Company registration number 12127092 (England and Wales)
Cusack Civils Ltd
Unaudited
financial statements
for the period ended 30 April 2023
PAGES FOR FILING WITH REGISTRAR
Cusack Civils Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Cusack Civils Ltd
Statement of financial position
as at 30 April 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
79,670
91,394
Current assets
Debtors
5
54,324
122,787
Cash at bank and in hand
6,871
11,702
61,195
134,489
Creditors: amounts falling due within one year
6
(86,549)
(162,733)
Net current liabilities
(25,354)
(28,244)
Total assets less current liabilities
54,316
63,150
Creditors: amounts falling due after more than one year
7
(20,833)
(31,667)
Provisions for liabilities
8
(15,137)
(15,033)
Net assets
18,346
16,450
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
18,344
16,448
Total equity
18,346
16,450
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Cusack Civils Ltd
Statement of financial position (continued)
as at 30 April 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2023 and are signed on its behalf by:
A J Cusack
Director
Company Registration No. 12127092
Cusack Civils Ltd
Notes to the financial statements
for the period ended 30 April 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised on the provision of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% Reducing Balance
Fixtures and fittings
15% Reducing Balance
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Cusack Civils Ltd
Notes to the financial statements (continued)
for the period ended 30 April 2023
1
Accounting policies
(continued)
- 4 -
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
4
4
Cusack Civils Ltd
Notes to the financial statements (continued)
for the period ended 30 April 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
84,865
4,527
33,400
122,792
Additions
3,315
2,549
5,864
At 30 April 2023
88,180
7,076
33,400
128,656
Depreciation and impairment
At 1 April 2022
18,177
689
12,532
31,398
Depreciation charged in the period
10,959
977
5,652
17,588
At 30 April 2023
29,136
1,666
18,184
48,986
Carrying amount
At 30 April 2023
59,044
5,410
15,216
79,670
At 31 March 2022
66,688
3,838
20,868
91,394
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,471
Amounts owed by connected company
13,400
Directors loan accounts
54,324
82,710
Other debtors
-
10,206
54,324
122,787
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Trade creditors
225
133,624
Amounts owed to connected company
52,062
Corporation tax
22,338
16,792
Other taxation and social security
174
567
Accruals and deferred income
1,750
1,750
86,549
162,733
Cusack Civils Ltd
Notes to the financial statements (continued)
for the period ended 30 April 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
20,833
31,667
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
15,137
15,033
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Company information
Cusack Civils Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Crown Yard, Southgate, Elland, West Yorkshire, HX5 0DQ.