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Registered number: 03220825










S.A.P. CONSTRUCTION LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
S.A.P. CONSTRUCTION LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 8


 
S.A.P. CONSTRUCTION LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF S.A.P. CONSTRUCTION LIMITED
FOR THE YEAR ENDED 31 JULY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S.A.P. Construction Limited for the year ended 31 July 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of S.A.P. Construction Limited, as a body, in accordance with the terms of our engagement letter dated 03 March 2023Our work has been undertaken solely to prepare for your approval the financial statements of S.A.P. Construction Limited and state those matters that we have agreed to state to the Board of Directors of S.A.P. Construction Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.A.P. Construction Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that S.A.P. Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S.A.P. Construction Limited. You consider that S.A.P. Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of S.A.P. Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
4 April 2024
Page 1

 
S.A.P. CONSTRUCTION LIMITED
REGISTERED NUMBER: 03220825

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
9,085
8,827

Tangible assets
 5 
408,114
504,701

  
417,199
513,528

Current assets
  

Debtors: amounts falling due within one year
 6 
745,265
1,158,694

Cash at bank and in hand
  
1,358,486
884,164

  
2,103,751
2,042,858

Creditors: amounts falling due within one year
 7 
(601,736)
(738,888)

Net current assets
  
 
 
1,502,015
 
 
1,303,970

Total assets less current liabilities
  
1,919,214
1,817,498

Provisions for liabilities
  

Deferred tax
  
(88,668)
(117,659)

  
 
 
(88,668)
 
 
(117,659)

Net assets
  
1,830,546
1,699,839


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
1,830,544
1,699,837

  
1,830,546
1,699,839


Page 2

 
S.A.P. CONSTRUCTION LIMITED
REGISTERED NUMBER: 03220825
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 April 2024.




................................................
Mr C Atkins
................................................
Mrs M Atkins
Director
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
S.A.P. CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

The company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, NR1 4DJ. The principle place of trade is Caston. 
The company's principle activity is that of construction.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date. 
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
S.A.P. CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

Page 5

 
S.A.P. CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
113
76


4.


Intangible assets




Number plates

£



Cost


At 1 August 2022
9,807


Additions
1,378



At 31 July 2023

11,185



Amortisation


At 1 August 2022
981


Charge for the year on owned assets
1,119



At 31 July 2023

2,100



Net book value



At 31 July 2023
9,085



At 31 July 2022
8,827



Page 6

 
S.A.P. CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
2,099,075
577,253
13,155
2,689,483


Additions
11,901
27,250
299
39,450



At 31 July 2023

2,110,976
604,503
13,454
2,728,933



Depreciation


At 1 August 2022
1,734,697
438,326
11,758
2,184,781


Charge for the year on owned assets
94,070
41,544
424
136,038



At 31 July 2023

1,828,767
479,870
12,182
2,320,819



Net book value



At 31 July 2023
282,209
124,633
1,272
408,114



At 31 July 2022
364,378
138,927
1,396
504,701


6.


Debtors

2023
2022
£
£


Trade debtors
524,990
980,736

Other debtors
179,356
175,136

Prepayments and accrued income
40,919
2,822

745,265
1,158,694


Page 7

 
S.A.P. CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
287,786
460,886

Other taxation and social security
309,610
238,329

Other creditors
1,340
34,698

Accruals and deferred income
3,000
4,975

601,736
738,888



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1.00 each
2
2



9.


Prior year adjustment

A prior year adjustment has been made in regards to the disclosure of the staff and directors salaries, national insurance and pensions whereby they have been separated in the profit and loss account. This has meant moving £62,225 between cost of sales and administration expenses. 
This adjustment has not had an affect on the reserves. 


10.


Transactions with directors

The balance on the directors' loan account as at 01 August 2022 was £175,137 owing to the company from the directors
During the year, the company advanced £414,352 to the directors and the directors introduced funds into the company amounting to £410,312
The balance on the directors' loan account as at 31 July 2023 was £179,177 owing to the company from the directors as included in note 6 other debtors above. 
The loan is repayable on demand. Interest totalling £7,117 was charged at a rate of 2% until 6 April 2023 and at a rate of 2.25% thereafter on the overdrawn balance. 

 
Page 8