Registration number:
Collard Construction Limited
for the Year Ended 30 June 2023
Collard Construction Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Collard Construction Limited
(Registration number: 02980918)
Statement of Financial Position as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
171,022 |
323,235 |
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Shareholders' funds |
171,122 |
323,335 |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
Collard Construction Limited
(Registration number: 02980918)
Statement of Financial Position as at 30 June 2023 (continued)
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Collard Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is building contractors.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Going concern
The financial statements have been prepared on a going concern basis.
Collard Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover is recognised when the contract is complete or an interim valuation has been assessed by a third party.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property improvements |
Over 5 years |
Plant and machinery |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Computer equipment |
25% straight line |
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Collard Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks is measured at the lower of cost and estimated selling price less costs to complete and sell. It is valued on a first in and first out basis. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
Work in progress is valued on the materials purchased and subcontractors relating to the contract plus an appropriate rate for labour. At each reporting date, stock and work in progress are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Collard Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Leasehold property improvements |
Computer equipment |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Disposals |
- |
- |
- |
( |
( |
At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
- |
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At 30 June 2022 |
- |
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Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
Debtors |
Collard Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
5 |
Debtors (continued) |
Note |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Income tax asset |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £153,027 (2022 - £191,017).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors include net obligations under finance lease and hire purchase contracts which are secured of £12,073(2022 - £23,138).
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Collard Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2023 |
2022 |
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Current loans and borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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Related party transactions |
During the year the director entered into the following advances and credits with the company:
Transactions with the director |
2023 |
At 1 July 2022 |
Repayments by director |
At 30 June 2023 |
Directors |
( |
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( |
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- |
- |
- |
(73,049) |
25,377 |
(47,672) |
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Collard Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
10 |
Related party transactions (continued) |
2022 |
At 1 July 2021 |
Repayments by director |
At 30 June 2022 |
Directors |
( |
|
( |
(92,782) |
19,733 |
(73,049) |
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