Y Construction Limited 12321937 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is construction of domestic buildings. Digita Accounts Production Advanced 6.30.9574.0 true 12321937 2022-04-01 2023-03-31 12321937 2023-03-31 12321937 core:CurrentFinancialInstruments 2023-03-31 12321937 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12321937 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12321937 core:FurnitureFittingsToolsEquipment 2023-03-31 12321937 core:MotorVehicles 2023-03-31 12321937 bus:SmallEntities 2022-04-01 2023-03-31 12321937 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 12321937 bus:FullAccounts 2022-04-01 2023-03-31 12321937 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 12321937 bus:RegisteredOffice 2022-04-01 2023-03-31 12321937 bus:Director1 2022-04-01 2023-03-31 12321937 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12321937 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 12321937 core:MotorVehicles 2022-04-01 2023-03-31 12321937 core:OfficeEquipment 2022-04-01 2023-03-31 12321937 core:UKTax 2022-04-01 2023-03-31 12321937 countries:EnglandWales 2022-04-01 2023-03-31 12321937 2022-03-31 12321937 core:FurnitureFittingsToolsEquipment 2022-03-31 12321937 core:MotorVehicles 2022-03-31 12321937 2021-01-01 2022-03-31 12321937 2022-03-31 12321937 core:CurrentFinancialInstruments 2022-03-31 12321937 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12321937 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 12321937 core:FurnitureFittingsToolsEquipment 2022-03-31 12321937 core:MotorVehicles 2022-03-31 12321937 core:UKTax 2021-01-01 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 12321937

Y Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Y Construction Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Y Construction Limited

(Registration number: 12321937)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

13,112

8,521

Current assets

 

Debtors

6

2,664,235

1,404,851

Cash at bank and in hand

 

17,546

28,273

 

2,681,781

1,433,124

Creditors: Amounts falling due within one year

7

(2,515,074)

(1,391,634)

Net current assets

 

166,707

41,490

Total assets less current liabilities

 

179,819

50,011

Creditors: Amounts falling due after more than one year

7

(22,500)

(12,500)

Provisions for liabilities

(2,491)

(1,619)

Net assets

 

154,828

35,892

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

154,728

35,792

Shareholders' funds

 

154,828

35,892

 

Y Construction Limited

(Registration number: 12321937)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 February 2024
 

.........................................
G Philippou
Director

 

Y Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
1st Floor Woodgate Studios
2-8 Games Road
Cockfosters
Barnet
Hertfordshire
EN4 9HN

These financial statements were authorised for issue by the director on 22 February 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.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

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 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.

 

Y Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

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

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Borrowings

 

Y Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

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.

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 the director) during the year, was 34 (2022 - 12).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

UK corporation tax

29,159

7,696

Deferred taxation

872

1,619

Tax expense

30,031

9,315

 

Y Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

3,599

8,000

11,599

Additions

8,961

-

8,961

At 31 March 2023

12,560

8,000

20,560

Depreciation

At 1 April 2022

1,078

2,000

3,078

Charge for the year

2,870

1,500

4,370

At 31 March 2023

3,948

3,500

7,448

Carrying amount

At 31 March 2023

8,612

4,500

13,112

At 31 March 2022

2,521

6,000

8,521

 

Y Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

586,496

205,995

Prepayments

16,670

8,681

Other debtors

2,061,069

1,190,175

 

2,664,235

1,404,851

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,000

30,000

Trade creditors

 

512,028

336,415

Taxation and social security

 

213,640

81,929

Accruals and deferred income

 

74,001

2,835

Other creditors

 

1,705,405

940,455

 

2,515,074

1,391,634

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

22,500

12,500