REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CONTRACTS ADVANCE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CONTRACTS ADVANCE LIMITED |
CONTRACTS ADVANCE LIMITED (REGISTERED NUMBER: 06258133) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CONTRACTS ADVANCE LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 AUGUST 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
CONTRACTS ADVANCE LIMITED (REGISTERED NUMBER: 06258133) |
BALANCE SHEET |
31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CONTRACTS ADVANCE LIMITED (REGISTERED NUMBER: 06258133) |
BALANCE SHEET - continued |
31 AUGUST 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CONTRACTS ADVANCE LIMITED (REGISTERED NUMBER: 06258133) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Contracts Advance Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised as a fair value of the consideration received or receivable, net of Value Added Tax. Turnover in respect of services supplied is recognised by reference to the stage of completion of each contract having reference to the initial costs incurred in achieving that contract. Where it is deemed that the contract is to be performed outside of the accounting period, this proportion of the income is recognised in a subsequent accounting period. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software will be amortised evenly over its estimated useful life of six years. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CONTRACTS ADVANCE LIMITED (REGISTERED NUMBER: 06258133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
Interest bearing bank loans, overdrafts and other loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the bank, usually being equivalent to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CONTRACTS ADVANCE LIMITED (REGISTERED NUMBER: 06258133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
CONTRACTS ADVANCE LIMITED (REGISTERED NUMBER: 06258133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
The issued share capital of the company of 10,000 Ordinary shares of £1 each is allocated as follows: |
4,600 Ordinary A shares of £1 each |
4,600 Ordinary B shares of £1 each |
700 Ordinary C shares of £1 each |
100 Ordinary D shares of £1 each |
On 30 October 2020 the company granted an option over 500 Ordinary E shares of £1 each in accordance with the Contracts Advance Limited EMI Option Scheme. The Option is granted as an enterprise management incentive (EMI) option under the provisions of Schedule 5, Income Tax (Earnings and Pensions) Act 2003. The Exercise price per share is £250. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
As at 31 August 2023 the company was owed £402,895 (2022 - £178,117) by C J H Millhouse and £213,005 (2022 - £93,794) by L F Hasell. |
11. | ULTIMATE CONTROLLING PARTY |