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No description of principal activity
2021-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
01724919
2021-04-01
2022-03-31
01724919
2022-03-31
01724919
2021-03-31
01724919
2020-04-01
2021-03-31
01724919
2021-03-31
01724919
core:MotorVehicles
2021-04-01
2022-03-31
01724919
bus:OrdinaryShareClass1
2021-04-01
2022-03-31
01724919
bus:Director4
2021-04-01
2022-03-31
01724919
core:LandBuildings
2021-03-31
01724919
core:PlantMachinery
2021-03-31
01724919
core:MotorVehicles
2021-03-31
01724919
core:LandBuildings
2022-03-31
01724919
core:PlantMachinery
2022-03-31
01724919
core:MotorVehicles
2022-03-31
01724919
core:PlantMachinery
2021-04-01
2022-03-31
01724919
core:WithinOneYear
2022-03-31
01724919
core:WithinOneYear
2021-03-31
01724919
core:ShareCapital
2022-03-31
01724919
core:ShareCapital
2021-03-31
01724919
core:RetainedEarningsAccumulatedLosses
2022-03-31
01724919
core:RetainedEarningsAccumulatedLosses
2021-03-31
01724919
core:PlantMachinery
2021-03-31
01724919
core:MotorVehicles
2021-03-31
01724919
bus:SmallEntities
2021-04-01
2022-03-31
01724919
bus:AuditExempt-NoAccountantsReport
2021-04-01
2022-03-31
01724919
bus:FullAccounts
2021-04-01
2022-03-31
01724919
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
01724919
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
01724919
bus:OrdinaryShareClass1
2022-03-31
01724919
bus:OrdinaryShareClass1
2021-03-31
01724919
core:LandBuildings
core:LongLeaseholdAssets
2021-04-01
2022-03-31
COMPANY REGISTRATION NUMBER:
01724919
CONSTRUCTION PROFILES LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
CONSTRUCTION PROFILES LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2022
FIXED ASSETS
Tangible assets |
5 |
|
16,040 |
|
19,767 |
|
|
|
|
|
|
CURRENT ASSETS
Stock and work in progress |
6 |
343,391 |
|
37,690 |
|
Debtors |
7 |
996,792 |
|
447,209 |
|
Cash at bank and in hand |
1,089,903 |
|
843,258 |
|
|
------------ |
|
------------ |
|
|
2,430,086 |
|
1,328,157 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
1,635,137 |
|
625,071 |
|
|
------------ |
|
------------ |
|
NET CURRENT ASSETS |
|
794,949 |
|
703,086 |
|
|
--------- |
|
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
810,989 |
|
722,853 |
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax |
|
3,704 |
|
3,464 |
|
|
--------- |
|
--------- |
NET ASSETS |
|
807,285 |
|
719,389 |
|
|
--------- |
|
--------- |
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
9 |
|
1,000 |
|
1,000 |
Profit and loss account |
|
806,285 |
|
718,389 |
|
|
--------- |
|
--------- |
SHAREHOLDERS FUNDS |
|
807,285 |
|
719,389 |
|
|
--------- |
|
--------- |
|
|
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 March 2022 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
.
CONSTRUCTION PROFILES LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2022
These financial statements were approved by the
board of directors
and authorised for issue on
15 August 2022
, and are signed on behalf of the board by:
Company registration number:
01724919
CONSTRUCTION PROFILES LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
Year ended 31 March 2022
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Carriage House, Little Broom Street, Highgate, Birmingham, B12 OEU.
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.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover represents amounts due in respect of long-term contracts, based upon the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts is recognised by reference to the stage of completion. Retentions are shown in turnover as they are released.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 expenditure |
- |
Equal instalments over the period of the lease |
|
Plant, fixtures and computers |
- |
25% and 15% Reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Stock and work in progress
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis and net realisable value represents estimated selling price. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than the cost. Long term contract balances included in stocks and work in progress comprise costs incurred on long term contracts, net of amounts transferred to cost of sales, after deducting foreseeable losses and related payments on account. Costs include all direct material and labour costs incurred in bringing a contract to its state of completion at the year end, including an appropriate proportion of indirect expenses. Provisions for estimated losses on contracts are made in the period in which such losses are foreseen. Long term balances do not include any attributable profit. The excess of payments received over amounts recorded as turnover is classified under creditors due within one year. Amounts recoverable on contracts, being the amount by which recorded turnover is in excess of payments on account, is classified under debtors.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
11
(2021:
11
).
5.
TANGIBLE ASSETS
|
Leasehold property expenditure |
Plant, fixtures and computers |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 April 2021 |
18,926 |
110,276 |
19,705 |
148,907 |
Additions |
– |
1,253 |
– |
1,253 |
|
-------- |
--------- |
-------- |
--------- |
At 31 March 2022 |
18,926 |
111,529 |
19,705 |
150,160 |
|
-------- |
--------- |
-------- |
--------- |
Depreciation |
|
|
|
|
At 1 April 2021 |
18,926 |
98,561 |
11,653 |
129,140 |
Charge for the year |
– |
2,967 |
2,013 |
4,980 |
|
-------- |
--------- |
-------- |
--------- |
At 31 March 2022 |
18,926 |
101,528 |
13,666 |
134,120 |
|
-------- |
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
At 31 March 2022 |
– |
10,001 |
6,039 |
16,040 |
|
-------- |
--------- |
-------- |
--------- |
At 31 March 2021 |
– |
11,715 |
8,052 |
19,767 |
|
-------- |
--------- |
-------- |
--------- |
|
|
|
|
|
6.
STOCK AND WORK IN PROGRESS
|
2022 |
2021 |
|
£ |
£ |
Raw materials and consumables |
1,000 |
1,000 |
Work in progress |
342,391 |
36,690 |
|
--------- |
-------- |
|
343,391 |
37,690 |
|
--------- |
-------- |
|
|
|
7.
DEBTORS
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
751,720 |
296,074 |
Prepayments and accrued income |
16,526 |
16,705 |
Amounts recoverable on contracts |
67,055 |
98,116 |
Other debtors |
161,491 |
36,314 |
|
--------- |
--------- |
|
996,792 |
447,209 |
|
--------- |
--------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
1,476,992 |
457,559 |
Corporation tax |
55,822 |
60,851 |
Social security and other taxes |
38,206 |
33,242 |
Other creditors |
64,117 |
73,419 |
|
------------ |
--------- |
|
1,635,137 |
625,071 |
|
------------ |
--------- |
|
|
|
9.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2022 |
2021 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
10.
OTHER FINANCIAL COMMITMENTS
At the balance sheet date the company had total commitments under operating leases of £23,595 (2021:£13,317).