Registration number:
for the Year Ended
Avtar Construction Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Avtar Construction Limited
Company Information
Directors |
Mr P S Johal Mrs K K Johal Mr P Mazzotta Mr G Carpinelli |
Registered office |
|
Auditors |
|
Avtar Construction Limited
Strategic Report for the Year Ended 29 February 2024
The directors present their strategic report for the year ended 29 February 2024.
Principal activity
The principal activity of the company is that of a civil engineering groundworks contractor for major residential housing developers.
Fair review of the business
Avtar Construction Limited's principal activity is that of a civil engineering groundworks contractor for major residential housing developers.
The results for the year and financial position of the company are shown in the annexed accounts. The key financial highlights are as follows:
Turnover £19,597,370 (2023: £22,272,269)
Company gross profit £2,286,421 (11.67%) (2023: £2,178,221 (9.78%))
Profit/(loss) before tax £242,994 (1.3%) (2023: £476,387 (2.14%))
Profit for the financial year £175,280 (2023: £378,063)
Work Pipeline
The demand for groundworks and general construction in our area again remains high. Previous marketing campaigns have been successful, ensuring future works with new Clients. By working with new and existing clients, we are looking to ensure we capture a sizable share of the potential works in the region and increase our current geographical spread.
Health & Safety
Avtar Construction Ltd will continue to review Government guidance, take feedback from our employees and Clients and adapt our working practices accordingly, to ensure our staff work in the safest environment possible. On site Avtar Construction Ltd will continue to look for improvement to ensure a safe environment is maintained for all employees and associates of the company, across all locations in our jurisdiction. All sites will undertake a weekly-fortnightly internal audit with reports completed and issued accordingly.
We recognise that with good performance comes good quality of work and a better product for all our customers.
People Strategy
Training and continuous improvement will always remain a priority for the company, as we recognise that this will not only strengthen our relationships with clients, but also create new ideas and practices for the company required for the future. The emphasis on training, is to ensure all employees have the relevant resources tools, for development to perform their roles competently and productively.
Human Resources
Avtar Construction Ltd, is committed to ensuring that each employees wellbeing is being looked after, by subscribing to several memberships, in the construction industry, we have always sought advise, when the need has arisen, to ensure the best in employee welfare and occupational health.
Avtar Construction is focused on creating a wellbeing culture and over the next year, alongside Health and Safety and Occupational Health professionals we will champion preventative mental health and stress management, through coaching resources and confidential helplines.
Avtar Construction Limited
Strategic Report for the Year Ended 29 February 2024
Principal risks and uncertainties
Avtar Construction Ltd provides civil-engineering services to major house builders in the South-West region, although we do have a presence in the south-east and undertake smaller, but profitable projects, in counties across the UK. Although largely influenced by our clients, those own restrictions can be as a direct command from government, Avtar Construction Ltd believe it has the right business plan in place to ensure future business is not limited to current client base, geographical location, or broad activity.
The Directors and Management team regularly review the performance of the company to ensure steps can be taken to avert any situation that could cause an upset to the running of the business. Having a close relationship with our Clients (and Suppliers) helps us to understand and satisfy the expectation required, with regards to cost management for labour and materials information to the management team, allows for the ability to closely review and monitor the company's labour requirements and operational overheads, and continually develops its reporting management systems.
Retentions are staple in the construction industry, Avtar Construction Ltd takes this subject with great importance, to ensure retentions are recorded correctly and in a detailed format, and once the passing of time has gone, the retentions are agreed and collected in a contracted manner.
Avtar Construction Ltd employs the services of a third-party Health and Safety executive and undertakes regular reviews as part of the membership of several construction industry organisations. Safety on site is given principal importance due to the dangers involved. The company ensures the safety of all employees and subcontractors and provides adequate training before site work can commence. Comprehensive Risk Assessments and Method Statements are compiled and issued to all persons on site, by document as well toolbox talks, to deliver HSE protocol, policies and procedures to achieve a safe and healthy working environment. The company also seeks to work closely with clients to ensure the safety of all on site.
Approved and authorised by the
......................................... |
Avtar Construction Limited
Directors' Report for the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors of the company
The directors who held office during the year were as follows:
Going concern
The management team have prepared cash flow forecasts for the next financial year, the purpose and ability to carry out this exercise is based on the current list of projects we are presently undertaking and those projects we have won, which will start part way through the 2024/2025 financial year. The management team are satisfied that these forecasts, which take account of trading performance and the current economic climate, show a high level of optimism that the company has an adequate project portfolio to continue in operational existence for the foreseeable future. For this reason, the company continues to adopt the going concern basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Avtar Construction Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Avtar Construction Limited
Independent Auditor's Report to the Members of Avtar Construction Limited
Opinion
We have audited the financial statements of Avtar Construction Limited (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
Avtar Construction Limited
Independent Auditor's Report to the Members of Avtar Construction Limited
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Avtar Construction Limited
Independent Auditor's Report to the Members of Avtar Construction Limited
Detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As such, we have considered:
• the nature of the industry and sector, control environment and business performance including the company’s remuneration policy, bonus levels, and performance targets;
• the company’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company’s policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Avtar Construction Limited
Independent Auditor's Report to the Members of Avtar Construction Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
16 Dorcan Business Village
Murdock Road, Dorcan
Wiltshire
SN3 5HY
Avtar Construction Limited
Profit and Loss Account for the Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
253,677 |
495,788 |
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
( |
|
(10,683) |
(19,401) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Avtar Construction Limited
(Registration number: 07166905)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Avtar Construction Limited
Statement of Changes in Equity for the Year Ended 29 February 2024
Share capital |
Profit and loss account |
Total |
|
At 1 March 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 28 February 2023 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 March 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 29 February 2024 |
|
|
|
Avtar Construction Limited
Statement of Cash Flows for the Year Ended 29 February 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
- |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
( |
|
|
Income taxes paid |
- |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
- |
|
|
Acquisitions of tangible assets |
- |
( |
|
Proceeds from sale of tangible assets |
- |
|
|
Net cash flows from investing activities |
- |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
( |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 March |
|
|
|
Cash and cash equivalents at 29 February |
2,540 |
562,330 |
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
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 from grounds work activities 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 current tax payable.
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.
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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 |
Plant and machinery |
5 years straight line |
Fixtures, fittings and equipment |
3 and 5 years straight line |
Motor vehicles |
4 years straight line |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
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.
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
- |
|
Other finance income |
- |
|
- |
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
- |
|
Interest expense on other finance liabilities |
- |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
329,410 |
366,314 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
- |
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Total tax charge |
|
|
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 March 2023 |
|
|
|
|
At 29 February 2024 |
|
|
|
|
Depreciation |
||||
At 1 March 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 29 February 2024 |
|
|
|
|
Carrying amount |
||||
At 29 February 2024 |
|
|
- |
|
At 28 February 2023 |
|
|
|
|
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Details of non-current trade and other debtors
£524,370 (2023 -£1,045,811) of trade debtors is classified as non current. Trade debtors include retentions due after 12 months.
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
168,984 |
101,270 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2023 |
|
|
At 29 February 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2024 |
2023 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
- |
|
|
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
- |
|
Avtar Construction Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
During the year, related party transactions took place with Saint Zora Singh Lopan Charitable Trust of whom share mutual directors. The related party transactions totalled £3,500 during the year ended 29th February 2024.
Transactions with directors |
2024 |
At 1 March 2023 |
Advances to director |
At 29 February 2024 |
Mr P S Johal |
|||
|
|
|
|
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Mr P S Johal |
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|
|
|
( |
|