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Registration number: 07216843

A & R Contracting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

A & R Contracting Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

A & R Contracting Ltd

(Registration number: 07216843)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,446

24,965

Investment property

5

685,542

406,708

 

703,988

431,673

Current assets

 

Debtors

6

65,163

7,501

Cash at bank and in hand

 

200,115

402,723

 

265,278

410,224

Creditors: Amounts falling due within one year

7

(259,100)

(228,207)

Net current assets

 

6,178

182,017

Total assets less current liabilities

 

710,166

613,690

Creditors: Amounts falling due after more than one year

7

(331,361)

(189,688)

Provisions for liabilities

(25,619)

(21,293)

Net assets

 

353,186

402,709

Capital and reserves

 

Called up share capital

100

100

Other reserves

94,279

70,554

Retained earnings

258,807

332,055

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:

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.

 

A & R Contracting Ltd

(Registration number: 07216843)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
A S Young
Director

 

A & R Contracting Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

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.

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

Investment property is carried at fair value, which in the directors' opinion is the cost of the properties.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 12).

4

Tangible assets

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

17,509

42,544

60,053

Disposals

-

(4,950)

(4,950)

At 31 May 2023

17,509

37,594

55,103

Depreciation

At 1 June 2022

12,384

22,704

35,088

Charge for the year

1,281

4,867

6,148

Eliminated on disposal

-

(4,579)

(4,579)

At 31 May 2023

13,665

22,992

36,657

Carrying amount

At 31 May 2023

3,844

14,602

18,446

At 31 May 2022

5,125

19,840

24,965

5

Investment properties

2023
£

406,708

Additions

369,544

Disposals

(120,000)

Fair value adjustments

29,290

685,542

 

A & R Contracting Ltd

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

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

47,428

5,309

Other debtors

 

12,775

288

Prepayments

 

-

1,904

Income tax asset

4,960

-

 

65,163

7,501

7

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

19,175

16,805

Trade creditors

 

2,266

4,567

Taxation and social security

 

20,393

11,343

Other creditors

 

217,266

184,190

Corporation tax

 

-

11,302

 

259,100

228,207

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

331,361

189,688

 

A & R Contracting Ltd

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

331,361

189,688

2023
£

2022
£

Current loans and borrowings

Bank borrowings

19,175

12,280

Hire purchase contracts

-

4,525

19,175

16,805

Bank borrowings

Bank loans are denominated in Sterling with a nominal interest rate of 4%, and the final instalments are due on 17 November 2039. The carrying amount at year end is £152,478 (2022 - £160,459).

The loans are secured by a fixed and floating charge against the assets of the company, including the investment properties.

Mortgages are denominated in Sterling with a nominal interest rate of 5%, and the final instalments are due on 31 May 2042. The carrying amount at year end is £161,377 (2022 - £Nil).

The mortgage is secured by a fixed and floating charge over the company's investment property.