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Registration number: 11066180

James Stewart Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

James Stewart Construction Limited

Contents

Directors' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

James Stewart Construction Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr James George Stewart

Mr Douglas George Stewart

Principal activity

The principal activity of the company is general builders

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
Mr James George Stewart
Director

.........................................
Mr Douglas George Stewart
Director

 

James Stewart Construction Limited

(Registration number: 11066180)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

83,646

60,303

Current assets

 

Cash at bank and in hand

 

54,478

30,564

Creditors: Amounts falling due within one year

6

(38,343)

(31,023)

Net current assets/(liabilities)

 

16,135

(459)

Total assets less current liabilities

 

99,781

59,844

Creditors: Amounts falling due after more than one year

6

(39,126)

(28,800)

Net assets

 

60,655

31,044

Capital and reserves

 

Called up share capital

7

100

-

Retained earnings

60,555

31,044

Shareholders' funds

 

60,655

31,044

For the financial year ending 30 November 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.

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
Mr James George Stewart
Director

.........................................
Mr Douglas George Stewart
Director

 

James Stewart Construction Limited

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

1

General information

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

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

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.

Tax

The tax expense for the period comprises current 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.

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.

 

James Stewart Construction Limited

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

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.

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 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.

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.

 

James Stewart Construction Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

27,883

20,101

 

James Stewart Construction Limited

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

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

-

103,988

103,988

Additions

54,341

11,000

65,341

Disposals

-

(18,820)

(18,820)

At 30 November 2023

54,341

96,168

150,509

Depreciation

At 1 December 2022

-

43,685

43,685

Charge for the year

13,586

14,297

27,883

Eliminated on disposal

-

(4,705)

(4,705)

At 30 November 2023

13,586

53,277

66,863

Carrying amount

At 30 November 2023

40,755

42,891

83,646

At 30 November 2022

-

60,303

60,303

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

20,080

7,280

Trade creditors

 

4,999

9,661

Taxation and social security

 

8,736

9,238

Accruals and deferred income

 

1,400

1,200

Other creditors

 

3,128

3,644

 

38,343

31,023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

39,126

28,800

 

James Stewart Construction Limited

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

7

Share capital

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,553

28,800

Hire purchase contracts

17,573

-

39,126

28,800

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

8,994

-

Other borrowings

11,086

7,280

20,080

7,280

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £20.00 (2022 - £40.00) per each Ordinary

 

2,000

 

4,000

         

10

Related party transactions

 

James Stewart Construction Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

39,960

38,632