Company registration number 13322346 (England and Wales)
E&H DRYLINING & PLASTERING (CENTRAL) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
E&H DRYLINING & PLASTERING (CENTRAL) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
E&H DRYLINING & PLASTERING (CENTRAL) LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,253
4,516
Current assets
Debtors
5
543,594
419,317
Cash at bank and in hand
211,348
94,531
754,942
513,848
Creditors: amounts falling due within one year
6
(463,922)
(338,660)
Net current assets
291,020
175,188
Total assets less current liabilities
294,273
179,704
Provisions for liabilities
(813)
(858)
Net assets
293,460
178,846
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
293,360
178,746
Total equity
293,460
178,846

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved by the board of directors and authorised for issue on 1 March 2024 and are signed on its behalf by:
Mr S J Harbour
Director
Company registration number 13322346 (England and Wales)
E&H DRYLINING & PLASTERING (CENTRAL) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

E&H Drylining & Plastering (Central) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Redhorn House, Avro Business Centre, Avro Way, Bowerhill, Melksham, Wiltshire, SN12 6TP.

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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue 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 services provided in the normal course of business to 30 June 2023, and is shown net of VAT and other sales related taxes. The company recognises revenue when:

- the amounts of revenue can be reliably measured;

- it is probable that the future economic benefits will flow to the company;

- and specific criteria have been met for each of the companies activities.

E&H DRYLINING & PLASTERING (CENTRAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -

The policies adopted for the recognition of turnover are as follows:

 

- Rendering of services

 

When the outcome of a transaction can be estimated reliably, turnover from drylining and plastering services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured monthly by reference to measured completion of housing plots. Turnover represents all work measured to 30 June 2023, net of value added tax. Retentions are deferred and only recognised in turnover when their receipt is virtually certain.

 

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

 

- Construction contracts

 

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the completion of contracts.

 

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

 

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

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% on a reducing balance basis
Office equipment , fixtures and fittings
25% on a reducing balance basis
Computer equipment
33% on a reducing balance basis

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

E&H DRYLINING & PLASTERING (CENTRAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.8
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Work in progress

Work in progress is valued at the cost of direct labour and materials attributed to each project, as well as a nominal profit margin agreed within the original contract in relation to fixed materials and labour, thus representing the stage of completion. Unfixed materials are valued at cost.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors and other debtors, management considers factors including the current credit rating, the ageing profile of debtors and historical experience.

E&H DRYLINING & PLASTERING (CENTRAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Plant and equipment
Office equipment , fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
525
3,259
2,505
6,289
Depreciation and impairment
At 1 July 2022
131
815
827
1,773
Depreciation charged in the year
98
611
554
1,263
At 30 June 2023
229
1,426
1,381
3,036
Carrying amount
At 30 June 2023
296
1,833
1,124
3,253
At 30 June 2022
394
2,444
1,678
4,516
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
427,431
294,698
Other debtors
116,163
124,619
543,594
419,317
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
230,022
109,518
Corporation tax
89,670
40,759
Other taxation and social security
18,244
-
0
Other creditors
125,986
188,383
463,922
338,660
E&H DRYLINING & PLASTERING (CENTRAL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
45
45
45
45
Ordinary B of £1 each
45
45
45
45
Ordinary C of £1 each
10
10
10
10
100
100
100
100
8
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
£
£
54,441
72,420
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The other creditors include an interest free loan of £21,024 (2022 £146,290) from E&H Drylining and Plastering Limited, a subsidiary of Redhorn Holdings Ltd, who are shareholders of the company.

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