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Registration number: 09630365

Clements Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Clements Construction Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Clements Construction Limited

(Registration number: 09630365)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

124,466

65,535

Current assets

 

Stocks

5

450,000

275,000

Debtors

6

514,284

949,364

Cash at bank and in hand

 

397,330

324,736

 

1,361,614

1,549,100

Creditors: Amounts falling due within one year

7

(675,728)

(962,342)

Net current assets

 

685,886

586,758

Total assets less current liabilities

 

810,352

652,293

Creditors: Amounts falling due after more than one year

7

(71,386)

(19,071)

Provisions for liabilities

-

(12,452)

Net assets

 

738,966

620,770

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

738,866

620,670

Shareholders' funds

 

738,966

620,770

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

Clements Construction Limited

(Registration number: 09630365)
Balance Sheet as at 30 June 2023

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Roger Da Costa
Director

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
19 Queensway
Enfield
Middlesex
EN3 4SA
United Kingdom

These financial statements were authorised for issue by the Board on 28 March 2024.

2

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants received are accounted for using the accrual model and are recognised in the profit and loss in the periods in which the related costs or expenses are recognised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor Vehicles

25% Reducing Balance

Office Equipment

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks 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.

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 16).

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

6,946

126,324

133,270

Additions

-

89,288

89,288

At 30 June 2023

6,946

215,612

222,558

Depreciation

At 1 July 2022

1,146

61,635

62,781

Charge for the year

1,450

33,861

35,311

At 30 June 2023

2,596

95,496

98,092

Carrying amount

At 30 June 2023

4,350

120,116

124,466

At 30 June 2022

5,800

59,735

65,535

5

Stocks

2023
£

2022
£

Work in progress

450,000

275,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

448,973

764,584

Amounts owed by related parties

10

62,000

147,000

Prepayments

 

3,311

-

Other debtors

 

-

37,780

   

514,284

949,364

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,191

4,975

Trade creditors

 

350,614

539,977

Taxation and social security

 

273,893

269,904

Other creditors

 

41,030

147,486

 

675,728

962,342

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

71,386

19,071

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

71,386

19,071

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

10,191

4,975

10

Related party transactions

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Written off
£

At 30 June 2023
£

Roger Da Costa

Loan to Roger Da Costa

20,000

10,000

(30,000)

-

-

-

-

-

 

20,000

10,000

(30,000)

-

     

 

2022

At 1 July 2021
£

At 30 June 2022
£

Roger Da Costa

Loan to Roger Da Costa

20,000

20,000

 

20,000

20,000

   

 

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

227,523

224,300

Contributions paid to money purchase schemes

1,541

-

229,064

224,300

Summary of transactions with associates

S. Clements (Shop Fitters) Limited

S. Clements (Shop Fitters) Limited purchased construction services from Clements Construction Limited during a prior period.

All services were provided at a commercial rate.

Clements IT Solutions Limited

Clements IT Solutions Limited provided IT Services to Clements Construction Limited throughout the year and Clements Construction Limited provided vehicles and other equipment to Clements IT Solutions Limited. There has also previosuly been a loan to the Clements IT Solutions Limited for working capital in a prior period.

All services were provided at a commercial rate on monthly terms.

Clements Property Holdings Limited

Clements Property Holdings Limited rents office space to Clements Construction Limited under the terms of an operating lease

The lease is provided at a commercial rate and on commercial terms.

Income and receivables from related parties

2023

Associates
£

Sale of goods

17,090

2022

Expenditure with and payables to related parties

2023

Associates
£

Rendering of services

253,376

Leases

34,800

288,176

 

Clements Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2022

Associates
£

Rendering of services

104,751

Leases

34,800

139,551

Loans to related parties

2023

Associates
£

Total
£

At start of period

147,000

147,000

Repaid

(2,000)

(2,000)

At end of period

145,000

145,000

2022

Associates
£

Total
£

At start of period

147,000

147,000

At end of period

147,000

147,000