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Elson Paving Contractors Limited

Financial Statements

for the Year Ended

30 June 2022

 

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Elson Paving Contractors Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 9

 

Elson Paving Contractors Limited

Company Information

Director

PSP Elson

Registered office

31 Daintree Croft
Chelyesmore
Coventry
CV3 5DN

Accountants

Chamberlains (Accountancy & Taxation) Limited
Ground Floor
5 The Pavilions
Cranmore Drive, Shirley
Solihull
B90 4SB

 

Accountants' Report to the Director of

Elson Paving Contractors Limited

for the Year Ended 30 June 2023

The company's directors are responsible for the preparation of the financial statements for the period, which they consider to be exempt from audit under the Companies Act 1985. In accordance with the instructions given to us by the directors we have assisted with the preparation of the financial statements, using the accounting records, information and explanations provided to us, in order to fulfil their statutory responsibilities

It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of the company. You consider that the company 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 accounts of the company. 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 accounts.




Chamberlains (Accountancy & Taxation) Limited
Ground Floor
5 The Pavilions
Cranmore Drive, Shirley
Solihull
B90 4SB

30 July 2024

 

Elson Paving Contractors Limited

(Registration number: 05379876)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

9,000

11,250

Tangible assets

6

35,289

44,112

 

44,289

55,362

Current assets

 

Debtors

7

255,840

302,074

Cash at bank and in hand

 

15,950

16,179

 

271,790

318,253

Prepayments and accrued income

 

-

226

Creditors: Amounts falling due within one year

(1,963)

(166)

Net current assets

 

269,827

318,313

Total assets less current liabilities

 

314,116

373,675

Provisions for liabilities

(6,705)

(2,471)

Accruals and deferred income

 

(1,675)

(2,618)

Net assets

 

305,736

368,586

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

305,636

368,486

Shareholders' funds

 

305,736

368,586

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Elson Paving Contractors Limited

(Registration number: 05379876)
Abridged Balance Sheet as at 30 June 2023

Approved and authorised by the director on 30 July 2024
 

.........................................
PSP Elson
Director

 

Elson Paving Contractors Limited

Notes to the Unaudited Abridged 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 and Wales.

The address of its registered office is:
31 Daintree Croft
Chelyesmore
Coventry
CV3 5DN

These financial statements were authorised for issue by the director on 30 July 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Revenue recognition

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. 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.

Tax

The tax expense for the period comprises deferred 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.

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.

 

Elson Paving Contractors Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Vehicles and equipment

Reducing balance x 20%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight Line x 10%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade 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.

 

Elson Paving Contractors Limited

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

Trade 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

8,823

14,708

Amortisation expense

2,250

3,750

 

Elson Paving Contractors Limited

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

5

Intangible assets

Total
£

Cost or valuation

At 1 July 2022

30,000

At 30 June 2023

30,000

Amortisation

At 1 July 2022

18,750

Amortisation charge

2,250

At 30 June 2023

21,000

Carrying amount

At 30 June 2023

9,000

At 30 June 2022

11,250

6

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

24,929

72,397

97,326

At 30 June 2023

24,929

72,397

97,326

Depreciation

At 1 July 2022

18,700

34,514

53,214

Charge for the year

1,247

7,576

8,823

At 30 June 2023

19,947

42,090

62,037

Carrying amount

At 30 June 2023

4,982

30,307

35,289

At 30 June 2022

6,229

37,883

44,112

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

Elson Paving Contractors Limited

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

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100