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Registration number: 02939596

Flint Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Flint Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

 

Flint Construction Limited

Company Information

Directors

Mrs A L Newman

Mr J A Newman

Mr A R Newman

Mr S Orbell

Mr R J Brudenell

Company secretary

Mrs A L Newman

Registered office

Unit 1 Prospect Road
Alresford
Hampshire
SO24 9QF

Accountants

Howard Smith & Co Limited
Chartered Accountants
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

 

Flint Construction Limited

(Registration number: 02939596)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

110,462

115,898

Current assets

 

Stocks

6

276,504

261,697

Debtors

7

112,541

170,084

Cash at bank and in hand

 

266,861

157,382

 

655,906

589,163

Creditors: Amounts falling due within one year

8

(410,707)

(480,580)

Net current assets

 

245,199

108,583

Total assets less current liabilities

 

355,661

224,481

Creditors: Amounts falling due after more than one year

8

(66,073)

(85,459)

Provisions for liabilities

(27,192)

(20,370)

Net assets

 

262,396

118,652

Capital and reserves

 

Called up share capital

150

150

Retained earnings

262,246

118,502

Shareholders' funds

 

262,396

118,652

For the financial year ending 31 July 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 October 2023 and signed on its behalf by:
 

 

Flint Construction Limited

(Registration number: 02939596)
Balance Sheet as at 31 July 2023

.........................................
Mr A R Newman
Director

 

Flint Construction Limited

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

1

General information

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

The address of its registered office is:
Unit 1 Prospect Road
Alresford
Hampshire
SO24 9QF

These financial statements were authorised for issue by the Board on 18 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.

The accounts are prepared in Sterling

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.

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.

 

Flint Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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

Plant and machinery

20% on reducing balance

Office equipment

20% on reducing balance

Furniture and fittings

20% on reducing balance

Motor vehicles

25% on reducing balance

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

Computer software

33% on cost

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.

 

Flint Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 18 (2022 - 27).

 

Flint Construction Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

4,750

4,750

At 31 July 2023

4,750

4,750

Amortisation

At 1 August 2022

4,750

4,750

At 31 July 2023

4,750

4,750

Carrying amount

At 31 July 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

5,480

26,755

22,210

209,642

264,087

Additions

-

6,995

1,736

29,995

38,726

Disposals

(162)

(7,070)

(3,411)

(25,494)

(36,137)

At 31 July 2023

5,318

26,680

20,535

214,143

266,676

Depreciation

At 1 August 2022

4,756

19,969

17,303

106,161

148,189

Charge for the year

145

2,545

1,190

31,648

35,528

Eliminated on disposal

(162)

(6,015)

(2,715)

(18,611)

(27,503)

At 31 July 2023

4,739

16,499

15,778

119,198

156,214

Carrying amount

At 31 July 2023

579

10,181

4,757

94,945

110,462

At 31 July 2022

724

6,786

4,907

103,481

115,898

6

Stocks

2023
£

2022
£

Work in progress

276,504

261,697

 

Flint Construction Limited

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

7

Debtors

2023
£

2022
£

Trade debtors

110,760

168,783

Prepayments

1,781

1,301

112,541

170,084

 

Flint Construction Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

37,840

46,621

Trade creditors

 

132,002

216,536

Taxation and social security

 

109,169

122,551

Accruals and deferred income

 

4,500

4,200

Other creditors

 

127,196

90,672

 

410,707

480,580

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

27,840

36,621

37,840

46,621

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

66,073

85,459

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,337

28,333

Finance lease liabilities

47,736

57,126

66,073

85,459

 

Flint Construction Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

27,840

36,621

37,840

46,621

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

224,714

183,411

Contributions paid to money purchase schemes

50,082

52,639

274,796

236,050

Dividends paid to directors

   

2023
£

 

2022
£

Mrs A L Newman

       

Interim dividends paid

 

23,550

 

18,000

         

Mr A R Newman

       

Interim dividends paid

 

23,550

 

18,000

         

Mr J A Newman

       

 

10,467

 

8,000

         

Mr R J Brudenell

       

 

10,467

 

8,000

         

Mr S Orbell

       

 

10,466

 

8,000