Caseware UK (AP4) 2022.0.179 2022.0.179 5The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.82022-04-01falseNo description of principal activityfalsetrue 04707451 2022-04-01 2023-03-31 04707451 2021-04-01 2022-03-31 04707451 2023-03-31 04707451 2022-03-31 04707451 c:Director2 2022-04-01 2023-03-31 04707451 d:Buildings 2022-04-01 2023-03-31 04707451 d:Buildings 2023-03-31 04707451 d:Buildings 2022-03-31 04707451 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04707451 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 04707451 d:PlantMachinery 2022-04-01 2023-03-31 04707451 d:PlantMachinery 2023-03-31 04707451 d:PlantMachinery 2022-03-31 04707451 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04707451 d:MotorVehicles 2022-04-01 2023-03-31 04707451 d:MotorVehicles 2023-03-31 04707451 d:MotorVehicles 2022-03-31 04707451 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04707451 d:OfficeEquipment 2022-04-01 2023-03-31 04707451 d:OfficeEquipment 2023-03-31 04707451 d:OfficeEquipment 2022-03-31 04707451 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04707451 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04707451 d:FreeholdInvestmentProperty 2023-03-31 04707451 d:FreeholdInvestmentProperty 2022-03-31 04707451 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 04707451 d:CurrentFinancialInstruments 2023-03-31 04707451 d:CurrentFinancialInstruments 2022-03-31 04707451 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04707451 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04707451 d:ShareCapital 2023-03-31 04707451 d:ShareCapital 2022-03-31 04707451 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04707451 d:RetainedEarningsAccumulatedLosses 2023-03-31 04707451 d:RetainedEarningsAccumulatedLosses 2022-03-31 04707451 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04707451 c:OrdinaryShareClass1 2023-03-31 04707451 c:OrdinaryShareClass1 2022-03-31 04707451 c:FRS102 2022-04-01 2023-03-31 04707451 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04707451 c:FullAccounts 2022-04-01 2023-03-31 04707451 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04707451 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04707451










Level Construction (South East) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023

 
Level Construction (South East) Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Level Construction (South East) Limited for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Level Construction (South East) Limited for the year ended 31 March 2023 which comprise the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Level Construction (South East) Limited, as a body, in accordance with the terms of our engagement letter dated 2 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of Level Construction (South East) Limited  and state those matters that we have agreed to state to the Board of directors of Level Construction (South East) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Level Construction (South East) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Level Construction (South East) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Level Construction (South East) Limited. You consider that Level Construction (South East) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Level Construction (South East) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
30 October 2023
Page 1

 
Level Construction (South East) Limited
Registered number: 04707451

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
50,753
43,261

Investment property
 5 
660,000
600,000

  
710,753
643,261

Current assets
  

Stocks
  
251,196
413,583

Debtors: amounts falling due within one year
 6 
556,791
447,174

Bank & cash balances
  
189,603
164,267

  
997,590
1,025,024

Creditors: amounts falling due within one year
 7 
(339,207)
(439,920)

Net current assets
  
 
 
658,383
 
 
585,104

Total assets less current liabilities
  
1,369,136
1,228,365

Provisions for liabilities
  

Deferred tax
  
(15,205)
(16,466)

  
 
 
(15,205)
 
 
(16,466)

Net assets
  
1,353,931
1,211,899


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
 9 
1,352,931
1,210,899

  
1,353,931
1,211,899


Page 2

 
Level Construction (South East) Limited
Registered number: 04707451

Balance sheet (continued)
As at 31 March 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs S Vale
Director
Date: 30 October 2023

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Level Construction (South East) Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

Level Construction (South East) Limited is a private company limited by shares which was incorporated in England and Wales.
The company’s registered office is 37 St. Margaret's Street, Canterbury, Kent, CT1 2TU. The company’s principal place of business is Ashley Farm, Woodland Road, Lyminge, Folkestone, Kent, CT18 8DP.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors are confident that with the available reserves and the ongoing contracts in place, the company will be able to continue in operational existence for the forseeable future. Based on these facts, the directors consider the preparation of the financial statements on the going concern basis to be appropriate.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Level Construction (South East) Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, through both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
10%
straight line
Plant & machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Furniture, fittings and equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Page 5

 
Level Construction (South East) Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
Level Construction (South East) Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 8).

Page 7

 
Level Construction (South East) Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

4.


Tangible fixed assets





Freehold property and leasehold improvement
Plant & machinery
Motor vehicles
Furniture, fittings and equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
81,039
8,053
69,505
5,582
164,179


Additions
-
3,253
24,495
-
27,748


Disposals
-
-
(38,882)
-
(38,882)



At 31 March 2023

81,039
11,306
55,118
5,582
153,045



Depreciation


At 1 April 2022
67,288
3,843
44,793
4,994
120,918


Charge for the year on owned assets
1,965
1,246
2,596
118
5,925


Disposals
-
-
(24,551)
-
(24,551)



At 31 March 2023

69,253
5,089
22,838
5,112
102,292



Net book value



At 31 March 2023
11,786
6,217
32,280
470
50,753



At 31 March 2022
13,751
4,210
24,712
588
43,261


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
600,000


Surplus on revaluation
60,000



At 31 March 2023
660,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



Page 8

 
Level Construction (South East) Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

6.


Debtors

2023
2022
£
£


Trade debtors
502,463
388,694

Other debtors
49,512
52,779

Prepayments and accrued income
4,816
5,701

556,791
447,174



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
225,872
254,236

Corporation tax
10,311
-

Other taxation and social security
27,464
32,738

Other creditors
62,248
141,133

Accruals and deferred income
13,312
11,813

339,207
439,920



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



9.


Reserves

Profit & loss account

Included within the profit and loss account are non-distributable reserves amounting to £139,936.


10.


Related party transactions

All transactions with related parties have been conducted in the ordinary course of business and at arm's length and have therefore not been disclosed. 
Included in other creditors is £61,916 (2022: £140,321) owed to the directors. 


Page 9