Registered number
10349055
Prosser Carpentry & Building Ltd
Unaudited Filleted Accounts
31 August 2022
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
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
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
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