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Registration number: 06545869

Foster Construction (SW) Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Foster Construction (SW) Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Foster Construction (SW) Ltd

(Registration number: 06545869)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

16,250

18,750

Tangible assets

5

256,651

290,924

 

272,901

309,674

Current assets

 

Stocks

155,000

44,398

Debtors

230,780

230,413

Cash at bank and in hand

 

368,964

342,954

 

754,744

617,765

Creditors: Amounts falling due within one year

(649,871)

(338,896)

Net current assets

 

104,873

278,869

Total assets less current liabilities

 

377,774

588,543

Creditors: Amounts falling due after more than one year

(5,747)

(9,792)

Provisions for liabilities

(64,164)

(72,589)

Net assets

 

307,863

506,162

Capital and reserves

 

Called up share capital

80

80

Profit and loss account

307,783

506,082

Total equity

 

307,863

506,162

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.

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.

 

Foster Construction (SW) Ltd

(Registration number: 06545869)
Abridged Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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

Mr R Foster

Director

Mr J Wharmby

Director

 

Foster Construction (SW) Ltd

Notes to the Unaudited Abridged 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 & Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU
Somerset

The principal place of business is:
109 Currypool Lane
Cannington
Bridgwater
Somerset
TA5 2NH

These financial statements were authorised for issue by the Board on 7 August 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Leasehold improvements

Lifetime of lease

Motor vehicles

25% / 33% straight line

Plant and machinery

20% straight line

 

Foster Construction (SW) Ltd

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

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.

Intangible assets

Intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

5% straight line

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 15).

 

Foster Construction (SW) Ltd

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

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

50,000

At 31 March 2024

50,000

Amortisation

At 1 April 2023

31,250

Amortisation charge

2,500

At 31 March 2024

33,750

Carrying amount

At 31 March 2024

16,250

At 31 March 2023

18,750

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2023

920,657

Additions

161,180

Disposals

(208,661)

At 31 March 2024

873,176

Depreciation

At 1 April 2023

629,733

Charge for the year

118,365

Eliminated on disposal

(131,573)

At 31 March 2024

616,525

Carrying amount

At 31 March 2024

256,651

At 31 March 2023

290,924

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £20,000 (2023 - £20,000).

7

Related party transactions

Advances to directors

 

Foster Construction (SW) Ltd

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


Mr R Foster

During the period Mr R Foster went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £32,764 (2023 - £Nil). At the year end the amount outstanding from Mr R Foster was £32,764 (2023 - £). Interest has been charged at the commercial rate.