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Registered number: 03800172
Essex Development & Construction Limited
Financial Statements
For The Year Ended 31 July 2023
JDL Business Services Limited
Accountants and Consultants
304 High Road
Benfleet
Essex
SS7 5HB
Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 03800172
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 101,627 101,083
101,627 101,083
CURRENT ASSETS
Stocks 5 92,808 60,265
Debtors 6 246,032 226,397
Cash at bank and in hand 1,174,025 1,248,919
1,512,865 1,535,581
Creditors: Amounts Falling Due Within One Year 7 (313,309 ) (330,511 )
NET CURRENT ASSETS (LIABILITIES) 1,199,556 1,205,070
TOTAL ASSETS LESS CURRENT LIABILITIES 1,301,183 1,306,153
Creditors: Amounts Falling Due After More Than One Year 8 (6,767 ) (9,439 )
NET ASSETS 1,294,416 1,296,714
CAPITAL AND RESERVES
Called up share capital 10 1,100 1,100
Profit and Loss Account 1,293,316 1,295,614
SHAREHOLDERS' FUNDS 1,294,416 1,296,714
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mark Lloyd
Director
15/04/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2021 1,100 1,093,490 1,094,590
Profit for the year and total comprehensive income - 254,124 254,124
Dividends paid - (52,000) (52,000)
As at 31 July 2022 and 1 August 2022 1,100 1,295,614 1,296,714
Profit for the year and total comprehensive income - 59,702 59,702
Dividends paid - (62,000) (62,000)
As at 31 July 2023 1,100 1,293,316 1,294,416
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Essex Development & Construction Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03800172 . The registered office is 304 High Road, Benfleet, Essex, SS7 5HB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance per annum
Motor Vehicles 20% reducing balance per annum
Fixtures & Fittings 20% reducing balance per annum
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 4
Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 9)
9 9
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2022 213,460 57,049 1,293 271,802
Additions 25,950 - - 25,950
As at 31 July 2023 239,410 57,049 1,293 297,752
Depreciation
As at 1 August 2022 147,065 22,571 1,083 170,719
Provided during the period 18,469 6,895 42 25,406
As at 31 July 2023 165,534 29,466 1,125 196,125
Net Book Value
As at 31 July 2023 73,876 27,583 168 101,627
As at 1 August 2022 66,395 34,478 210 101,083
5. Stocks
2023 2022
£ £
Materials 33,460 36,850
Work in progress 59,348 23,415
92,808 60,265
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 194,026 159,054
Other debtors 16,022 16,022
VAT 35,984 51,321
246,032 226,397
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 13,948 17,973
Trade creditors 136,219 112,187
Bank loans and overdrafts 3,577 10,648
Corporation tax 18,608 55,095
Other taxes and social security 13,255 2,074
Net wages 4,084 3,953
Pensions creditor 487 554
...CONTINUED
Page 5
Page 6
Subcontractor creditor 3,618 2,540
Accruals and deferred income 30,028 27,283
Directors' loan accounts 89,485 98,204
313,309 330,511
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 6,767 6,113
Bank loans - 3,326
6,767 9,439
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 13,948 17,973
Later than one year and not later than five years 6,767 6,113
20,715 24,086
20,715 24,086
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,100 1,100
Page 6