DENNY'S CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Registered number: 04845080
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DENNY'S CONSTRUCTION LIMITED
REGISTERED NUMBER:04845080
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BALANCE SHEET
AS AT 30 SEPTEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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DENNY'S CONSTRUCTION LIMITED
REGISTERED NUMBER:04845080
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BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2022.
The notes on pages 3 to 9 form part of these financial statements.
Page 2
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DENNY'S CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Denny's Construction Limited is a private company, limited by shares, domiciled in England and Wales, registration number 04845080. The company's registered office is Foxhill, Sheringwood, Beeston Regis, Sheringham, Norfolk, NR26 8TS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover represents revenue earned under a wide variety of contracts to provide civil engineering and groundworking services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including recoverable expenses and disbursements, but excluding Value Added Tax. Unbilled revenue is included in debtors, under 'amounts recoverable on contracts'.
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life of twenty years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.
Depreciation is not provided on assets under construction and only provided when the asset is brought into use. Freehold land cost is not depreciated as this is considered to have an indefinite life.
Depreciation is provided on the following basis:
A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Page 3
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DENNY'S CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
Stocks of building materials have been valued by the company directors, at the lower of cost and net realisable value.
Debtors are measured at transaction price, less any impairment for bad or doubtful debts.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Creditors are measured at transaction price.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method in order that the amount charged is at a constant rate to the outstanding value of the loan or financed amount.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 4
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DENNY'S CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
Interest income is recognised in the Statement of Comprehensive Income in the year in which it is received.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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Current and deferred taxation
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The taxation expense for the year comprises current and deferred tax. Taxation is only recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.
The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.
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The average monthly number of employees, including directors, during the year was 17 (2020 - 17).
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Page 5
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DENNY'S CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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Charge for the year on owned assets
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Page 6
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DENNY'S CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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Freehold land and building
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Charge for the year on owned assets
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Charge for the year on financed assets
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Included in freehold land and buildings is freehold land at a cost of £99,130 (2020 - £99,130) which is not depreciated.
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 7
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DENNY'S CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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Amounts recoverable on long-term contracts
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Included within other debtors due within one year is a loan to E R & Mrs S J Denny, the directors, amounting to £96,428 (2020 - £69,328). The maximum amount outstanding during the year was £159,872. Interest charged to the directors at the prevailing official rate during the period of the loan amounted to £2,217. The loan was repaid on 27 April 2022.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Of the creditors falling due within one year, the obligations under finance leases and hire purchase contracts totalling £70,913 (2020 - £76,725) are secured on the assets concerned.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Of the creditors falling due after more than one year, the obligations under finance leases and hire purchase contracts totalling £74,230 (2020 - £43,366) are secured on the assets concerned.
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Page 8
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DENNY'S CONSTRUCTION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,107 (2020 - £9,981). Contributions totalling £517 (2020 - £415) were payable to the fund at the balance sheet date and are included in other creditors.
Page 9
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