Company registration number 01826456 (England and Wales)
CABLESHEER CONSTRUCTION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CABLESHEER CONSTRUCTION LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
CABLESHEER CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
66,547
91,931
Current assets
Stocks
6,557
6,557
Debtors
4
1,588,659
3,052,800
Cash at bank and in hand
39,539
10,626
1,634,755
3,069,983
Creditors: amounts falling due within one year
5
(2,512,151)
(3,578,508)
Net current liabilities
(877,396)
(508,525)
Total assets less current liabilities
(810,849)
(416,594)
Creditors: amounts falling due after more than one year
6
(2,445,388)
(2,432,133)
Net liabilities
(3,256,237)
(2,848,727)
Capital and reserves
Called up share capital
100
100
Other reserves
402,396
200,651
Profit and loss reserves
(3,658,733)
(3,049,478)
Total equity
(3,256,237)
(2,848,727)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
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 19 April 2024 and are signed on its behalf by:
Mr D R Brown
Director
Company registration number 01826456 (England and Wales)
CABLESHEER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Cablesheer Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Fitzroy Business Park, Sandy Lane, Sidcup, Kent, DA14 5NL.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, despite the current financial position and performance. Modifications to the business model have been made that the directors forecast to generate a more profitable trading position in the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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
25% per annum on reducing balance
Fixtures and fittings
33% per annum on reducing balance, 25% per annum on reducing and 15% per annum on reducing balance
Motor vehicles
25% per annum 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.
CABLESHEER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CABLESHEER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
19
CABLESHEER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
4,985
89,577
111,008
205,570
Disposals
(18,658)
(18,658)
At 30 September 2023
4,985
89,577
92,350
186,912
Depreciation and impairment
At 1 October 2022
3,491
69,959
40,189
113,639
Depreciation charged in the year
279
5,187
17,704
23,170
Eliminated in respect of disposals
(16,444)
(16,444)
At 30 September 2023
3,770
75,146
41,449
120,365
Carrying amount
At 30 September 2023
1,215
14,431
50,901
66,547
At 30 September 2022
1,494
19,618
70,819
91,931
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
68,961
1,522,021
Other debtors
40,239
96
Prepayments and accrued income
1,479,459
1,211,135
1,588,659
2,733,252
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 7)
319,548
Total debtors
1,588,659
3,052,800
CABLESHEER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
230,678
Trade creditors
37,481
1,126,496
Amounts owed to group undertakings
1,658,208
802,840
Taxation and social security
10,529
323,521
Other creditors
324,977
299,262
Accruals and deferred income
480,956
795,711
2,512,151
3,578,508
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
2,445,388
2,432,133
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
-
976
Tax losses
-
318,572
-
319,548
2023
Movements in the year:
£
Asset at 1 October 2022
(319,548)
Charge to profit or loss
319,548
Liability at 30 September 2023
-
CABLESHEER CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
S Meah FCCA
Statutory Auditor:
Crossley Financial Accounting Limited
9
Secured Debts
NSS Trustees Limited, D Brown and A Brown hold fixed and floating charges which cover all the property or undertakings of the company. It contains a negative pledge.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
15,456
22,137
11
Directors' transactions
During the year the company made advances of £38,017 to the directors (2022 - £490,087). The company received credits and repayments from the directors of £50,670 (2022 - £531,016).
As at the year end, the balance due to the directors was £15,980 (2022 - £3,327). The loans are interest free and repayable on demand.
12
Parent company
The company is a wholly owed subsidiary of Cablesheer Group Limited, a company incorporated in England and Wales. Cablesheer Group Limited is the ultimate parent company by virtue of its shareholding.
The ultimate controlling party is Mr D Brown by the virtue of his shareholding in Cablesheer Group Limited (Ultimate Parent Company) a company registered in England and Wales.
Consolidation
The results of Cablesheer Construction Limited are included by full consolidation in the consolidated accounts prepared by it's parent Cablesheer Group Limited for the period ended 30th September 2023 and a copy of the accounts and audit report can be found at Companies House.
13
Prior year adjustment
A prior year adjustment was made to correct an overstatement of income in prior periods. Opening reserves reduced by £519,748. Profit for 2022 was reduced by £321,701.