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REGISTERED NUMBER: 04711555 (England and Wales)









Unaudited Financial Statements

for the Period

1 April 2023 to 31 January 2024

for

Nu Construction Limited

Nu Construction Limited (Registered number: 04711555)






Contents of the Financial Statements
for the Period 1 April 2023 to 31 January 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Nu Construction Limited (Registered number: 04711555)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 297,717 50,948

CURRENT ASSETS
Stocks 1,500 103
Debtors 5 3,358,128 3,803,251
Cash at bank and in hand 1,431,012 4,814,149
4,790,640 8,617,503
CREDITORS
Amounts falling due within one year 6 3,671,036 7,366,688
NET CURRENT ASSETS 1,119,604 1,250,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,417,321

1,301,763

PROVISIONS FOR LIABILITIES 35,998 1,031
NET ASSETS 1,381,323 1,300,732

CAPITAL AND RESERVES
Called up share capital 8 4,000 4,000
Capital redemption reserve 250,000 250,000
Retained earnings 1,127,323 1,046,732
SHAREHOLDERS' FUNDS 1,381,323 1,300,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Nu Construction Limited (Registered number: 04711555)

Balance Sheet - continued
31 January 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





S L Smith - Director


Nu Construction Limited (Registered number: 04711555)

Notes to the Financial Statements
for the Period 1 April 2023 to 31 January 2024

1. STATUTORY INFORMATION

Nu Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04711555

Registered office: Unit A5
Old Power Way
Lowfields Business Park
Elland
West Yorkshire
HX5 9DE

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 UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to give a true and fair view.

The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding and value added tax.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by reference to third party or internally generated contract valuations, except in rare instances where this would not be representative of the stage of completion. Variations in contract work are included to the extent that the amount can be measured reliably and its receipt considered probable.

Profits are recognised on contracts when the outcome can be assessed with reasonable certainty and based upon expected costs to completion after assessing the stage of the contract.

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Nu Construction Limited (Registered number: 04711555)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 January 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life.


Plant and machinery etc.

- 7 to 33% on cost and 25% on reducing
balance
Leasehold improvements - over the terms of the lease

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

The need for any fixed asset impairment write down is assessed by comparison of the carrying value of the assets against the higher of realisable value and value in use.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.

Nu Construction Limited (Registered number: 04711555)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors and other creditors.

Trade debtors, other debtors, cash and bank balances, trade creditors and other creditors are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Nu Construction Limited (Registered number: 04711555)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 January 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and sources of estimation uncertainty
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values 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 that 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 affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements that the directors have made in applying the company's accounting policies and the key sources of estimation uncertainty that have had the most significant effect on the amounts recognised in the financial statements are described below:

Construction contracts
Construction contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recognising turnover and related costs as the contract activity progresses. Where contract activity can be reasonably assessed during the contract term an apportionment of the contract profit is also recognised.

The directors make an assessment at the period end as to the stage of completion of each contract and recognise the appropriate level of turnover and costs in the profit and loss account based on contract forecasts and by reference to valuations.

Amounts recoverable on contracts are recognised in debtors, as the amount recognised in turnover but not yet invoiced, to the extent that these amounts are considered recoverable. Any forecast contract losses are recognised in full in the profit and loss account at the point the directors consider this outcome to be likely.

Recoverability of trade debtors
Outstanding trade debtor balances, which include retentions, are reviewed on a line by line basis by management to identify possible amounts where an impairment provision is required. When assessing recoverability the directors have considered factors such as the aging of the debts, past experience of recoverability, and the credit profile of individual customers.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had impairment not been recognised.

Nu Construction Limited (Registered number: 04711555)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 January 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 30 (2023 - 33 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 174,558
Additions 312,400
Disposals (30,453 )
At 31 January 2024 456,505
DEPRECIATION
At 1 April 2023 123,610
Charge for period 64,055
Eliminated on disposal (28,877 )
At 31 January 2024 158,788
NET BOOK VALUE
At 31 January 2024 297,717
At 31 March 2023 50,948

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 543,042 2,112,612
Amounts recoverable on contracts 1,369,341 1,137,598
Other debtors 950,321 56,677
2,862,704 3,306,887

Amounts falling due after more than one year:
Trade debtors 495,424 496,364

Aggregate amounts 3,358,128 3,803,251

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,614,213 4,183,400
Taxation and social security 276,978 1,384,826
Other creditors 779,845 1,798,462
3,671,036 7,366,688

Nu Construction Limited (Registered number: 04711555)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 January 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 167,327 69,104
Between one and five years 292,588 50,652
459,915 119,756

8. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid
Nominal 2024 2023
Number: Class: value: £    £   
1,350 A1 Ordinary £1 1,350 1,350
1,350 A2 Ordinary £1 1,350 1,350
800 A3 Ordinary £1 800 800
500 B Ordinary £1 500 500
4,000 4,000

All shares rank pari passu in respect of voting rights and entitlement on winding up.