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Registration number: 06798589

Leaves Building & Maintenance Contractors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Leaves Building & Maintenance Contractors Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 14

 

Leaves Building & Maintenance Contractors Limited

Company Information

Directors

Mr A Leaves

Mr PR Leaves

Mr D M Bravington

Company secretary

Mrs K Leaves

Registered office

Unit 5 Oyster Estate
Jackson Close
Farlington
Portsmouth
Hampshire
PO6 1QN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Leaves Building & Maintenance Contractors Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr A Leaves

Mr PR Leaves

Mr D M Bravington (appointed 1 April 2023)

Principal activity

The principal activity of the company is that of building and maintenance contractors

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr A Leaves
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Leaves Building & Maintenance Contractors Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Leaves Building & Maintenance Contractors Limited for the year ended 31 March 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Leaves Building & Maintenance Contractors 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 accounts of Leaves Building & Maintenance Contractors Limited and state those matters that we have agreed to state to the Board of Directors of Leaves Building & Maintenance Contractors Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leaves Building & Maintenance Contractors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Leaves Building & Maintenance Contractors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Leaves Building & Maintenance Contractors Limited. You consider that Leaves Building & Maintenance Contractors 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 accounts of Leaves Building & Maintenance Contractors 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 accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

7 August 2024

 

Leaves Building & Maintenance Contractors Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

6,621,211

5,824,126

Cost of sales

 

(4,629,792)

(4,197,745)

Gross profit

 

1,991,419

1,626,381

Administrative expenses

 

(1,296,540)

(1,173,844)

Operating profit

 

694,879

452,537

Other interest receivable and similar income

 

223

62

Interest payable and similar charges

 

(20,379)

(13,938)

 

(20,156)

(13,876)

Profit before tax

4

674,723

438,661

Taxation

 

(180,556)

(78,131)

Profit for the financial year

 

494,167

360,530

Retained earnings brought forward

 

285,540

92,370

Dividends paid

 

(199,995)

(167,360)

Retained earnings carried forward

 

579,712

285,540

 

Leaves Building & Maintenance Contractors Limited

(Registration number: 06798589)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

454,388

340,746

Current assets

 

Stocks

7

312,190

35,765

Debtors

8

836,909

527,993

Cash at bank and in hand

 

359,560

215,537

 

1,508,659

779,295

Creditors: Amounts falling due within one year

9

(1,029,976)

(594,380)

Net current assets

 

478,683

184,915

Total assets less current liabilities

 

933,071

525,661

Creditors: Amounts falling due after more than one year

9

(248,420)

(175,255)

Provisions for liabilities

(104,814)

(64,741)

Net assets

 

579,837

285,665

Capital and reserves

 

Called up share capital

10

125

125

Retained earnings

579,712

285,540

Shareholders' funds

 

579,837

285,665

 

Leaves Building & Maintenance Contractors Limited

(Registration number: 06798589)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr A Leaves
Director

 

Leaves Building & Maintenance Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Unit 5 Oyster Estate
Jackson Close
Farlington
Portsmouth
Hampshire
PO6 1QN
England

These financial statements were authorised for issue by the Board on 7 August 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 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

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 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.

 

Leaves Building & Maintenance Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and 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.

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 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

Land and building

5 years straight line basis

Plant and machinery

10% reducing balance basis

Fixture and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

 

Leaves Building & Maintenance Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

4 years straight line basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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.

 

Leaves Building & Maintenance Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Leases

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 16).

 

Leaves Building & Maintenance Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

102,521

87,546

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

40,000

40,000

At 31 March 2024

40,000

40,000

Amortisation

At 1 April 2023

40,000

40,000

At 31 March 2024

40,000

40,000

Carrying amount

At 31 March 2024

-

-

 

Leaves Building & Maintenance Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

32,738

167,606

542,000

742,344

Additions

-

35,340

182,479

217,819

Disposals

-

-

(16,545)

(16,545)

At 31 March 2024

32,738

202,946

707,934

943,618

Depreciation

At 1 April 2023

29,792

127,485

244,321

401,598

Charge for the year

736

12,984

88,801

102,521

Eliminated on disposal

-

-

(14,889)

(14,889)

At 31 March 2024

30,528

140,469

318,233

489,230

Carrying amount

At 31 March 2024

2,210

62,477

389,701

454,388

At 31 March 2023

2,946

40,121

297,679

340,746

Included within the net book value of land and buildings above is £2,210 (2023 - £2,946) in respect of short leasehold land and buildings.
 

7

Stocks

2024
£

2023
£

Work in progress

223,190

-

Other inventories

89,000

35,765

312,190

35,765

 

Leaves Building & Maintenance Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

830,833

508,083

Other debtors

6,076

19,910

 

836,909

527,993

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

112,112

78,582

Trade creditors

 

489,400

328,118

Taxation and social security

 

413,886

172,307

Accruals and deferred income

 

5,000

10,000

Other creditors

 

9,578

5,373

 

1,029,976

594,380

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

248,420

175,255

 

Leaves Building & Maintenance Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

25

25

25

25

Ordinary B shares of £1 each

25

25

25

25

Ordinary C shares of £1 each

25

25

25

25

Ordinary D shares of £1 each

25

25

25

25

Ordinary E shares of £1 each

25

25

25

25

Ordinary F shares of £1 (2023 - £0) each

10

10

-

-

135

135

125

125

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

248,420

175,255

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

112,112

78,582