Company registration number 05871898 (England and Wales)
NAILSEA CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
NAILSEA CONSTRUCTION LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NAILSEA CONSTRUCTION LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr P Marsden
Mr G K Cannard
Mrs K Cannard
Mrs T Marsden
Secretary
Mr P Marsden
Company number
05871898
Registered office
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
NAILSEA CONSTRUCTION LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
15,991
21,317
Tangible assets
5
60,966
23,537
76,957
44,854
Current assets
Stocks
11,500
12,386
Debtors
6
10,484
15,702
Cash at bank and in hand
66,042
134,131
88,026
162,219
Creditors: amounts falling due within one year
7
(46,867)
(97,718)
Net current assets
41,159
64,501
Total assets less current liabilities
118,116
109,355
Creditors: amounts falling due after more than one year
8
(104,500)
(104,500)
Provisions for liabilities
(11,584)
(4,472)
Net assets
2,032
383
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
1,912
263
Total equity
2,032
383
NAILSEA CONSTRUCTION LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 January 2024 and are signed on its behalf by:
Mr P Marsden
Mr G K Cannard
Director
Director
Company Registration No. 05871898
NAILSEA CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information
Nailsea Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30-31 St.James Place, Mangotsfield, Bristol, United Kingdom, BS16 9JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
NAILSEA CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
6
NAILSEA CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
106,520
Amortisation and impairment
At 1 August 2022
85,203
Amortisation charged for the year
5,326
At 31 July 2023
90,529
Carrying amount
At 31 July 2023
15,991
At 31 July 2022
21,317
5
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
5,425
2,403
57,744
65,572
Additions
48,350
48,350
At 31 July 2023
5,425
2,403
106,094
113,922
Depreciation and impairment
At 1 August 2022
3,932
2,149
35,955
42,036
Depreciation charged in the year
374
63
10,483
10,920
At 31 July 2023
4,306
2,212
46,438
52,956
Carrying amount
At 31 July 2023
1,119
191
59,656
60,966
At 31 July 2022
1,493
254
21,790
23,537
NAILSEA CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
5
Tangible fixed assets
(Continued)
- 7 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
2,607
-
2,607
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,484
15,702
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,693
14,855
Taxation and social security
21,339
25,897
Other creditors
9,835
56,966
46,867
97,718
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
104,500
104,500
NAILSEA CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
11,584
4,472
2023
Movements in the year:
£
Liability at 1 August 2022
4,472
Charge to profit or loss
7,112
Liability at 31 July 2023
11,584
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.