Registered number
06880162
Cheema Construction Services Limited
Unaudited Filleted Accounts
30 April 2023
Cheema Construction Services Limited
Registered number: 06880162
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 35,027 46,413
Current assets
Stocks 240,606 326,033
Debtors 4 909,464 824,595
Cash at bank and in hand 99,327 1,747
1,249,397 1,152,375
Creditors: amounts falling due within one year 5 (579,267) (732,146)
Net current assets 670,130 420,229
Total assets less current liabilities 705,157 466,642
Creditors: amounts falling due after more than one year 6 (108,270) (152,519)
Net assets 596,887 314,123
Capital and reserves
Called up share capital 100 100
Profit and loss account 596,787 314,023
Shareholder's funds 596,887 314,123
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr K Cheema
Director
Approved by the board on 10 April 2024
Cheema Construction Services Limited
Statement of Changes in Equity
for the year ended 30 April 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 May 2021 100 - - 294,697 294,797
Profit for the financial year 29,326 29,326
Dividends (10,000) (10,000)
At 30 April 2022 100 - - 314,023 314,123
At 1 May 2022 100 - - 314,023 314,123
Profit for the financial year 331,504 331,504
Dividends (48,740) (48,740)
At 30 April 2023 100 - - 596,787 596,887
Cheema Construction Services Limited
Notes to the Accounts
for the year ended 30 April 2023
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).
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.
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:
Plant and machinery 25% written down value
Fixtures, fittings, tools and equipment 25% written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2022 151,094 135,632 286,726
Additions 290 - 290
At 30 April 2023 151,384 135,632 287,016
Depreciation
At 1 May 2022 140,046 100,267 240,313
Charge for the year 2,835 8,841 11,676
At 30 April 2023 142,881 109,108 251,989
Net book value
At 30 April 2023 8,503 26,524 35,027
At 30 April 2022 11,048 35,365 46,413
4 Debtors 2023 2022
£ £
Trade debtors 879,186 799,064
Other debtors 30,278 25,531
909,464 824,595
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 59,796 299,968
Trade creditors 312,992 96,635
Related Parties 87,435 286,555
Taxation and social security costs 79,622 4,947
Other creditors 39,422 44,041
579,267 732,146
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 108,270 152,519
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - 1,208
8 Controlling party
The company is under the control of Mr K Cheema, the sole director and shareholder of the company.
9 Other information
Cheema Construction Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
ICM2
Maidstone Road
Chatham
Kent
ME5 9FD
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