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Registration number: 13438597

Cromptons Contracts Ltd

trading as Crompton Contracts Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

Company Information

Director

Mr R Crompton

Registered office

Unit 4
Broomstick Yard
Edelsborough
Bedfordshire
LU6 2JA

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

(Registration number: 13438597)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,025

2,935

Current assets

 

Stocks

5

15,799

34,536

Debtors

6

248,856

272,038

 

264,655

306,574

Creditors: Amounts falling due within one year

7

(407,355)

(308,151)

Net current liabilities

 

(142,700)

(1,577)

Total assets less current liabilities

 

(138,675)

1,358

Provisions for liabilities

(558)

(558)

Net (liabilities)/assets

 

(139,233)

800

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(139,234)

799

Shareholders' (deficit)/funds

 

(139,233)

800

For the financial year ending 30 June 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 25 April 2024
 

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

(Registration number: 13438597)
Balance Sheet as at 30 June 2023

.........................................
Mr R Crompton
Director

   
     
 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Unit 4
Broomstick Yard
Edelsborough
Bedfordshire
LU6 2JA

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.

Going concern

The financial statements have been prepared on a going concern basis, on the understanding that the director and shareholder will continue to financially support the company during this uncertain period.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of construction 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.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.

Tax

The tax expense for the period comprises current 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.

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 statement of financial position 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

20% Reducing balance

Plant & Machinery

25% Reducing balance

Furniture and fittings

25% Reducing balance

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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.

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 2).

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

-

3,281

565

3,846

Additions

1,675

196

495

2,366

At 30 June 2023

1,675

3,477

1,060

6,212

Depreciation

At 1 July 2022

-

821

90

911

Charge for the year

418

664

194

1,276

At 30 June 2023

418

1,485

284

2,187

Carrying amount

At 30 June 2023

1,257

1,992

776

4,025

At 30 June 2022

-

2,460

475

2,935

5

Stocks

2023
£

2022
£

Work in progress

6,943

27,211

Finished goods

8,856

7,325

15,799

34,536

6

Debtors

2023
£

2022
£

Trade debtors

32,032

126,071

Prepayments

5,692

6,936

Other debtors

211,132

139,031

 

248,856

272,038

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

38,359

8,760

Trade creditors

 

51,063

106,941

Taxation and social security

 

236,575

141,881

Accruals and deferred income

 

3,500

3,400

Other creditors

 

77,858

47,169

 

407,355

308,151

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

38,359

8,760

 

Cromptons Contracts Ltd trading as Crompton Contracts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Related party transactions

Transactions with the director

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr R Crompton

62,735

46,951

(30,926)

78,760

         
       

 

2022

At 4 June 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr R Crompton

-

183,752

(121,017)

62,735

         
       

 

Interest has been charged on the director's overdrawn loan account balances during the period in accordance with HM Revenue and Customs guidelines. Section 455 tax has been charged on the balance outstanding at the year end.