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COMPANY REGISTRATION NUMBER: 01070183
E. Graham and Son Limited
Filleted Unaudited Financial Statements
31 March 2018
E. Graham and Son Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
E. Graham and Son Limited
Officers and Professional Advisers
Director
Mr W J Graham
Company secretary
Mr W J Graham
Registered office
Sterling House
Wavell Drive
Rosehill Industrial Estate
Carlisle
Cumbria
CA1 2SA
Accountants
Saint & Co
Chartered accountant
Sterling House
Wavell Drive, Rosehill
Carlisle, Cumbria
CA1 2SA
Bankers
Barclays Bank PLC
Kendal
Cumbria
E. Graham and Son Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
55,924
72,556
Current assets
Stocks
144,684
144,684
Debtors
6
107,681
182,944
Cash at bank and in hand
782,345
943,523
------------
------------
1,034,710
1,271,151
Creditors: amounts falling due within one year
7
137,859
142,542
------------
------------
Net current assets
896,851
1,128,609
----------
------------
Total assets less current liabilities
952,775
1,201,165
Provisions
Taxation including deferred tax
6,320
8,938
----------
------------
Net assets
946,455
1,192,227
----------
------------
Capital and reserves
Called up share capital
50
100
Capital redemption reserve
50
Profit and loss account
946,355
1,192,127
----------
------------
Shareholders funds
946,455
1,192,227
----------
------------
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 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 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
E. Graham and Son Limited
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 8 August 2018 , and are signed on behalf of the board by:
Mr W J Graham
Director
Company registration number: 01070183
E. Graham and Son Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Sterling House, Wavell Drive, Rosehill Industrial Estate, Carlisle, Cumbria, CA1 2SA. The address of the principal place of business is Cherry Trees, Plumpton, Penrith, Cumbria, CA11 9PA.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Construction contracts Determining the valuation of construction contracts requires judgement regarding the stage of completion of jobs at the year end. The judgements are based on the proportion of costs incurred to date. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is the total amount receivable by the company for goods and services provided, excluding VAT and including the value of work undertaken in the year in accordance with the stock and work in progress policy notes below. Sale of speculative house building is recorded in turnover at the date of practical completion of the contract for sale. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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. 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:
Leasehold Property
-
10% straight line
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% straight line
Equipment
-
15%-30% reducing balance
Lorries & Dumpers
-
25% 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.
Stocks
Stocks have been valued by the directors on the following basis: Raw materials and land - the lower of cost and net realisable value. Work in progress Work in progress has been valued by the directors on the following basis:(a) - speculative housebuilding is included in stocks at cost of materials and labour plus attributable overhead. (b) - other works are included in debtors at recoverable sales value relative to the stage of completion of works.
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
The pension costs charged against profits represent the amount of the contributions payable to defined contribution pension schemes in respect of directors and staff during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2017: 12 ).
5. Tangible assets
Long leasehold property
Plant & machinery
Motor vehicles
Office Equipment & Computers
Lorries & dumpers
Total
£
£
£
£
£
£
Cost
At 1 Apr 2017
45,716
105,853
185,468
9,485
72,248
418,770
Additions
2,663
583
7,000
10,246
Disposals
( 1,400)
( 30,113)
( 3,665)
( 35,178)
--------
----------
----------
-------
--------
----------
At 31 Mar 2018
45,716
107,116
155,355
6,403
79,248
393,838
--------
----------
----------
-------
--------
----------
Depreciation
At 1 Apr 2017
45,716
99,040
131,761
8,632
61,065
346,214
Charge for the year
2,030
21,363
264
3,087
26,744
Disposals
( 1,375)
( 30,113)
( 3,556)
( 35,044)
--------
----------
----------
-------
--------
----------
At 31 Mar 2018
45,716
99,695
123,011
5,340
64,152
337,914
--------
----------
----------
-------
--------
----------
Carrying amount
At 31 Mar 2018
7,421
32,344
1,063
15,096
55,924
--------
----------
----------
-------
--------
----------
At 31 Mar 2017
6,813
53,707
853
11,183
72,556
--------
----------
----------
-------
--------
----------
6. Debtors
2018
2017
£
£
Trade debtors
83,242
117,917
Other debtors
24,439
65,027
----------
----------
107,681
182,944
----------
----------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
17,713
42,575
Corporation tax
56,200
9,816
Social security and other taxes
32,184
53,789
Other creditors
31,762
36,362
----------
----------
137,859
142,542
----------
----------
8. Director's advances, credits and guarantees
The directors were not advanced any amounts during the period.