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Company registration number: 12842537
Sanderson Contractors Ltd
Unaudited filleted financial statements
31 August 2023
Sanderson Contractors Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sanderson Contractors Ltd
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 210,820 198,346
_______ _______
210,820 198,346
Current assets
Stocks 4,965 33,635
Debtors 6 79,300 88,616
Cash at bank and in hand 37,655 22,888
_______ _______
121,920 145,139
Creditors: amounts falling due
within one year 7 ( 279,457) ( 239,076)
_______ _______
Net current liabilities ( 157,537) ( 93,937)
_______ _______
Total assets less current liabilities 53,283 104,409
Creditors: amounts falling due
after more than one year 8 - ( 34,000)
Provisions for liabilities ( 40,056) ( 37,686)
_______ _______
Net assets 13,227 32,723
_______ _______
Capital and reserves
Called up share capital 6 6
Profit and loss account 13,221 32,717
_______ _______
Shareholders funds 13,227 32,723
_______ _______
For the year ending 31 August 2023 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
Mr Jacob Sanderson
Director
Company registration number: 12842537
Sanderson Contractors Ltd
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2021 2 11,576 11,578
Profit for the year 76,141 76,141
_______ _______ _______
Total comprehensive income for the year - 76,141 76,141
Issue of shares 4 4
Dividends paid and payable ( 55,000) ( 55,000)
_______ _______ _______
Total investments by and distributions to owners 4 ( 55,000) ( 54,996)
_______ _______ _______
At 31 August 2022 and 1 September 2022 6 32,717 32,723
Profit for the year 50,504 50,504
_______ _______ _______
Total comprehensive income for the year - 50,504 50,504
Dividends paid and payable ( 70,000) ( 70,000)
_______ _______ _______
Total investments by and distributions to owners - ( 70,000) ( 70,000)
_______ _______ _______
At 31 August 2023 6 13,221 13,227
_______ _______ _______
Sanderson Contractors Ltd
Notes to the financial statements
Year ended 31 August 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 Sanderson Contractors Ltd, Rigg Of England, Farm Heights Lane, Fence, Burnley, BB12 9JF.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are 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
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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.
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 - 15% % 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.
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 set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 September 2022 216,308 10,000 226,308
Additions 25,997 19,000 44,997
_______ _______ _______
At 31 August 2023 242,305 29,000 271,305
_______ _______ _______
Depreciation
At 1 September 2022 25,357 2,605 27,962
Charge for the year 30,080 2,443 32,523
_______ _______ _______
At 31 August 2023 55,437 5,048 60,485
_______ _______ _______
Carrying amount
At 31 August 2023 186,868 23,952 210,820
_______ _______ _______
At 31 August 2022 190,951 7,395 198,346
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 71,651 82,582
Other debtors 7,649 6,034
_______ _______
79,300 88,616
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 5,524 -
Social security and other taxes 685 -
Other creditors 273,248 239,076
_______ _______
279,457 239,076
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 34,000
_______ _______