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COMPANY REGISTRATION NUMBER: 08400405
Camclad Contractors Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Camclad Contractors Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
154,908
124,605
Current assets
Stocks
841,618
130,760
Debtors
6
554,833
681,989
Cash at bank and in hand
1,165,243
461,725
------------
------------
2,561,694
1,274,474
Creditors: amounts falling due within one year
7
1,386,726
690,456
------------
------------
Net current assets
1,174,968
584,018
------------
---------
Total assets less current liabilities
1,329,876
708,623
Creditors: amounts falling due after more than one year
8
46,848
85,662
Provisions
Deferred taxation
30,996
22,926
------------
---------
Net assets
1,252,032
600,035
------------
---------
Capital and reserves
Called up share capital
104
104
Profit and loss account
1,251,928
599,931
------------
---------
Shareholders funds
1,252,032
600,035
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Camclad Contractors Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
D R Lakeman-Pettit Director
B T Lakeman-Pettit Director
I J Lomas-Farley Director
Company registration number: 08400405
Camclad Contractors Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, including estimates for amounts not invoiced at the year end, stated net of discounts and of Value Added Tax. Revenue is recognised when the contract terms have been satisfied by both parties concerned. This occurs when the amount of revenue can be measured reliably such that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be reliably ascertained.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Rental and operating lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under hire purchase and finance lease contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the contract term. Hire purchase and lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the sum of the digits interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 12 ).
5. Tangible assets
Motor vehicles
Office equipment
Total
£
£
£
Cost
At 1 April 2023
176,106
41,948
218,054
Additions
70,038
70,038
---------
--------
---------
At 31 March 2024
246,144
41,948
288,092
---------
--------
---------
Depreciation
At 1 April 2023
70,884
22,565
93,449
Charge for the year
34,889
4,846
39,735
---------
--------
---------
At 31 March 2024
105,773
27,411
133,184
---------
--------
---------
Carrying amount
At 31 March 2024
140,371
14,537
154,908
---------
--------
---------
At 31 March 2023
105,222
19,383
124,605
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
496,827
609,635
Other debtors
58,006
72,354
---------
---------
554,833
681,989
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,000
20,000
Trade creditors
826,437
525,612
Social security and other taxes
396,685
114,283
Other creditors
143,604
30,561
------------
---------
1,386,726
690,456
------------
---------
Included within other creditors is an amount of £18,812 (2023: £20,144) relating to assets acquired under hire purchase agreements. Hire purchase agreements are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
25,019
45,020
Other creditors
21,829
40,642
--------
--------
46,848
85,662
--------
--------
Included within other creditors is an amount of £21,829 (2023: £40,642) relating to assets acquired under hire purchase agreements. Hire purchase agreements are secured on the assets concerned.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
30,996
22,926
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
30,996
22,926
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 1 year and not later than 5 years
161,405
72,041
Later than 5 years
3,860
---------
--------
161,405
75,901
---------
--------