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Registration number: 3516064

N A Heath Contracting Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

N A Heath Contracting Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

N A Heath Contracting Limited

Company Information

Directors

N Heath

L E Heath

Registered office

Unit 23
Tokenspire Business Park
Hull Road
Woodmansey
Beverley
HU17 0TB

 

N A Heath Contracting Limited

(Registration number: 3516064)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

192,452

266,804

Investment property

6

1,111,705

1,111,705

 

1,304,157

1,378,509

Current assets

 

Stocks

7

76,342

105,172

Debtors

8

689,188

598,398

Cash at bank and in hand

 

157,628

204,514

 

923,158

908,084

Creditors: Amounts falling due within one year

9

(705,067)

(504,710)

Net current assets

 

218,091

403,374

Total assets less current liabilities

 

1,522,248

1,781,883

Creditors: Amounts falling due after more than one year

9

(264,107)

(354,470)

Provisions for liabilities

(41,302)

(59,455)

Net assets

 

1,216,839

1,367,958

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

16,344

16,344

Profit and loss account

1,200,395

1,351,514

Total equity

 

1,216,839

1,367,958

For the financial year ending 31 March 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 20 October 2023 and signed on its behalf by:
 

.........................................
N Heath
Director

 

N A Heath Contracting Limited

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

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 3516064.

The address of its registered office is:
Unit 23
Tokenspire Business Park
Hull Road
Woodmansey
Beverley
HU17 0TB

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 financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of general construction and civil engineering 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.

 

N A Heath Contracting Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Investment property

0%

Motor vehicles

25% on reducing balance

Fixtures and fittings

15% on reducing balance

Plant and machinery

20% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains.

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

Fully amortised under FRS102

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

N A Heath Contracting Limited

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

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

N A Heath Contracting Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 31 (2022 - 23).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

150,000

150,000

At 31 March 2023

150,000

150,000

Amortisation

At 1 April 2022

150,000

150,000

At 31 March 2023

150,000

150,000

Carrying amount

At 31 March 2023

-

-

 

N A Heath Contracting Limited

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

5

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

9,461

209,233

203,149

421,843

Disposals

-

-

(32,500)

(32,500)

At 31 March 2023

9,461

209,233

170,649

389,343

Depreciation

At 1 April 2022

4,415

117,167

33,457

155,039

Charge for the year

757

23,016

29,779

53,552

Eliminated on disposal

-

-

(11,700)

(11,700)

At 31 March 2023

5,172

140,183

51,536

196,891

Carrying amount

At 31 March 2023

4,289

69,050

119,113

192,452

At 31 March 2022

5,046

92,066

169,692

266,804

6

Investment properties

2023
£

At 1 April

1,111,705

At 31 March

1,111,705

Revaluation

The fair value of the company's Investment properties was revalued on 31 March 2016 and updated for the additions made during the years ended 31 March 2018 and 31 March 2020. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,099,073 (2022 - £1,099,073).

7

Stocks

2023
£

2022
£

Other inventories

76,342

105,172

 

N A Heath Contracting Limited

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

8

Debtors

2023
£

2022
£

Trade debtors

319,685

253,412

Other debtors

349,280

328,158

Prepayments and accrued income

20,223

16,828

Total current trade and other debtors

689,188

598,398

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and other borrowings

10

40,416

40,416

Trade creditors

 

536,592

354,544

Taxation and social security

 

58,156

33,651

Other creditors

 

2,642

3,679

Accruals and deferred income

 

28,565

25,861

Hire purchase and finance lease obligations

10

38,696

46,559

 

705,067

504,710

Due after one year

 

Loans and borrowings

10

230,322

281,989

Hire purchase and finance lease obligations

10

33,785

72,481

 

264,107

354,470

Creditors: amounts falling due after more than one year

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

Creditors include bank loans, repayable by installments, of £88,947 (2021 - £127,684) due after more than five years.

 

N A Heath Contracting Limited

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

10

Loans and borrowings

2023
£

2022
£

Non-current secured loans and borrowings

Bank borrowings

230,322

281,989

Obligations under hire purchase and lease contracts

33,785

72,481

264,107

354,470

2023
£

2022
£

Current secured loans and borrowings

Bank borrowings

40,416

40,416

Obligations under hire purchase and lease contracts

38,696

46,559

79,112

86,975

The hire purchase obligations are secured on the assets they relate to, and the bank borrowings are secured on the land and buildings they relate to.

11

Related party transactions

Transactions with Directors

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

N Heath

Unsecured, interest free loan, repayable on demand

(167,644)

(162,703)

168,000

(162,347)

         
       

L E Heath

Unsecured, Interest free loan, repayable on demand

(81,698)

(75,250)

82,000

(74,948)

         
       

 

Other transactions with Directors

At the year end, the Directors owed the Company £237,295 (2022: £249,342). The amount is unsecured, interest-free and repayable on demand.

Summary of transactions with parent

The company's immediate parent is Heath Holdings Beverley Limited, copies of the financial statements are available from Heath Holdings Beverley Limited registered office; Unit 23, Tokenspire Business Park, Hull Road, Woodmansey, Beverley, HU17 0TB.

The company has taken advantage of the exemption in FRS102 Section 1A from disclosing transactions with its parent.

 

 

N A Heath Contracting Limited

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

Summary of transactions with other related parties

LEH Plant Hire Limted

(a Company owned by and also under the directorship of L Heath)

At the year end, the amount due to LEH Plant Hire Limited by N A Heath Contracting Limited was £57,278 (2022: £41,526). The amount is unsecured, interest-free and repayable on demand.