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Registered number: 04102442










C.J. CONSTRUCTION (WALES) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
C.J. CONSTRUCTION (WALES) LIMITED
REGISTERED NUMBER: 04102442

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
373,707
335,494

  
373,707
335,494

Current assets
  

Stocks
 6 
125,000
226,000

Debtors: amounts falling due within one year
 7 
209,766
244,808

Current asset investments
 8 
279,653
259,035

Cash at bank and in hand
  
1,346,982
835,822

  
1,961,401
1,565,665

Creditors: amounts falling due within one year
 9 
(438,111)
(328,685)

Net current assets
  
 
 
1,523,290
 
 
1,236,980

Total assets less current liabilities
  
1,896,997
1,572,474

Creditors: amounts falling due after more than one year
  
(16,816)
(3,099)

Provisions for liabilities
  

Deferred tax
  
(46,654)
(59,657)

  
 
 
(46,654)
 
 
(59,657)

Net assets
  
1,833,527
1,509,718


Capital and reserves
  

Called up share capital 
  
5,300
5,300

Capital redemption reserve
 10 
1,500
1,500

Other reserves
 10 
51,772
34,457

Profit and loss account
 10 
1,774,955
1,468,461

  
1,833,527
1,509,718

Page 1

 
C.J. CONSTRUCTION (WALES) LIMITED
REGISTERED NUMBER: 04102442
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 comprehensive income 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 1 July 2024.




C Jones
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

C.J. Construction (Wales) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04102442 and registered office address is PO Box 71, The Builders Yard, Somerset Lane, Taibach, Port Talbot, SA13 1UA.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has made a profit in the year, and has both net current assets and net assets at the balance sheet date.The directors consider that the company is well-placed to manage its business risks successfully, despite the current uncertain economic outlook.
After making enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

Page 3

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

Depreciation is provided on the following basis:

Land and buildings
-
2% on cost
Plant and machinery etc
-
20% on reducing balance and 10% on 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.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

  
2.9

Work in progress

The directors quantify the amounts recoverable on each contract in progress at the statement of financial position date. Costs of work done to date, including materials and sub-contractor costs, are taken into consideration before arriving at a valuation by reference to the stage of completion. The company includes provisions in their valuations for unforeseen costs based on their risk and likelihood of costs being incurred.

  
2.10

Long-term work in progress

Long-term contract work in progress represents costs incurred on contracts net of amounts transferred to cost of sales in respect of work recorded as turnover, less foreseeable losses and payments on account not matched with turnover. Provision is made for losses expected to arise on completion of contracts at the balance sheet date.

Page 5

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

  
2.14

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

  
2.15

Investments

Current asset investments are carried at market value. Valuation fluctuations are recognised in profit or loss and deferred tax has been provided on increase in value and adjusted annually for movement in the value in the accounting period. Surpluses or deficits arising on valuation are transferred to the fair value reserve.

Page 6

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.16

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.
Bad debt provision
A specific provision is made against older debtor balances. Additional provisions are made against newer debtor balances where there is evidence to suggest that a balance may not recoverable.
Impairment of assets
Assets are assessed for indicators of impairment at each statement of financial position date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
Work in progress
The directors quantify the amounts recoverable on each contract in progress at the statement of financial position date. Costs of work done to date, including materials and sub-contractor costs, are taken into consideration before arriving at a valuation by reference to the stage of completion. The company includes provisions in their valuations for unforeseen costs based on their risk and likelihood of costs being incurred.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.


4.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 30).

Page 7

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
105,593
214,940
279,297
1,526
601,356


Additions
-
26,320
72,685
-
99,005


Disposals
-
(56,003)
(18,655)
(272)
(74,930)



At 31 December 2023

105,593
185,257
333,327
1,254
625,431



Depreciation


At 1 January 2023
704
127,589
136,520
1,049
265,862


Charge for the year on owned assets
2,112
9,417
38,643
68
50,240


Disposals
-
(49,668)
(14,577)
(133)
(64,378)



At 31 December 2023

2,816
87,338
160,586
984
251,724



Net book value



At 31 December 2023
102,777
97,919
172,741
270
373,707



At 31 December 2022
104,889
87,351
142,777
477
335,494

Page 8

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Work in progress
105,000
201,000

Stocks
20,000
25,000

125,000
226,000



7.


Debtors

2023
2022
£
£


Trade debtors
44,841
88,613

Other debtors
151,765
142,795

Prepayments and accrued income
13,160
13,400

209,766
244,808



8.


Current asset investments

2023
2022
£
£

Listed investments
279,653
259,035

279,653
259,035


Page 9

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
310

Trade creditors
190,834
138,193

Corporation tax
124,105
111,691

Other taxation and social security
58,273
27,861

Hire purchase contracts
53,176
39,183

Other creditors
2,956
3,530

Accruals and deferred income
8,767
7,917

438,111
328,685





10.


Reserves

Retained earnings
Capital redemption reserve
Other reserves
Share capital
Total
        £
        £
        £
        £
        £

At 1 January 2023

1,468,461

1,500

34,457
 
5,300
 
1,509,718

Profit for the year

478,209

-

-
 
-
 
478,209

Dividends

(154,400)

-

-
 
-
 
(154,400)

Transfer

(17,315)

-

17,315
 
-
 
-

At 31 December 2023

1,774,955

1,500

51,772
 
5,300
 
1,833,527


Reserve transfers relate to gains/losses on the revaluation of current asset investments net of deferred tax.

Page 10

 
C.J. CONSTRUCTION (WALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £157,238 (2022 - £17,516) during the year. At the statement of financial position date unpaid contributions £2,956 (2022 - £3,530) were due to the fund which are included in other creditors.


12.


Controlling party

The controlling party is the director Mr C Jones.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 31 July 2024 by Brian Garland BA ACA (Senior Statutory Auditor) on behalf of MHA.

 
Page 11