Registration number:
A & R Contracting Ltd
for the Year Ended 31 May 2023
A & R Contracting Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
A & R Contracting Ltd
(Registration number: 07216843)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
94,279 |
70,554 |
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Retained earnings |
258,807 |
332,055 |
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Shareholders' funds |
353,186 |
402,709 |
For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
A & R Contracting Ltd
(Registration number: 07216843)
Balance Sheet as at 31 May 2023
Approved and authorised by the
......................................... |
A & R Contracting Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities, and is shown net of value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current and deferred tax, and is recognised in profit or loss.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
A & R Contracting Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Computer equipment |
25% on cost |
Investment properties |
Nil |
Investment property
Trade debtors
Trade debtors are amounts due from customers for materials sold or services performed in the ordinary course of business, and are recognised initially at the transaction price.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, and are recognised initially at the transaction price.
Borrowings
Bank loans 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.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
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.
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.
A & R Contracting Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Plant and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Disposals |
- |
( |
( |
At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Investment properties |
2023 |
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Additions |
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Disposals |
( |
Fair value adjustments |
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A & R Contracting Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Prepayments |
- |
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Income tax asset |
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- |
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Creditors |
Amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Corporation tax |
- |
11,302 |
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Amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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A & R Contracting Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
- |
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Bank borrowings
The loans are secured by a fixed and floating charge against the assets of the company, including the investment properties. |
The mortgage is secured by a fixed and floating charge over the company's investment property. |