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REGISTERED NUMBER: 01783814 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

D.J. PRESCOTT (BUILDERS) LIMITED

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


D.J. PRESCOTT (BUILDERS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: T D Prescott
G Prescott





SECRETARY: G Prescott





REGISTERED OFFICE: Unit 3
Sidings Court
Old Bridge Road
Hornsea
East Yorkshire
HU18 1RP





REGISTERED NUMBER: 01783814 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 115,849 61,781
Investment property 5 1,350,000 1,788,392
1,465,849 1,850,173

CURRENT ASSETS
Work in progress 1,423,144 1,428,629
Debtors 6 98,494 92,854
Cash at bank and in hand 1,296,870 562,697
2,818,508 2,084,180
CREDITORS
Amounts falling due within one year 7 609,633 539,682
NET CURRENT ASSETS 2,208,875 1,544,498
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,674,724

3,394,671

CREDITORS
Amounts falling due after more than one
year

8

(6,665

)

-

PROVISIONS FOR LIABILITIES (76,319 ) (59,095 )
NET ASSETS 3,591,740 3,335,576

CAPITAL AND RESERVES
Called up share capital 10 6,400 6,400
Capital redemption reserve 3,600 3,600
Retained earnings 3,581,740 3,325,576
SHAREHOLDERS' FUNDS 3,591,740 3,335,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:




T D Prescott - Director



G Prescott - Director


D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

D.J. Prescott (Builders) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 5% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing work in progress to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 215,732
Additions 78,561
Disposals (18,000 )
At 31 March 2023 276,293
DEPRECIATION
At 1 April 2022 153,951
Charge for year 16,899
Eliminated on disposal (10,406 )
At 31 March 2023 160,444
NET BOOK VALUE
At 31 March 2023 115,849
At 31 March 2022 61,781

The net book value of tangible fixed assets includes £ 15,675 in respect of assets held under hire purchase contracts.

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,788,392
Disposals (438,392 )
At 31 March 2023 1,350,000
NET BOOK VALUE
At 31 March 2023 1,350,000
At 31 March 2022 1,788,392

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2018 365,419
Cost 984,581
1,350,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 984,581 1,422,973

Investment property was valued on an open market basis on 31 March 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,637 6
Other debtors 96,857 92,848
98,494 92,854

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 9,279 -
Trade creditors 80,315 59,014
Taxation and social security 112,998 80,578
Other creditors 407,041 400,090
609,633 539,682

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 6,665 -

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 15,944 -

The hire purchase is secured against the asset that it relates to.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
6,400 Ordinary £1 6,400 6,400