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Registration number: 11782396

Sutton Builders Plymouth Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Sutton Builders Plymouth Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Sutton Builders Plymouth Ltd

Company Information

Directors

Mr Michael Anthony Packer

Mr John Anthony Packer

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sutton Builders Plymouth Ltd
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sutton Builders Plymouth Ltd for the year ended 31 January 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sutton Builders Plymouth Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sutton Builders Plymouth Ltd and state those matters that we have agreed to state to the Board of Directors of Sutton Builders Plymouth Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sutton Builders Plymouth Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sutton Builders Plymouth Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sutton Builders Plymouth Ltd. You consider that Sutton Builders Plymouth Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sutton Builders Plymouth Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

5 October 2023

 

Sutton Builders Plymouth Ltd

(Registration number: 11782396)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

18,333

21,306

Tangible assets

5

13,386

14,758

 

31,719

36,064

Current assets

 

Stocks

6

29,305

31,718

Debtors

7

57,094

49,740

Cash at bank and in hand

 

1

-

 

86,400

81,458

Creditors: Amounts falling due within one year

8

(66,806)

(61,309)

Net current assets

 

19,594

20,149

Total assets less current liabilities

 

51,313

56,213

Creditors: Amounts falling due after more than one year

8

(14,801)

(26,988)

Provisions for liabilities

(2,546)

(2,804)

Net assets

 

33,966

26,421

Capital and reserves

 

Called up share capital

100

100

Retained earnings

33,866

26,321

Shareholders' funds

 

33,966

26,421

 

Sutton Builders Plymouth Ltd

(Registration number: 11782396)
Balance Sheet as at 31 January 2023

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

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 October 2023 and signed on its behalf by:
 

.........................................

Mr Michael Anthony Packer

Director

 

Sutton Builders Plymouth Ltd

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

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

These financial statements were authorised for issue by the Board on 5 October 2023.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of building services and assoicated materials in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current 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.

The current income 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.

 

Sutton Builders Plymouth Ltd

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

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

Motor vehicles

15% reducing balance

Plant and equipment

15% reducing balance

Computer and office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

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.

 

Sutton Builders Plymouth Ltd

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan 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.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 6).

 

Sutton Builders Plymouth Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

29,730

29,730

At 31 January 2023

29,730

29,730

Amortisation

At 1 February 2022

8,424

8,424

Amortisation charge

2,973

2,973

At 31 January 2023

11,397

11,397

Carrying amount

At 31 January 2023

18,333

18,333

At 31 January 2022

21,306

21,306

5

Tangible assets

Computer and office equipment
£

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 February 2022

608

17,621

3,000

21,229

Additions

1,087

-

-

1,087

Disposals

-

(26)

-

(26)

At 31 January 2023

1,695

17,595

3,000

22,290

Depreciation

At 1 February 2022

413

5,083

975

6,471

Charge for the year

263

1,879

303

2,445

Eliminated on disposal

-

(12)

-

(12)

At 31 January 2023

676

6,950

1,278

8,904

Carrying amount

At 31 January 2023

1,019

10,645

1,722

13,386

At 31 January 2022

195

12,538

2,025

14,758

 

Sutton Builders Plymouth Ltd

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

6

Stocks

2023
£

2022
£

Work in progress

23,805

26,718

Other inventories

5,500

5,000

29,305

31,718

7

Debtors

2023
£

2022
£

Trade debtors

1,260

12,120

Prepayments

892

583

Other debtors

54,942

37,037

57,094

49,740

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

20,161

16,342

Trade creditors

 

16,597

16,300

Taxation and social security

 

23,361

24,167

Accruals and deferred income

 

6,608

4,500

Other creditors

 

79

-

 

66,806

61,309

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

14,801

26,988

9

Related party transactions

During the year a director received advances totalling £56,475, and made repayments of £39,512. At the year end the balance owed to the company was £54,942 (2022: £37,037). This loan is repayable on demand. Interest on any overdrawn balance was charged at the standard HMRC rate.