Registration number:
J. Sives Surfacing Limited
for the Year Ended 31 March 2022
J. Sives Surfacing Limited
Contents
Company Information |
|
Statement of Director's Responsibilities |
|
Balance Sheet |
|
Notes to the Financial Statements |
J. Sives Surfacing Limited
Company Information
Director |
C M Smith |
Registered office |
|
Auditors |
|
J. Sives Surfacing Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
J. Sives Surfacing Limited
(Registration number: SC115796)
Balance Sheet as at 31 March 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stock |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
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.
Approved and authorised by the
......................................... |
J. Sives Surfacing Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office and place of business is:
UK
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 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 financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Going concern
The financial statements have been prepared on the going concern basis. The company achieved a profit after taxation of £232,993 (2021 £189,709) in the year and at its year end had net assets of £277,668 (2021 £200,675). The directors are satisfied the company will be able to meet its working capital requirements as they fall due and the company will be able to continue to trade for the foreseeable future.
Audit report
.........................................
Revenue recognition
Turnover represents the total value of work done during the year on short term construction contracts, excluding value added tax and including retentions receivable on work done. Revenue is recognised as earned to the extent that the company obtains the right to consideration in exchange for its performance under those contracts. For incomplete contracts, where their outcome can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion of the contract at the balance sheet date. Unbilled revenue at the year end is included in debtors and amounts billed in advance of revenue earned is included in creditors. Where it is probable that contract costs paid exceed the total contract turnover, the expected loss is recognised as an expense immediately.
Government grants
Grants that are received in respect of expenditure incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable. In 2021 these comprised Covid-19 grants.
Tax
The tax expense for the period comprises current tax 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.
J. Sives Surfacing Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
The current corporation 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 fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost less residual value of each asset over its estimated useful life, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% per annum straight line |
Office equipment |
25% per annum straight line |
Furniture and fittings |
25% per annum straight line |
Motor vehicles |
25% oer annum straight line |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for 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.
Stock
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
J. Sives Surfacing Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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.
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.
Defined contribution pension obligation
The company operates defined contribution schemes which are pension plans under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
The pension costs charged in the financial statements represent amounts paid to two (2021 two) defined contribution schemes. In the previous year one of those schemes was operated for a director. The other two schemes are automatic enrolment schemes operated for the company's office and site based employees. The assets of these schemes are held separately from those of the company in independently administered funds. Employer pension contributions to defined contribution plans are recognised as an employee benefit expense when they are due.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Other operating income |
2022 |
2021 |
||
£ |
£ |
||
Construction Industry Training Board |
- |
2,350 |
|
Job Retention Scheme grant income |
3,106 |
82,802 |
|
Scottish Government Coronavirus Business Support grant income |
- |
10,000 |
|
Other income |
7 |
- |
|
3,113 |
95,152 |
J. Sives Surfacing Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Taxation |
2022 |
2021 |
||
£ |
£ |
||
Current tax: |
|||
UK corporation tax |
55,724 |
45,196 |
|
Deferred tax |
(134) |
(312) |
|
55,590 |
44,884 |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
|||
At 1 April 2021 |
|
|
|
Additions |
|
- |
|
Disposals |
- |
( |
( |
At 31 March 2022 |
|
- |
|
Depreciation |
|||
At 1 April 2021 |
|
|
|
Charge for the year |
|
- |
|
Eliminated on disposal |
- |
( |
( |
At 31 March 2022 |
|
- |
|
Carrying amount |
|||
At 31 March 2022 |
|
- |
|
At 31 March 2021 |
|
- |
|
Stock |
2022 |
2021 |
|
Materials |
|
|
Debtors |
Note |
2022 |
2021 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
J. Sives Surfacing Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Due within one year |
|||
Bank loan |
- |
|
|
Trade creditors |
|
|
|
Amount owed to group undertaking |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
2022 |
2021 |
|
Due after more than five years |
||
After more than five years by instalments |
- |
|
- |
- |
Creditors included a bank loan repayable by instalments of Nil (2021 £1,769) due after more than five years. The loan was unsecured with an interest rate of 2.5% per annum. It was repaid in full during the year.
Provisions for liabilities |
2022 |
2021 |
|||
£ |
£ |
|||
Deferred tax |
199 |
333 |
||
Deferred tax |
||||
£ |
||||
Balance at |
1 April 2021 |
333 |
||
Credit to income statement during year |
(134) |
|||
Balance at |
31 March 2022 |
199 |
J. Sives Surfacing Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
- |
|
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
- |
|
Dividends |
Interim dividends paid
2022 |
2021 |
|||
Interim dividends of £ |
|
|
||
Financial commitments, guarantees and contingencies |
Guarantee
The company has provided a floating charge over all its property, undertakings, assets and rights in favour of The Royal Bank of Scotland PLC for its obligations. At 31/03/2022 its holding company's borrowings amounted to £400,000 (2021 - Nil).
Commitments
The company has the following operating lease commitments:
2022 |
2021 |
||
£ |
£ |
||
Operating lease commitments |
28,554 |
31,280 |
J. Sives Surfacing Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Related party transactions |
Loans to related parties
2022 |
Parent |
Entities with joint control or significant influence |
Other related parties |
At start of period |
- |
|
|
Advanced |
|
- |
- |
Repaid |
- |
( |
( |
At end of period |
|
- |
- |
|
2021 |
Entities with joint control or significant influence |
Other related parties |
Total |
At start of period |
|
|
|
Advanced |
|
- |
|
Repaid |
( |
- |
( |
At end of period |
|
|
|
|
Terms of loans to related parties
Loans from related parties
2022 |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
- |
- |
|
2021 |
Entities with joint control or significant influence |
Total |
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
J. Sives Surfacing Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
Terms of loans from related parties
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
160,000 |
|
160,000 |
|
|
40,000 |
|
40,000 |
|
|
|
|