Silverfin false 28/02/2023 01/03/2022 28/02/2023 M S T Bow 01/03/2010 S G Penney 01/03/2010 27 November 2023 The principal activity of the Company during the financial year was building and construction. 07172712 2023-02-28 07172712 bus:Director1 2023-02-28 07172712 bus:Director2 2023-02-28 07172712 2022-02-28 07172712 core:CurrentFinancialInstruments 2023-02-28 07172712 core:CurrentFinancialInstruments 2022-02-28 07172712 core:Non-currentFinancialInstruments 2023-02-28 07172712 core:Non-currentFinancialInstruments 2022-02-28 07172712 core:ShareCapital 2023-02-28 07172712 core:ShareCapital 2022-02-28 07172712 core:RetainedEarningsAccumulatedLosses 2023-02-28 07172712 core:RetainedEarningsAccumulatedLosses 2022-02-28 07172712 core:Goodwill 2022-02-28 07172712 core:Goodwill 2023-02-28 07172712 core:LeaseholdImprovements 2022-02-28 07172712 core:PlantMachinery 2022-02-28 07172712 core:Vehicles 2022-02-28 07172712 core:OfficeEquipment 2022-02-28 07172712 core:LeaseholdImprovements 2023-02-28 07172712 core:PlantMachinery 2023-02-28 07172712 core:Vehicles 2023-02-28 07172712 core:OfficeEquipment 2023-02-28 07172712 2021-02-28 07172712 bus:OrdinaryShareClass1 2023-02-28 07172712 2022-03-01 2023-02-28 07172712 bus:FullAccounts 2022-03-01 2023-02-28 07172712 bus:SmallEntities 2022-03-01 2023-02-28 07172712 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07172712 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07172712 bus:Director1 2022-03-01 2023-02-28 07172712 bus:Director2 2022-03-01 2023-02-28 07172712 core:Goodwill core:TopRangeValue 2022-03-01 2023-02-28 07172712 core:PlantMachinery 2022-03-01 2023-02-28 07172712 core:Vehicles 2022-03-01 2023-02-28 07172712 core:OfficeEquipment 2022-03-01 2023-02-28 07172712 2021-03-01 2022-02-28 07172712 core:LeaseholdImprovements 2022-03-01 2023-02-28 07172712 core:CurrentFinancialInstruments 2022-03-01 2023-02-28 07172712 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 07172712 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 07172712 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07172712 (England and Wales)

F L CONSTRUCTION LTD

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

F L CONSTRUCTION LTD

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

F L CONSTRUCTION LTD

STATEMENT OF FINANCIAL POSITION

As at 28 February 2023
F L CONSTRUCTION LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 4,280 64,303
4,280 64,303
Current assets
Stocks 28,800 40,757
Debtors 5 33,601 18,404
Cash at bank and in hand 15,818 2,111
78,219 61,272
Creditors: amounts falling due within one year 6 ( 132,822) ( 115,446)
Net current liabilities (54,603) (54,174)
Total assets less current liabilities (50,323) 10,129
Creditors: amounts falling due after more than one year 7 ( 29,891) ( 42,422)
Provision for liabilities 8 ( 788) ( 2,848)
Net liabilities ( 81,002) ( 35,141)
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account ( 81,004 ) ( 35,143 )
Total shareholders' deficit ( 81,002) ( 35,141)

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of F L CONSTRUCTION LTD (registered number: 07172712) were approved and authorised for issue by the Director on 27 November 2023. They were signed on its behalf by:

M S T Bow
Director
F L CONSTRUCTION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
F L CONSTRUCTION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

F L CONSTRUCTION LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Old Bakery, R/O 17 Hyde Road, Paignton, TQ4 5BW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2022 750 750
At 28 February 2023 750 750
Accumulated amortisation
At 01 March 2022 750 750
At 28 February 2023 750 750
Net book value
At 28 February 2023 0 0
At 28 February 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 March 2022 59,350 1,965 6,640 7,509 75,464
Disposals ( 59,350) 0 0 0 ( 59,350)
At 28 February 2023 0 1,965 6,640 7,509 16,114
Accumulated depreciation
At 01 March 2022 0 1,252 5,692 4,217 11,161
Charge for the financial year 0 107 237 329 673
At 28 February 2023 0 1,359 5,929 4,546 11,834
Net book value
At 28 February 2023 0 606 711 2,963 4,280
At 28 February 2022 59,350 713 948 3,292 64,303

5. Debtors

2023 2022
£ £
Trade debtors 33,267 1,522
Amounts owed by directors 0 10,737
Prepayments 334 334
Deferred tax asset 0 2,452
Corporation tax 0 3,359
33,601 18,404

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 12,219 7,264
Trade creditors 22,338 5,387
Amounts owed to directors 0 32,391
Accruals 3,498 3,298
Other taxation and social security 2,953 9,984
Other creditors 91,814 57,122
132,822 115,446

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 29,891 42,422

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 396) ( 2,848)
(Charged)/credited to the Statement of Income and Retained Earnings ( 392) 2,452
At the end of financial year ( 788) ( 396)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 0 32,391

Other related party transactions

At the year end, the company owed £91,814 (2022: £57,122) to a company under common control.