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Registration number: 06667074

CB Groundworks & Construction Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2021

 

CB Groundworks & Construction Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

CB Groundworks & Construction Limited

Company Information

Directors

Mr KP Johnson

Mr PT Johnson

Registered office

3 Hop Row
Haddenham
Ely
Cambridgeshire
CB6 3SR

Accountants

AIMS Accountants for Business
Mark Ellis FCA
134 High Street
Offord Cluny
St Neots
Cambridgeshire
PE19 5RQ

 

CB Groundworks & Construction Limited

(Registration number: 06667074)
Abridged Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

288,606

429,378

Current assets

 

Stocks

5

170,000

415,000

Debtors

6

756,404

606,322

Cash at bank and in hand

 

292,923

195,090

 

1,219,327

1,216,412

Prepayments and accrued income

 

27,010

35,671

Creditors: Amounts falling due within one year

7

(472,986)

(416,403)

Net current assets

 

773,351

835,680

Total assets less current liabilities

 

1,061,957

1,265,058

Creditors: Amounts falling due after more than one year

8

(342,982)

(441,608)

Provisions for liabilities

(60,903)

(75,735)

Accruals and deferred income

 

(10,801)

(5,118)

Net assets

 

647,271

742,597

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

647,270

742,596

Shareholders' funds

 

647,271

742,597

 

CB Groundworks & Construction Limited

(Registration number: 06667074)
Abridged Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 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 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.

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 6 September 2022 and signed on its behalf by:
 

.........................................
Mr KP Johnson
Director

 

CB Groundworks & Construction Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
3 Hop Row
Haddenham
Ely
Cambridgeshire
CB6 3SR

The principal place of business is:
3 Hop Row
Haddenham
Ely
Cambridgeshire
CB6 3SR

These financial statements were authorised for issue by the Board on 6 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

CB Groundworks & Construction Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

Contract revenue recognition

Most projects are short term in nature and that for those that are in progress at the end of the accounting period all income and costs incurred but not invoiced are estimated, based on the final charges.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Motor vehicles

25% reducing balance basis

Office equipment

30% reducing balance basis

Plant & machinery

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

CB Groundworks & Construction Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

CB Groundworks & Construction Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2020 - 7).

 

CB Groundworks & Construction Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2021

60,000

14,460

173,847

801,973

Additions

-

2,173

21,200

104,105

Disposals

(60,000)

-

(6,150)

(45,950)

At 31 December 2021

-

16,633

188,897

860,128

Depreciation

At 1 January 2021

-

11,715

112,386

496,801

Charge for the year

-

2,548

19,273

161,724

Eliminated on disposal

-

-

(4,420)

(22,975)

At 31 December 2021

-

14,263

127,239

635,550

Carrying amount

At 31 December 2021

-

2,370

61,658

224,578

At 31 December 2020

60,000

2,745

61,461

305,172

 

CB Groundworks & Construction Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

Total
£

Cost or valuation

At 1 January 2021

1,050,280

Additions

127,478

Disposals

(112,100)

At 31 December 2021

1,065,658

Depreciation

At 1 January 2021

620,902

Charge for the year

183,545

Eliminated on disposal

(27,395)

At 31 December 2021

777,052

Carrying amount

At 31 December 2021

288,606

At 31 December 2020

429,378

Included within the net book value of land and buildings above is £Nil (2020 - £60,000) in respect of freehold land and buildings.
 

5

Stocks

2021
£

2020
£

Work in progress

150,000

400,000

Other inventories

20,000

15,000

170,000

415,000

6

Debtors

Debtors includes £65,000 (2020 - £70,000) due after more than one year.

7

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £136,588 (2020 - £175,906).

 

CB Groundworks & Construction Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

8

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £121,475 (2020 - £142,399).

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

10

Dividends

Final dividends paid

   

2021
£

 

2020
£

Final dividend of £250,000.00 (2020 - £Nil) per each Ordinary share

 

250,000

 

-

         

Interim dividends paid

   

2021
£

 

2020
£

Interim dividend of £Nil per each Ordinary share

 

-

 

-

         

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

61,653

40,065