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John Usher Building Contractor Limited
Unaudited financial statements
30 April 2023
Company Registration Number 04742598
John Usher Building Contractor Limited
Financial statements
year ended 30 April 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
John Usher Building Contractor Limited
Balance sheet
30 April 2023
2022
Note
£
£
Fixed assets
Tangible assets
5
35,255
26,043
Current assets
Stocks
15,025
28,589
Debtors
6
2,695
4,298
Cash at bank and in hand
1,533
4,275
--------
--------
19,253
37,162
Creditors: amounts falling due within one year
7
( 54,869)
( 53,636)
--------
--------
Net current liabilities
( 35,616)
( 16,474)
--------
--------
Total assets less current liabilities
( 361)
9,569
Creditors: amounts falling due after more than one year
8
( 10,445)
( 14,567)
--------
--------
Net liabilities
( 10,806)
( 4,998)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 10,906)
( 5,098)
--------
-------
Shareholders funds
( 10,806)
( 4,998)
--------
-------
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 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 profit and loss account and directors' report have not been delivered.
For the year ending 30 April 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 .
John Usher Building Contractor Limited
Balance sheet (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:
Mr J B Usher
Director
Company registration number: 04742598
John Usher Building Contractor Limited
Notes to the financial statements
year ended 30 April 2023
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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 sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% 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.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
4. Intangible assets
Goodwill
Cost
At 1 May 2022 and 30 Apr 2023
15,000
--------
Amortisation
At 1 May 2022 and 30 Apr 2023
15,000
--------
Carrying amount
At 30 April 2023
--------
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
Cost
At 1 May 2022
14,669
56,805
46,732
118,206
Additions
10,510
2,436
12,946
--------
--------
-------
--------
---------
At 30 April 2023
14,669
67,315
2,436
46,732
131,152
--------
--------
-------
--------
---------
Depreciation
At 1 May 2022
46,299
45,864
92,163
Charge for the year
3,152
365
217
3,734
--------
--------
-------
--------
---------
At 30 April 2023
49,451
365
46,081
95,897
--------
--------
-------
--------
---------
Carrying amount
At 30 April 2023
14,669
17,864
2,071
651
35,255
--------
--------
-------
--------
---------
At 30 April 2022
14,669
10,506
868
26,043
--------
--------
-------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
2,098
Other debtors
2,695
2,200
-------
-------
2,695
4,298
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,400
4,600
Trade creditors
7,718
16,236
Other creditors
42,751
32,800
--------
--------
54,869
53,636
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,445
14,567
--------
--------
9. Related party transactions
The company was under the control of Mr J B & Mrs K Usher throughout the current and previous year as they jointly own the entire issued share capital.
10. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Chesnut Lodge, High Street, East Markham, Nottinghamshire, NG22 0QL.