4 false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09106050 2022-05-01 2022-10-30 09106050 2022-10-30 09106050 2022-04-30 09106050 2021-05-01 2022-04-30 09106050 2022-04-30 09106050 core:PlantMachinery 2022-05-01 2022-10-30 09106050 core:MotorVehicles 2022-05-01 2022-10-30 09106050 bus:RegisteredOffice 2022-05-01 2022-10-30 09106050 bus:LeadAgentIfApplicable 2022-05-01 2022-10-30 09106050 bus:Director1 2022-05-01 2022-10-30 09106050 bus:Director2 2022-05-01 2022-10-30 09106050 bus:Director3 2022-05-01 2022-10-30 09106050 bus:Director4 2022-05-01 2022-10-30 09106050 bus:CompanySecretary1 2022-05-01 2022-10-30 09106050 core:WithinOneYear 2022-10-30 09106050 core:WithinOneYear 2022-04-30 09106050 core:PlantMachinery 2022-04-30 09106050 core:MotorVehicles 2022-04-30 09106050 core:PlantMachinery 2022-10-30 09106050 core:MotorVehicles 2022-10-30 09106050 core:DeferredTaxation 2022-05-01 2022-10-30 09106050 core:AfterOneYear 2022-10-30 09106050 core:AfterOneYear 2022-04-30 09106050 core:UKTax 2022-05-01 2022-10-30 09106050 core:UKTax 2021-05-01 2022-04-30 09106050 core:RestatedAmount 2022-04-30 09106050 core:RetainedEarningsAccumulatedLosses 2022-05-01 2022-10-30 09106050 core:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 09106050 core:RetainedEarningsAccumulatedLosses 2022-04-30 09106050 core:RetainedEarningsAccumulatedLosses 2021-04-30 09106050 core:RetainedEarningsAccumulatedLosses 2022-10-30 09106050 core:RetainedEarningsAccumulatedLosses 2022-04-30 09106050 core:ShareCapital 2022-10-30 09106050 core:ShareCapital 2022-04-30 09106050 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-04-30 09106050 core:BetweenOneFiveYears 2022-04-30 09106050 core:AcceleratedTaxDepreciationDeferredTax 2022-10-30 09106050 core:AcceleratedTaxDepreciationDeferredTax 2022-04-30 09106050 core:RestatedAmount 2021-05-01 2022-04-30 09106050 core:PlantMachinery 2022-04-30 09106050 core:MotorVehicles 2022-04-30 09106050 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-10-30 09106050 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-04-30 09106050 core:DeferredTaxation 2022-04-30 09106050 core:DeferredTaxation 2022-10-30 09106050 bus:Director4 2022-04-30 09106050 bus:Director4 2021-04-30 09106050 bus:SmallEntities 2022-05-01 2022-10-30 09106050 bus:Audited 2022-05-01 2022-10-30 09106050 bus:FullAccounts 2022-05-01 2022-10-30 09106050 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2022-10-30 09106050 bus:PrivateLimitedCompanyLtd 2022-05-01 2022-10-30 09106050 core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-05-01 2022-10-30 09106050 core:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-10-30
COMPANY REGISTRATION NUMBER: 09106050
Foundry Brickworks Limited
Financial Statements
30 October 2022
Foundry Brickworks Limited
Financial Statements
Period from 1 May 2022 to 30 October 2022
Contents
Pages
Officers and professional advisers
1
Directors' report
2 to 3
Independent auditor's report to the members
4 to 7
Income statement
8 to 9
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 to 17
Foundry Brickworks Limited
Officers and Professional Advisers
The board of directors
Mr J Lewis
Mr J J Leydon
Mr G Pepper (Resigned 30 June 2023)
Mr M D Lee
Company secretary
Mr G Pepper
Registered office
Artemis House
4a Bramley Road
Mount Farm
Milton Keynes
Buckinghamshire
MK1 1PT
Auditor
Ellacotts Audit Services Limited
Chartered Accountants & statutory auditor
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
England
NN15 6XR
Foundry Brickworks Limited
Directors' Report
Period from 1 May 2022 to 30 October 2022
The directors present their report and the financial statements of the company for the period ended 30 October 2022 .
Directors
The directors who served the company during the period were as follows:
Mr J Lewis
Mr J J Leydon
Mr G Pepper
Mr M D Lee
Mr G Pepper resigned as a director on 30 June 2023.
