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COMPANY REGISTRATION NUMBER: 03808940
Darcy Construction Limited
Filleted Unaudited Financial Statements
30 November 2022
Darcy Construction Limited
Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
279,568
287,152
Current assets
Stocks
480,100
592,259
Debtors
6
941,278
975,491
Cash at bank and in hand
203,523
231,837
------------
------------
1,624,901
1,799,587
Creditors: amounts falling due within one year
7
( 386,825)
( 578,844)
------------
------------
Net current assets
1,238,076
1,220,743
------------
------------
Total assets less current liabilities
1,517,644
1,507,895
Creditors: amounts falling due after more than one year
8
( 522,249)
( 653,365)
Provisions
( 1,564)
------------
------------
Net assets
993,831
854,530
------------
------------
Capital and reserves
Called up share capital
750
750
Profit and loss account
993,081
853,780
---------
---------
Shareholders funds
993,831
854,530
---------
---------
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.
For the year ending 30 November 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Darcy Construction Limited
Statement of Financial Position (continued)
30 November 2022
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Ms P K Mew
Director
Company registration number: 03808940
Darcy Construction Limited
Notes to the Financial Statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Westlink, Belbins Business Park, Cupernham Lane, Romsey, Hampshire, SO51 7JF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property
-
Straight line over 50 years
Fixtures and fittings
-
25% reducing balance
Stock and work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2021: 10 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2021
331,161
40,795
371,956
Additions
191
191
---------
--------
---------
At 30 November 2022
331,161
40,986
372,147
---------
--------
---------
Depreciation
At 1 December 2021
53,203
31,481
84,684
Charge for the year
6,623
1,272
7,895
---------
--------
---------
At 30 November 2022
59,826
32,753
92,579
---------
--------
---------
Carrying amount
At 30 November 2022
271,335
8,233
279,568
---------
--------
---------
At 30 November 2021
277,958
9,314
287,272
---------
--------
---------
6. Debtors
2022
2021
£
£
Trade debtors
1,468
42,360
Other debtors
939,810
933,131
---------
---------
941,278
975,491
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
41,000
Trade creditors
42,174
32,364
Corporation tax
87,015
45,297
Social security and other taxes
20,689
17,084
Other creditors
195,947
484,099
---------
---------
386,825
578,844
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
365,294
451,384
Other loans
154,653
201,981
Other creditors
2,302
---------
---------
522,249
653,365
---------
---------
9. Related party transactions
Included in debtors is an amount of £916,095 (2021 £911,312) due from a company in which the directors have a material interest.