for costs whose

inclusion in the contract price is disputed, and may arise from , for example, delays caused by the customer,

errors in specification or design and disputed variations in contract work. Claims are included in contract

revenue when negotiations with the customer have reached an advanced stage such that it is probable that the

customer will accept the claim and the amount of the claim can be measured reliably.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as

an expense immediately.

Construction work in progress comprises the cost incurred on contracts plus an appropriate proportion of

overheads and attributable profit. Profits are recognised on a percentage completion basis when the outcome of a

contract or project can be reasonable foreseen, provision is made in full for estimated losses. Where the outcome

of a contract cannot be reasonably foreseen, profit is taken on completion. Remedial provisions are made in full

for any anticipated remediation work.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate that the carrying value may not be recoverable.

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds

and the carrying amount of the asset and is recognised in the profit and loss account and included in the other

operating income.

Stocks

Inventories are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis.

Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow

moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts and payable, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in profit and loss.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment are

reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of

possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value

in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is

recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of

inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item

of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to

complete and sell, and an impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2016

20,220

Additions

13,258

At 31 August 2017

33,478

DEPRECIATION

At 1 September 2016

7,783

Charge for year

5,139

At 31 August 2017

12,922

NET BOOK VALUE

At 31 August 2017

20,556

At 31 August 2016

12,437

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company made an advance of £29,870 (2016 £35,911) to the director of the company. The

director has repaid the advance in full. Interest has been charged on these loans by the company at the average

official rate of interest. The amount outstanding at the year-end was £nil (2016 - nil).

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is its director.

8.	LIABILITY LIMITATION AGREEMENT WITH THE ACCOUNTANT

The company has entered into a liability limitation agreement with the accountants Lee Christian & Co Limited

in respect of advice given and the preparation of any financial statements. The liability agreement strictly

restricts the liability of Lee Christian & Co Limited solely to Mulberry Construction Limited (the company) and

further restricts the liability of Lee Christian & Co Limited to the company in accordance with the Lee Christian

& Co Limited engagement letter and terms and conditions.