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Company registration number: 03701959
Clydach Construction Limited
Unaudited filleted financial statements
31 January 2024
Clydach Construction Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Clydach Construction Limited
Directors and other information
Director Mr Michael Sykes
Secretary Mrs Amanda Fay Sykes
Company number 03701959
Registered office 1a Players Industrial Estate
Clydach
Swansea
SA6 5BQ
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Clydach Construction Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Clydach Construction Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clydach Construction Limited for the year ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Clydach Construction Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Clydach Construction Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clydach Construction Limited and its director as a body for our work or for this report.
It is your duty to ensure that Clydach 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 Clydach Construction Limited. You consider that Clydach Construction Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Clydach 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.
Morgan Hemp
Chartered Certified Accountants
103-104 Walter Road
Swansea
SA1 5QF
5 April 2024
Clydach Construction Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 65,157 89,961
_______ _______
65,157 89,961
Current assets
Stocks 37,685 92,647
Debtors 5 63,389 12,711
_______ _______
101,074 105,358
Creditors: amounts falling due
within one year 6 ( 87,803) ( 81,589)
_______ _______
Net current assets 13,271 23,769
_______ _______
Total assets less current liabilities 78,428 113,730
Creditors: amounts falling due
after more than one year 7 ( 52,345) ( 83,096)
Provisions for liabilities ( 12,490) ( 17,093)
_______ _______
Net assets 13,593 13,541
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 13,591 13,539
_______ _______
Shareholders funds 13,593 13,541
_______ _______
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 April 2024 , and are signed on behalf of the board by:
Mr Michael Sykes
Director
Company registration number: 03701959
Clydach Construction Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is 1a Players Industrial Estate, Clydach, Swansea, SA6 5BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 67,303 13,310 172,180 252,793
Additions - 2,417 - 2,417
Disposals - - ( 5,800) ( 5,800)
_______ _______ _______ _______
At 31 January 2024 67,303 15,727 166,380 249,410
_______ _______ _______ _______
Depreciation
At 1 February 2023 59,779 10,790 92,261 162,830
Charge for the year 2,888 1,458 21,137 25,483
Disposals - - ( 4,060) ( 4,060)
_______ _______ _______ _______
At 31 January 2024 62,667 12,248 109,338 184,253
_______ _______ _______ _______
Carrying amount
At 31 January 2024 4,636 3,479 57,042 65,157
_______ _______ _______ _______
At 31 January 2023 7,524 2,520 79,919 89,963
_______ _______ _______ _______
5. Debtors
2024 2023
£ £
Trade debtors 23,473 6,870
Other debtors 39,916 5,841
_______ _______
63,389 12,711
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 47,957 44,971
Trade creditors 4,303 14,198
Social security and other taxes 19,071 7,225
Other creditors 16,472 15,195
_______ _______
87,803 81,589
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 25,198 45,198
Other creditors 27,147 37,898
_______ _______
52,345 83,096
_______ _______
8. Related party transactions
Included within debtors are amounts owed from the director totalling £23,343. (£22 included within creditors 2023). The loan is interest free and repayable on demand.