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REGISTERED NUMBER: 05192312 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Wearside Construction Limited

Wearside Construction Limited (Registered number: 05192312)






Contents of the Financial Statements
for the year ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wearside Construction Limited

Company Information
for the year ended 31 August 2023







DIRECTOR: B P McCafferty



SECRETARY: L McCafferty



REGISTERED OFFICE: The Haven
2c West Park
Cleadon Village
Tyne and Wear
SR6 7RR



REGISTERED NUMBER: 05192312 (England and Wales)



ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG



BANKERS: Barclays Bank PLC
53 Fawcett Street
Sunderland
Tyne and Wear
SR1 1RS

Wearside Construction Limited (Registered number: 05192312)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,341 21,954

CURRENT ASSETS
Stocks 12,606 -
Debtors 5 40,907 27,768
Cash at bank and in hand 3,165 64,151
56,678 91,919
CREDITORS
Amounts falling due within one year 6 26,929 19,362
NET CURRENT ASSETS 29,749 72,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

46,090

94,511

CREDITORS
Amounts falling due after more than one
year

7

(10,500

)

(16,500

)

PROVISIONS FOR LIABILITIES (2,680 ) (4,171 )
NET ASSETS 32,910 73,840

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 32,810 73,740
SHAREHOLDERS' FUNDS 32,910 73,840

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Wearside Construction Limited (Registered number: 05192312)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 August 2024 and were signed by:





B P McCafferty - Director


Wearside Construction Limited (Registered number: 05192312)

Notes to the Financial Statements
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Wearside Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future, which the director considers appropriate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group or those conducted at market rate.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks and work in progress
Stocks and work in progress (except for long term contracts) are stated at the lower of cost and net realisable value. Cost is calculated using first-in-first-out method and consists of material and direct labour costs, together with an appropriate proportion of overheads.

Long term contracts are stated at net cost less foreseeable losses less any payments on account. The amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Wearside Construction Limited (Registered number: 05192312)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Government grants
Government grants received in relation to tangible fixed assets, are treated as deferred credits and credited to the profit and loss account over the estimated useful life of the relevant fixed assets. Grants received in respect of revenue expenses are shown as income in the same period as the relevant expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022
and 31 August 2023 65,153
DEPRECIATION
At 1 September 2022 43,199
Charge for year 5,613
At 31 August 2023 48,812
NET BOOK VALUE
At 31 August 2023 16,341
At 31 August 2022 21,954

Wearside Construction Limited (Registered number: 05192312)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 September 2022 25,013
Transfer to ownership (25,013 )
At 31 August 2023 -
DEPRECIATION
At 1 September 2022 12,352
Charge for year 2,514
Transfer to ownership (14,866 )
At 31 August 2023 -
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 12,661

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 40,907 27,768

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,000 6,000
Hire purchase contracts - 5,973
Trade creditors 9,848 867
Taxation and social security 6,707 1,155
Other creditors 4,374 5,367
26,929 19,362

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 10,500 16,500

Wearside Construction Limited (Registered number: 05192312)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 5,973

The hire purchase liabilities are secured on the assets to which they relate.

9. ULTIMATE CONTROLLING PARTY

The controlling party is B P McCafferty.