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Ellacotts Audit Services Limited were appointed as auditor to the company in accordance with section 485 of the Companies Act 2006. Each of the person who is a director at the date of approval of this report confirms that: - so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 October 2023 and signed on behalf of the board by:
Mr J Lewis
Director
Foundry Brickworks Limited
Independent Auditor's Report to the Members of Foundry Brickworks Limited
Period from 1 May 2022 to 30 October 2022
Qualified opinion
We have audited the financial statements of Foundry Brickworks Limited (the 'company') for the period ended 30 October 2022 which comprise the Income Statement, the Statement of Income and Retained Earnings, the Statement of Financial Position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matters described in the basis for Qualified Opinion paragraph, the financial statements: - give a true and fair view of the state of the company's affairs as at 30 October 2022 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
The evidence available to us was limited in relation to the comparatives in the current period's financial statements which are derived from the unaudited financial statements for the period ended 30 April 2022. As the comparatives were not audited and we were appointed as auditor in April 2023 it was not possible for us to perform the auditing procedures necessary to obtain sufficient appropriate audit evidence concerning the comparative figures. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:
- the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matters described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. Arising solely from the limitation on the scope of our work relating to the comparative figures, referred to above: - we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and - we were unable to determine whether adequate accounting records have been kept. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibility statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as a directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is increased the more the compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission and misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also perform the following procedures: - Enquiry of management, those charged with governance and the entity's solicitors (or in-house legal team) around actual and potential litigation and claims. - Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. - Reviewing minutes of meetings of those charged with governance. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities is available on the Financial Reporting Council's website at: https:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Stevens BA FCA
(Senior Statutory Auditor)
For and on behalf of
Ellacotts Audit Services Limited
Chartered Accountants & statutory auditor
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
England
NN15 6XR
25 October 2023
Foundry Brickworks Limited
Income Statement
Period from 1 May 2022 to 30 October 2022
Period from
1 May 22 to
Year to
30 Oct 22
30 Apr 22
(restated)
Note
£
£
Turnover
585,984
1,467,584
Cost of sales
153,778
1,187,471
---------
------------
Gross profit
432,206
280,113
Administrative expenses
168,835
148,149
---------
---------
Operating profit
4
263,371
131,964
Interest payable and similar expenses
6
1,718
4,219
---------
---------
Profit before taxation
261,653
127,745
Tax on profit
7
48,407
66,116
---------
---------
Profit for the financial period
213,246
61,629
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the period as set out above.
Foundry Brickworks Limited
Statement of Income and Retained Earnings
Period from 1 May 2022 to 30 October 2022
Period from
1 May 22 to
Year to
30 Oct 22
30 Apr 22
(restated)
Note
£
£
Profit for the financial period and total comprehensive income
213,246
61,629
Dividends paid and payable
( 28,000)
( 122,000)
Retained (losses)/earnings at the start of the period
( 33,678)
26,693
---------
---------
Retained earnings/(losses) at the end of the period
151,568
( 33,678)
---------
---------
Foundry Brickworks Limited
Statement of Financial Position
30 October 2022
30 Oct 22
30 Apr 22
(restated)
Note
£
£
£
Fixed assets
Tangible assets
8
117,449
137,580
Current assets
Stocks
2,543
2,543
Debtors
9
1,492,163
1,449,328
Cash at bank and in hand
16,704
30,538
------------
------------
1,511,410
1,482,409
Creditors: amounts falling due within one year
10
1,408,504
1,587,307
------------
------------
Net current assets/(liabilities)
102,906
( 104,898)
---------
---------
Total assets less current liabilities
220,355
32,682
Creditors: amounts falling due after more than one year
11
23,525
31,665
Provisions
Taxation including deferred tax
14
29,263
34,395
Other provisions
14
15,699
--------
--------
44,962
34,395
---------
--------
Net assets/(liabilities)
151,868
( 33,378)
---------
--------
Capital and reserves
Called up share capital
300
300
Profit and loss account
151,568
( 33,678)
---------
--------
Shareholders funds/(deficit)
151,868
( 33,378)
---------
--------
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Mr J Lewis
Director
Company registration number: 09106050
Foundry Brickworks Limited
Notes to the Financial Statements
Period from 1 May 2022 to 30 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, Buckinghamshire, MK1 1PT.
2. Statement of compliance
The financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The year end has been changed to 30th October 2022, to align with the group's accounting year end.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The accounts have been prepared up to 30th October 2022. The prior years figures have not been audited. The prior year figures have been restated, due to the deferred tax provision being omitted.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & machinery
-
20% straight line
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Snagging Provision At each reporting date the snagging provision is assessed for adequacy. For the period to 30th October 2022 the provision was £15,699 and this was based on 1.07% of the prior periods turnover. Based on the experience of the management considering the snagging expenditure and sales in the year, the amount of this provision will be adjusted in future accounting periods. The movement will be recognised in the statement of comprehensive income.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
1 May 22 to
Year to
30 Oct 22
30 Apr 22
(restated)
£
£
Depreciation of tangible assets
20,131
39,206
Gains on disposal of tangible assets
( 27,000)
--------
--------
5. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2022: 4 ).
