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Registration number: 09325087

Keyser Contracting Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Keyser Contracting Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Keyser Contracting Ltd

Company Information

Director

Mr Nicholas Keyser

Registration number

09325087

Registered office

21 Market Place
Cirencester
Gloucestershire
GL7 2NX

Accountants

mca Shepherd Smail
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

 

Keyser Contracting Ltd

(Registration number: 09325087)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

824,793

794,722

Current assets

 

Stocks

6

62,462

-

Debtors

7

52,571

41,596

 

115,033

41,596

Creditors: Amounts falling due within one year

8

(565,363)

(520,073)

Net current liabilities

 

(450,330)

(478,477)

Total assets less current liabilities

 

374,463

316,245

Creditors: Amounts falling due after more than one year

8

(250,088)

(231,552)

Provisions for liabilities

(93,198)

(87,485)

Net assets/(liabilities)

 

31,177

(2,792)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

31,176

(2,793)

Shareholders' funds/(deficit)

 

31,177

(2,792)

 

Keyser Contracting Ltd

(Registration number: 09325087)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 September 2023

Mr Nicholas Keyser

Director

 

Keyser Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

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 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 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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. Support has been provided by a loan from a director who has indicated that this support will continue for the foreseeable future.

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.

 

Keyser Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises 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.

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

Plant and machinery

5% reducing balance

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.

 

Keyser Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

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.

 

Keyser Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

41,888

38,667

 

Keyser Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

1,291,443

1,291,443

Additions

325,746

325,746

Disposals

(363,450)

(363,450)

At 31 March 2023

1,253,739

1,253,739

Depreciation

At 1 April 2022

496,721

496,721

Charge for the year

41,888

41,888

Eliminated on disposal

(109,663)

(109,663)

At 31 March 2023

428,946

428,946

Carrying amount

At 31 March 2023

824,793

824,793

At 31 March 2022

794,722

794,722

6

Stocks

2023
£

2022
£

Other inventories

62,462

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

25,586

40,966

Prepayments

257

630

Other debtors

26,728

-

 

52,571

41,596

 

Keyser Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

204,123

198,995

Trade creditors

 

73,997

12,629

Taxation and social security

 

-

4,228

Accruals and deferred income

 

3,686

3,121

Other creditors

 

283,557

301,100

 

565,363

520,073

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

249,366

230,589

Deferred income

 

722

963

 

250,088

231,552

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liability 1 (1-2 yrs)

249,366

230,589

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

92,410

66,798

HP and finance lease liability 1 (under 1yr)

111,713

132,197

204,123

198,995

 

Keyser Contracting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A ordinary shares of £0.01 each

75

0.75

75

0.75

B ordinary shares of £0.01 each

25

0.25

25

0.25

 

100

1

100

1