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Company registration number: 05543493
LEACH & SONS CONTRACTORS LIMITED
Trading as Leach & Sons Contractors Limited
Unaudited filleted financial statements
31 March 2023
LEACH & SONS CONTRACTORS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
LEACH & SONS CONTRACTORS LIMITED
Directors and other information
Director K.M. Leach
Secretary S.A. Leach
Company number 05543493
Registered office 163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
Accountants Peaty & Co
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
LEACH & SONS CONTRACTORS LIMITED
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Leach & Sons Contractors Limited
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 Leach & Sons Contractors Limited for the year ended 31 March 2023 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Leach & Sons Contractors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Leach & Sons Contractors Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leach & Sons Contractors Limited and its director as a body for our work or for this report.
It is your duty to ensure that Leach & Sons Contractors 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 Leach & Sons Contractors Limited. You consider that Leach & Sons Contractors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Leach & Sons Contractors 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.
Peaty & Co
Chartered Accountants
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
25 October 2023
LEACH & SONS CONTRACTORS LIMITED
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 8 47,151 22,103
_______ _______
47,151 22,103
Current assets
Stocks 9 378,084 629,473
Debtors 10 11,978 44,388
Cash at bank and in hand 147,930 48,565
_______ _______
537,992 722,426
Creditors: amounts falling due
within one year 11 ( 93,221) ( 270,793)
_______ _______
Net current assets 444,771 451,633
_______ _______
Total assets less current liabilities 491,922 473,736
Creditors: amounts falling due
after more than one year 12 ( 21,884) ( 29,185)
Provisions for liabilities 13 ( 8,959) -
_______ _______
Net assets 461,079 444,551
_______ _______
Capital and reserves
Called up share capital 15 12 12
Profit and loss account 461,067 444,539
_______ _______
Shareholders funds 461,079 444,551
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
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:
K.M. Leach
Director
Company registration number: 05543493
LEACH & SONS CONTRACTORS LIMITED
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 163-164 Moulsham Street, Chelmsford, Essex, CM2 0LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. They have been prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 2,160 2,160
_______ _______
6. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 50,328 36,576
_______ _______
Deferred tax:
Origination and reversal of timing differences 8,959 -
_______ _______
Tax on profit 59,287 36,576
_______ _______
7. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 215,327 120,484
_______ _______
8. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 28,334 12,363 53,470 94,167
Additions - 6,619 34,299 40,918
Disposals - - ( 8,600) ( 8,600)
_______ _______ _______ _______
At 31 March 2023 28,334 18,982 79,169 126,485
_______ _______ _______ _______
Depreciation
At 1 April 2022 21,817 8,939 41,308 72,064
Charge for the year 1,629 2,511 11,577 15,717
Disposals - - ( 8,447) ( 8,447)
_______ _______ _______ _______
At 31 March 2023 23,446 11,450 44,438 79,334
_______ _______ _______ _______
Carrying amount
At 31 March 2023 4,888 7,532 34,731 47,151
_______ _______ _______ _______
At 31 March 2022 6,517 3,424 12,162 22,103
_______ _______ _______ _______
9. Stocks
2023 2022
£ £
Raw materials and consumables 1,000 1,000
Work in progress 377,084 628,473
_______ _______
378,084 629,473
_______ _______
10. Debtors
2023 2022
£ £
Trade debtors 11,006 43,560
Other debtors 972 828
_______ _______
11,978 44,388
_______ _______
11. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 5,637 8,051
Trade creditors 11,345 13,188
Corporation tax 50,328 36,576
Social security and other taxes 17,711 10,842
Other creditors 8,200 202,136
_______ _______
93,221 270,793
_______ _______
12. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 14,374 29,185
Other creditors 7,510 -
_______ _______
21,884 29,185
_______ _______
13. Provisions
Deferred tax (note 14) Total
£ £
At 1 April 2022 - -
Additions 8,959 8,959
_______ _______
At 31 March 2023 8,959 8,959
_______ _______
14. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 13) 8,959 -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 8,959 -
_______ _______
15. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A shares shares of £ 1.00 each 10 10 10 10
Ordinary B shares shares of £ 1.00 each 1 1 1 1
Ordinary C shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
12 12 12 12
_______ _______ _______ _______