Registered number
13384062
Tugwell Contracting Solar Limited
Filleted Accounts
31 December 2023
AMENDED
Tugwell Contracting Solar Limited
Registered number: 13384062
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 849,407 85,972
Current assets
Stocks 10,862 14,026
Debtors 4 1,867,252 644,486
Cash at bank and in hand 180,196 92,071
2,058,310 750,583
Creditors: amounts falling due within one year 5 (699,552) (484,054)
Net current assets 1,358,758 266,529
Total assets less current liabilities 2,208,165 352,501
Creditors: amounts falling due after more than one year 6 (633,915) (16,032)
Net assets 1,574,250 336,469
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,574,150 336,369
Shareholders' funds 1,574,250 336,469
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Adrian Tugwell
Director
Approved by the board on 30 June 2024
Tugwell Contracting Solar Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 22
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 107,465
Additions 954,294
At 31 December 2023 1,061,759
Depreciation
At 1 January 2023 21,493
Charge for the year 190,859
At 31 December 2023 212,352
Net book value
At 31 December 2023 849,407
At 31 December 2022 85,972
4 Debtors 2023 2022
£ £
Trade debtors 469,759 414,419
Amounts owed by group undertakings and undertakings in which the company has a participating interest 799,398 100,067
Other debtors 598,095 130,000
1,867,252 644,486
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 218,497 24,430
Trade creditors 304,050 453,328
Taxation and social security costs 177,005 3,222
Other creditors - 3,074
699,552 484,054
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 633,915 16,032
7 Related party transactions
During the period, there was paid a total of £650,000 plus VAT to Adrian Tugwell trading as Tugwell Contractors for use of vehicles and equipment. Adrian Tugwell owns 100% of the ordinary share capital of Tugwell Contracting (Solar) Limited and is a director.
8 Other information
Tugwell Contracting Solar Limited is a private company limited by shares and incorporated in England. Its registered office is:
Jarvis Quarry
Tetbury Road
Cirencester
GL7 6BN
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