Company registration number:
13564890
Now Construction Limited
Unaudited filleted financial statements
31 August 2023
Now Construction Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Now Construction Limited
Statement of financial position
31 August 2023
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31/08/23 |
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31/08/22 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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3 |
9,032 |
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9,539 |
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_______ |
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_______ |
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9,032 |
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9,539 |
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Current assets |
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Stocks |
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22,096 |
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- |
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Debtors |
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4 |
1,444,582 |
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314,293 |
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Cash at bank and in hand |
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1,548,093 |
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113,863 |
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_______ |
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_______ |
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3,014,771 |
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428,156 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
2,713,997) |
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(
332,777) |
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_______ |
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_______ |
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Net current assets |
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300,774 |
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95,379 |
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_______ |
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_______ |
Total assets less current liabilities |
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309,806 |
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104,918 |
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Provisions for liabilities |
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(
2,258) |
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(
1,812) |
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_______ |
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_______ |
Net assets |
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307,548 |
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103,106 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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90 |
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90 |
Profit and loss account |
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307,458 |
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103,016 |
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_______ |
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_______ |
Shareholders funds |
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307,548 |
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103,106 |
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_______ |
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_______ |
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For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
23 October 2023
, and are signed on behalf of the board by:
Mr Jason Wellard
Director
Company registration number:
13564890
Now Construction Limited
Statement of changes in equity
Year ended 31 August 2023
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Called up share capital |
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Profit and loss account |
Total |
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£ |
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£ |
£ |
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At 13 August 2021 |
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- |
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- |
- |
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Profit for the year |
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103,016 |
103,016 |
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_______ |
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_______ |
_______ |
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Total comprehensive income for the year |
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- |
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103,016 |
103,016 |
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Issue of shares |
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90 |
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90 |
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_______ |
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_______ |
_______ |
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Total investments by and distributions to owners |
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90 |
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- |
90 |
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_______ |
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_______ |
_______ |
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At 31 August 2022 and 1 September 2022 |
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90 |
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103,016 |
103,106 |
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Profit for the year |
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230,042 |
230,042 |
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_______ |
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_______ |
_______ |
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Total comprehensive income for the year |
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- |
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230,042 |
230,042 |
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Dividends paid and payable |
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(
25,600) |
(
25,600) |
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_______ |
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_______ |
_______ |
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Total investments by and distributions to owners |
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- |
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(
25,600) |
(
25,600) |
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_______ |
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_______ |
_______ |
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At 31 August 2023 |
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90 |
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307,458 |
307,548 |
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_______ |
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_______ |
_______ |
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Now Construction Limited
Notes to the financial statements
Year ended 31 August 2023
1.
General information
Now Construction Limited (Company number
13564890
) is a private company limited by shares, registered in England & Wales. The address of the registered office is Suite 134, 80 Churchill Square, Kings Hill, West Malling, Kent, ME19 4YU.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the reliable estimate of the stage of completion of the services provided by the end of the reporting period. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters in to basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from third parties.
2.
Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 8 (2022: 4).
3.
Tangible assets
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Fixtures, fittings and equipment |
Total |
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£ |
£ |
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Cost |
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At 1 September 2022 |
10,749 |
10,749 |
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Additions |
2,317 |
2,317 |
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_______ |
_______ |
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At 31 August 2023 |
13,066 |
13,066 |
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_______ |
_______ |
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Depreciation |
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At 1 September 2022 |
1,210 |
1,210 |
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Charge for the year |
2,824 |
2,824 |
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_______ |
_______ |
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At 31 August 2023 |
4,034 |
4,034 |
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_______ |
_______ |
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Carrying amount |
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At 31 August 2023 |
9,032 |
9,032 |
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_______ |
_______ |
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At 31 August 2022 |
9,539 |
9,539 |
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_______ |
_______ |
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4.
Debtors
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31/08/23 |
31/08/22 |
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£ |
£ |
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Trade debtors |
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1,430,528 |
302,474 |
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Other debtors |
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14,054 |
11,819 |
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_______ |
_______ |
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1,444,582 |
314,293 |
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_______ |
_______ |
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5.
Creditors: amounts falling due within one year
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31/08/23 |
31/08/22 |
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£ |
£ |
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Trade creditors |
|
574,018 |
153,171 |
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Social security and other taxes |
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701,571 |
3,157 |
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Other creditors |
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1,438,408 |
176,449 |
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_______ |
_______ |
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2,713,997 |
332,777 |
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_______ |
_______ |
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6.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company: |
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Year ended 31/08/23 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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|
Mr Jason Wellard |
986 |
- |
(
986) |
- |
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_______ |
_______ |
_______ |
_______ |
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Period ended 31/08/22 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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|
£ |
£ |
£ |
£ |
|
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|
Mr Jason Wellard |
- |
986 |
- |
986 |
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_______ |
_______ |
_______ |
_______ |
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7.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value |
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Balance owed by/(owed to) |
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Year |
Period |
Year |
Period |
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ended |
ended |
ended |
ended |
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31/08/23 |
31/08/22 |
31/08/23 |
31/08/22 |
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£ |
£ |
£ |
£ |
|
Now Constuction Group Limited |
- |
- |
(
244,550) |
(
95,089) |
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_______ |
_______ |
_______ |
_______ |
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During the year the company received a loan of £244,550 from Now Construction Group Limited, a company in which the directors, have an interest.