Prosser Carpentry & Building Ltd |
Registered number: |
10349055 |
Balance Sheet |
as at 31 August 2022 |
|
|
Notes |
|
|
2022 |
|
|
2021 restated |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
589,639 |
|
|
386,970 |
|
Current assets |
Stocks |
|
|
36,027 |
|
|
68,247 |
Debtors |
5 |
|
90,277 |
|
|
132,039 |
Cash at bank and in hand |
|
|
101,759 |
|
|
247,251 |
|
|
|
228,063 |
|
|
447,537 |
|
Creditors: amounts falling due within one year |
6 |
|
(289,056) |
|
|
(224,298) |
|
Net current (liabilities)/assets |
|
|
|
(60,993) |
|
|
223,239 |
|
Total assets less current liabilities |
|
|
|
528,646 |
|
|
610,209 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(183,670) |
|
|
(232,660) |
|
Provisions for liabilities |
|
|
|
(30,003) |
|
|
(9,779) |
|
|
Net assets |
|
|
|
314,973 |
|
|
367,770 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Profit and loss account |
|
|
|
314,971 |
|
|
367,768 |
|
Shareholders' funds |
|
|
|
314,973 |
|
|
367,770 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
A Prosser |
Director |
Approved by the board on 29 November 2023 |
|
Prosser Carpentry & Building Ltd |
Notes to the Accounts |
for the year ended 31 August 2022 |
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|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Going concern |
|
The directors have a reasonable expectation that the company has adequate resources, liquidity and bank facilities to continue in operational existence for the foreseeable future, given their engagement with Government support funding schemes and that the company's operations have not been severely affected by restrictions imposed by the UK government as a result of the COVID-19 pandemic. They are thus continuing to prepare these financial statements on the basis of the company being a going concern. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Government grants |
|
Revenue based government grants such as the Coronavirus Job Retention Scheme are recognised in the profit and loss account on the accruals basis with income being recognised in the accounting period to which it relates. Loans taken out under the Coronavirus Business Interruption Loan Scheme are accounted for under the amortised cost method. The interest charge and related government grant for the first twelve months of the loan are recognised in the profit and loss account in the period to which they relate. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Stocks |
|
Stocks are raw materials held to be used on future projects measured at cost less any impairments and work in progress reflecting the value of work completed but remains unbilled on all contracts at the balance sheet date. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Prior year adjustment |
|
|
The accounts comparative figures have been restated to incorporate the impact of a misclassification of costs incurred in the construction of a fixed asset from within cost of sales. The change has resulted in profits available for distribution as at 31st August 2021 increasing by £146,337. The impact on corporation tax has been accounted for in the current year. |
|
|
Summary of the prior year accounting impact |
£ |
|
|
Increase in Tangible fixed assets - Land and buildings |
146,337 |
|
|
3 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
11 |
|
8 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 September 2021 |
343,546 |
|
14,583 |
|
57,598 |
|
415,727 |
|
Additions |
181,718 |
|
15,151 |
|
29,704 |
|
226,573 |
|
Disposals |
(3,147) |
|
- |
|
- |
|
(3,147) |
|
At 31 August 2022 |
522,117 |
|
29,734 |
|
87,302 |
|
639,153 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2021 |
- |
|
4,045 |
|
24,712 |
|
28,757 |
|
Charge for the year |
5,221 |
|
6,077 |
|
9,459 |
|
20,757 |
|
At 31 August 2022 |
5,221 |
|
10,122 |
|
34,171 |
|
49,514 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2022 |
516,896 |
|
19,612 |
|
53,131 |
|
589,639 |
|
At 31 August 2021 |
343,546 |
|
10,538 |
|
32,886 |
|
386,970 |
|
|
5 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
|
Trade debtors |
51,918 |
|
87,143 |
|
Other debtors |
38,359 |
|
44,896 |
|
|
|
|
|
|
90,277 |
|
132,039 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans and overdrafts |
58,923 |
|
39,748 |
|
Obligations under finance lease and hire purchase contracts |
11,343 |
|
10,952 |
|
Trade creditors |
68,382 |
|
97,211 |
|
Taxation and social security costs |
99,071 |
|
66,010 |
|
Other creditors |
51,337 |
|
10,377 |
|
|
|
|
|
|
289,056 |
|
224,298 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans |
156,075 |
|
218,898 |
|
Obligations under finance lease and hire purchase contracts |
27,595 |
|
13,762 |
|
|
|
|
|
|
183,670 |
|
232,660 |
|
|
|
|
|
|
|
|
|
|
8 |
Secured creditors |
|
|
The facilities granted to the company by it's bankers, National Westminster Bank PLC, have been secured by way of a fixed charge over the land, property and plant and machinery and a floating charge over all other property, assets and rights of the company now or in the future which are not subject to an effective fixed charge. Included in other creditors are hire purchase arrangements totalling £38,938 (2021: £24,714) which are secured on the assets to which they relate. |
|
|
9 |
Other financial commitments |
2022 |
|
2021 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
63,203 |
|
37,816 |
|
|
|
|
|
|
|
|
|
|
10 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
Director |
|
Loan 1 |
31,611 |
|
- |
|
(31,611) |
|
- |
|
Loan 2 |
- |
|
32,920 |
|
(9,095) |
|
23,825 |
|
|
Director |
|
Loan 1 |
10,877 |
|
- |
|
(10,877) |
|
- |
|
Loan 2 |
- |
|
39,755 |
|
(29,829) |
|
9,926 |
|
|
|
42,488 |
|
72,675 |
|
(81,412) |
|
33,751 |
|
|
|
|
|
|
|
|
|
|
During the year the company advanced loans to two directors of the company. The maximum amount outstanding during the year on these loans was £45,547 and £30,317 respectively. Interest has been charged on the above loans at the HM Revenue and Customs authorised rate for beneficial loans. There are no fixed terms of repayment. |
|
11 |
Other information |
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|
Prosser Carpentry & Building Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
Unit 3e Apollo Office Park |
|
Ironstone Lane |
|
Banbury |
|
Oxfordshire |
|
OX15 6AY |