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Registration number: 04194261

Fearnwood Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Fearnwood Construction Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 13

Detailed Profit and Loss Account

14 to 16

 

Fearnwood Construction Limited

Company Information

Directors

 

J P Collins

S E Collins

Registered office


 

21 Russell Crescent
Leavesden
Hertfordshire
WD25 7AD

Accountants

SDT Accounting and Taxation Services Ltd
Chartered Certified Accountant
26 Beechwood Avenue
Chatham
Kent
ME5 7HH

 

Fearnwood Construction 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:

J P Collins

S E Collins

Principal activity

The principal activity of the company is Building contractor

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 by the Board on 31 July 2024 and signed on its behalf by:


J P Collins
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fearnwood Construction 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 Fearnwood Construction Limited for the year ended 31 March 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Fearnwood Construction 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 Fearnwood Construction Limited and state those matters that we have agreed to state to the Board of Directors of Fearnwood Construction Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fearnwood Construction Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fearnwood Construction 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 Fearnwood Construction Limited. You consider that Fearnwood Construction 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 Fearnwood Construction 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.






SDT Accounting and Taxation Services Ltd
Chartered Certified Accountant
26 Beechwood Avenue
Chatham
Kent
ME5 7HH

31 July 2024

 

Fearnwood Construction Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

408,725

427,031

Cost of sales

 

(304,765)

(348,323)

Gross profit

 

103,960

78,708

Administrative expenses

 

(44,049)

(45,180)

Operating profit

 

59,911

33,528

Other interest receivable and similar income

 

393

98

Interest payable and similar expenses

 

(715)

(945)

   

(322)

(847)

Profit before tax

4

59,589

32,681

Tax on profit

 

(12,658)

(6,423)

Profit for the financial year

 

46,931

26,258

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Fearnwood Construction Limited

(Registration number: 04194261)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,505

3,340

Current assets

 

Debtors

6

4,362

17,299

Cash at bank and in hand

 

69,215

55,021

 

73,577

72,320

Creditors: Amounts falling due within one year

7

(54,196)

(52,303)

Net current assets

 

19,381

20,017

Total assets less current liabilities

 

21,886

23,357

Creditors: Amounts falling due after more than one year

7

(12,404)

(22,350)

Net assets

 

9,482

1,007

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

9,382

907

Shareholders' funds

 

9,482

1,007

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.

 

Fearnwood Construction Limited

(Registration number: 04194261)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:


 


 

J P Collins

Director

 

Fearnwood Construction Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

50

50

907

1,007

Profit for the year

-

-

46,931

46,931

Dividends

-

-

(38,456)

(38,456)

At 31 March 2024

50

50

9,382

9,482

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

50

50

1,685

1,785

Profit for the year

-

-

26,258

26,258

Dividends

-

-

(27,036)

(27,036)

At 31 March 2023

50

50

907

1,007

 

Fearnwood Construction Limited

Notes to the 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:
21 Russell Crescent
Leavesden
Hertfordshire
WD25 7AD
England

These financial statements were authorised for issue by the Board on 31 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 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.

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.

 

Fearnwood Construction Limited

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

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.

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.

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

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

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.

 

Fearnwood Construction Limited

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

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.

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.

 

Fearnwood Construction Limited

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

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 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

835

1,131

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

2,570

49,390

9,664

61,624

At 31 March 2024

2,570

49,390

9,664

61,624

Depreciation

At 1 April 2023

2,555

46,532

9,197

58,284

Charge for the year

4

714

117

835

At 31 March 2024

2,559

47,246

9,314

59,119

Carrying amount

At 31 March 2024

11

2,144

350

2,505

At 31 March 2023

15

2,858

467

3,340

 

Fearnwood Construction Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

14,008

Prepayments

4,362

3,291

 

4,362

17,299

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

3,605

5,364

Taxation and social security

 

25,199

15,669

Accruals and deferred income

 

3,501

5,000

Other creditors

 

11,891

16,270

 

54,196

52,303

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

12,404

22,350

 

Fearnwood Construction Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,404

22,350

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

9

Related party transactions


Included in other creditors' there is a directors loan account balance of £11,225 (2023: £16,265).

 

 

Fearnwood Construction Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
 £

2023
 £

Turnover (analysed below)

408,725

427,031

Cost of sales (analysed below)

(304,765)

(348,323)

Gross profit

103,960

78,708

Gross profit (%)

25.44%

18.43%

Administrative expenses

Employment costs (analysed below)

(22,100)

(22,100)

General administrative expenses (analysed below)

(20,883)

(21,679)

Finance charges (analysed below)

(231)

(270)

Depreciation costs (analysed below)

(835)

(1,131)

(44,049)

(45,180)

Operating profit

59,911

33,528

Other interest receivable and similar income (analysed below)

393

98

Interest payable and similar charges (analysed below)

(715)

(945)

(322)

(847)

Profit before tax

59,589

32,681

 

Fearnwood Construction Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Turnover

Rendering of services, UK

408,725

427,031

   

Cost of sales

Purchases

(130,201)

(155,692)

Subcontract cost

(158,600)

(178,047)

Hire of plant and machinery (Spot hire)

(15,964)

(14,584)

(304,765)

(348,323)

   

Employment costs

Directors remuneration

(17,300)

(17,300)

Directors pensions (Defined contribution)

(4,800)

(4,800)

(22,100)

(22,100)

   

General administrative expenses

Telephone and fax

(864)

(1,044)

Office expenses

(2,472)

(2,395)

Computer software and maintenance costs

(772)

(518)

Printing, postage and stationery

(106)

(92)

Trade subscriptions

(176)

(128)

Sundry expenses

(889)

(291)

Motor expenses

(6,198)

(8,361)

Travel and subsistence

(4,659)

(5,605)

Customer entertaining (disallowable for tax)

(1,492)

-

Legal and professional fees

(3,255)

(3,245)

(20,883)

(21,679)

   

Finance charges

Bank charges

(231)

(270)

   

Depreciation costs

Depreciation of plant and machinery (owned)

(117)

(174)

Depreciation of motor vehicles (owned)

(714)

(952)

Depreciation of office equipment (owned)

(4)

(5)

(835)

(1,131)

 

Fearnwood Construction Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Other interest receivable and similar income

Bank interest receivable

393

98

   

Interest payable and similar expenses

Bank loan interest payable

(702)

(945)

Other interest payable

(13)

-

(715)

(945)