6. Interest payable and similar expenses
Period from
1 May 22 to
Year to
30 Oct 22
30 Apr 22
(restated)
£
£
Interest on obligations under finance leases and hire purchase contracts
1,718
4,219
-------
-------
7. Tax on profit
Major components of tax expense
Period from
1 May 22 to
Year to
30 Oct 22
30 Apr 22
(restated)
£
£
Current tax:
UK current tax expense
53,539
31,721
Deferred tax:
Origination and reversal of timing differences
( 5,132)
34,395
--------
--------
Tax on profit
48,407
66,116
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is lower than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
1 May 22 to
Year to
30 Oct 22
30 Apr 22
(restated)
£
£
Profit on ordinary activities before taxation
261,653
127,745
---------
---------
Profit on ordinary activities by rate of tax
49,714
24,272
Effect of capital allowances and depreciation
3,825
7,449
Deferred tax
( 5,132)
34,395
---------
---------
Tax on profit
48,407
66,116
---------
---------
8. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2022 (as restated) and 30 October 2022
239,821
36,169
275,990
---------
--------
---------
Depreciation
At 1 May 2022
111,233
27,177
138,410
Charge for the period
19,231
900
20,131
---------
--------
---------
At 30 October 2022
130,464
28,077
158,541
---------
--------
---------
Carrying amount
At 30 October 2022
109,357
8,092
117,449
---------
--------
---------
At 30 April 2022
128,588
8,992
137,580
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 October 2022
4,350
-------
At 30 April 2022
4,350
-------
9. Debtors
30 Oct 22
30 Apr 22
(restated)
£
£
Trade debtors
1,491,252
1,444,821
Other debtors
911
4,507
------------
------------
1,492,163
1,449,328
------------
------------
10. Creditors: amounts falling due within one year
30 Oct 22
30 Apr 22
(restated)
£
£
Bank loans and overdrafts
10,773
11,064
Trade creditors
70,279
69,444
Amounts owed to group undertakings
1,094,294
1,066,294
Accruals and deferred income
134,673
359,165
Corporation tax
85,488
31,949
Social security and other taxes
17,919
Obligations under finance leases and hire purchase contracts
875
13,120
Director loan accounts
30
30
Other creditors
12,092
18,322
------------
------------
1,408,504
1,587,307
------------
------------
11. Creditors: amounts falling due after more than one year
30 Oct 22
30 Apr 22
(restated)
£
£
Bank loans and overdrafts
23,525
28,720
Obligations under finance leases and hire purchase contracts
2,945
--------
--------
23,525
31,665
--------
--------
12. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
30 Oct 22
30 Apr 22
(restated)
£
£
Not later than 1 year
875
13,120
Later than 1 year and not later than 5 years
2,945
----
--------
875
16,065
----
--------
13. Oligations under hire purchase agreements
Hire Purchase agreements are secured over the assets to which they relate.
14. Provisions
Deferred tax (note 15)
Snagging provision (note 16)
Total
£
£
£
At 1 May 2022 (as restated)
34,395
34,395
Additions
15,699
15,699
Charge against provision
( 5,132)
( 5,132)
--------
--------
--------
At 30 October 2022
29,263
15,699
44,962
--------
--------
--------
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30 Oct 22
30 Apr 22
(restated)
£
£
Included in provisions (note 14)
29,263
34,395
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
30 Oct 22
30 Apr 22
(restated)
£
£
Accelerated capital allowances
29,263
34,395
--------
--------
16. Snagging provision
At each reporting date the snagging provision is assessed for adequacy. For the period to 30th October 2022 the provision was £15,699 and this was based on 1.07% of the prior periods turnover. Based on the experience of the management considering the snagging expenditure and sales in the year, the amount of this provision will be adjusted in future accounting periods. The movement will be recognised in the statement of comprehensive income.
17. Prior period adjustments
The following prior year adjustment has been made: 1. Deferred tax was not included for the year, so a provision of £34,395 was entered, the balance was previously nil.
18. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
30 Oct 22
30 Apr 22
£
£
Mr M D Lee
( 30)
( 30)
----
----
19. Related party transactions
The company was under the control of Mr J J Leydon, Mr J Lewis, Mr M D Lee, Mr G Pepper throughout the current period each of whom are directors and equal shareholders of the parent company. The company has taken advantage of the exemption conferred by the Financial Reporting Standard 102 not to disclose transactions with members of the group headed by Snowdon Homes Limited.
20.Controlling party
Snowdon Homes Limited is the immediate parent company.