Registered number
09505198
Highfield Construction Thrapston Limited
Filleted Accounts
31 March 2023
Highfield Construction Thrapston Limited
Registered number: 09505198
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 139,498 191,922
Current assets
Stocks 70,753 85,507
Debtors 4 246,637 257,556
Cash at bank and in hand 23,780 18,937
341,170 362,000
Creditors: amounts falling due within one year 5 (109,871) (185,133)
Net current assets 231,299 176,867
Total assets less current liabilities 370,797 368,789
Creditors: amounts falling due after more than one year 6 (36,417) (53,706)
Provisions for liabilities (26,505) (36,465)
Net assets 307,875 278,618
Capital and reserves
Called up share capital 100 100
Profit and loss account 307,775 278,518
Shareholders' funds 307,875 278,618
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S M Pridmore
Director
Approved by the board on 18 September 2023
Highfield Construction Thrapston Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and office equipment 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 272,031 45,607 317,638
Additions 31,357 - 31,357
Disposals (84,995) - (84,995)
At 31 March 2023 218,393 45,607 264,000
Depreciation
At 1 April 2022 100,824 24,892 125,716
Charge for the year 30,990 5,179 36,169
On disposals (37,383) - (37,383)
At 31 March 2023 94,431 30,071 124,502
Net book value
At 31 March 2023 123,962 15,536 139,498
At 31 March 2022 171,207 20,715 191,922
4 Debtors 2023 2022
£ £
Trade debtors 199,951 160,218
Director's loan 20,000 -
Other debtors 26,686 97,338
246,637 257,556
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 33,034 46,569
Trade creditors 7,010 33,565
Director's loan 33 6,493
Taxation and social security costs 54,514 31,846
Other creditors 15,280 66,660
109,871 185,133
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 36,417 53,706
7 Related party transactions
Rent of office paid to related party 1,100 900
Interest free loan from related party 33 6,493
Director's remuneration 13,570 13,198
Dividends paid to related party 78,523 30,520
8 Controlling party
The controlling party was the director.
9 Other information
Highfield Construction Thrapston Limited is a private company limited by shares and incorporated in England. Its registered office is:
40 Highfield Road
Thrapston
Kettering
Northants
NN14 4NN
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