Company registration number 02415334 (England and Wales)
KODIAK CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
KODIAK CONSTRUCTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KODIAK CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,156,416
2,131,415
Investments
5
100
100
2,156,516
2,131,515
Current assets
Stocks
10,000
10,000
Debtors
6
1,469,010
7,842,440
Cash at bank and in hand
95,521
69,191
1,574,531
7,921,631
Creditors: amounts falling due within one year
7
(33,064)
(4,753,915)
Net current assets
1,541,467
3,167,716
Total assets less current liabilities
3,697,983
5,299,231
Creditors: amounts falling due after more than one year
8
(2,887,676)
(4,242,583)
Net assets
810,307
1,056,648
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
794,621
794,621
Profit and loss reserves
15,586
261,927
Total equity
810,307
1,056,648

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year 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 year 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.

KODIAK CONSTRUCTION LIMITED
BALANCE SHEET (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 25 October 2023 and are signed on its behalf by:
Mrs J Mercieca
Mr P Mercieca
Director
Director
Company Registration No. 02415334
KODIAK CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Kodiak Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Thornton Road East, Wimbledon, London, SW19 4NF.

1.1
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 £.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Land and buildings Freehold
No depreciation
Plant and machinery
20% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

KODIAK CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.8
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 balance sheet 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.

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 year was:

2023
2022
Number
Number
Total
10
10
KODIAK CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
2,116,708
85,874
2,202,582
Additions
1,197
37,145
38,342
At 30 April 2023
2,117,905
123,019
2,240,924
Depreciation and impairment
At 1 May 2022
-
0
71,167
71,167
Depreciation charged in the year
-
0
13,341
13,341
At 30 April 2023
-
0
84,508
84,508
Carrying amount
At 30 April 2023
2,117,905
38,511
2,156,416
At 30 April 2022
2,116,708
14,707
2,131,415

The properties were last revalued in 2013 by the directors using market based evidence for similar properties sold in the local area.

 

The original cost of the properties was £1,209,815

5
Fixed asset investments
2023
2022
£
£
Investments
100
100
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2022 & 30 April 2023
100
Carrying amount
At 30 April 2023
100
At 30 April 2022
100
KODIAK CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,033,822
399,721
Corporation tax recoverable
2,553
-
0
Other debtors
432,635
7,442,719
1,469,010
7,842,440
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
63,763
63,763
Trade creditors
220,389
106,415
Amounts owed to group undertakings
55
55
Corporation tax
-
0
73,057
Other taxation and social security
9,675
39,780
Other creditors
(260,818)
4,470,845
33,064
4,753,915

The bank loans are secured by a fixed and floating charge over the company's assets.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,867,023
4,242,583
Other creditors
20,653
-
0
2,887,676
4,242,583

The bank loans are secured by a fixed and floating charge over the company's assets.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
KODIAK CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
10
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
794,621
794,621
11
Related party transactions

During the year, sales of £524,392 (2022: £390,226) were made to Kodiak Investments Limited, a related party controlled by two of the directors.

During the year, sales of £143,127 (2022: £60,002) were made to the directors of the company.

 

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