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Registration number: 06545869

Foster Construction (SW) Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2022

 

Foster Construction (SW) Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Foster Construction (SW) Ltd

(Registration number: 06545869)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

21,250

23,750

Tangible assets

5

305,514

229,227

 

326,764

252,977

Current assets

 

Stocks

169,658

12,640

Debtors

401,037

145,547

Cash at bank and in hand

 

304,311

268,820

 

875,006

427,007

Creditors: Amounts falling due within one year

6

(680,880)

(309,574)

Net current assets

 

194,126

117,433

Total assets less current liabilities

 

520,890

370,410

Creditors: Amounts falling due after more than one year

7

(59,866)

(38,251)

Provisions for liabilities

(47,460)

(43,148)

Net assets

 

413,564

289,011

Capital and reserves

 

Called up share capital

80

80

Profit and loss account

413,484

288,931

Total equity

 

413,564

289,011

For the financial 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.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

 

Foster Construction (SW) Ltd

(Registration number: 06545869)
Abridged Balance Sheet as at 31 March 2022

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 11 July 2022 and signed on its behalf by:
 

Mr R Foster

Director

Mr J Wharmby

Director

 

Foster Construction (SW) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

The principal place of business is:
109 Currypool Lane
Cannington
Bridgwater
Somerset
TA5 2NH

These financial statements were authorised for issue by the Board on 11 July 2022.

2

Accounting policies

Statement of compliance

These abridged 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 abridged 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.

Government grants

Government grants are recognised at the fair value of the asset received 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Leasehold improvements

Lifetime of lease

Motor vehicles

25% / 33% straight line

Plant and machinery

20% straight line

 

Foster Construction (SW) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2021 - 11).

 

Foster Construction (SW) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2021

50,000

At 31 March 2022

50,000

Amortisation

At 1 April 2021

26,250

Amortisation charge

2,500

At 31 March 2022

28,750

Carrying amount

At 31 March 2022

21,250

At 31 March 2021

23,750

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2021

732,863

Additions

248,973

Disposals

(104,896)

At 31 March 2022

876,940

Depreciation

At 1 April 2021

503,636

Charge for the year

115,655

Eliminated on disposal

(47,865)

At 31 March 2022

571,426

Carrying amount

At 31 March 2022

305,514

At 31 March 2021

229,227

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £41,187 (2021 - £37,644).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £59,866 (2021 - £38,251).

 

Foster Construction (SW) Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £40,000 (2021 - £60,000).