Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Stocks | 3 |
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Debtors | 4 |
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Cash at bank and in hand |
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2,134,575 | 575,979 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 1,151,902 | 481,929 | ||
Total assets less current liabilities | 1,151,902 | 481,929 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Carters Field Limited (registered number:
G Carter
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Carters Field Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Manor Garden, 15a Brewery Street, Highworth, Swindon, SN6 7AJ, United Kingdom and the registered number is 12505308.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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 the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction 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 costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2024 | 2023 | ||
£ | £ | ||
Work in progress |
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£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Other creditors |
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£ | £ | ||
Bank loans (secured) |
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Amounts owed to related parties |
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Amounts owed to directors |
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Other loans |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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150 | 150 |
Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
Shareholder loan account | 64,450 | 64,450 | |
Related party loan account | 407,170 | 232,712 |
No interest has been charged and there are no fixed dates for repayment.
Transactions with the entity's directors
At the balance sheet date an amount of £139,906 (2023: £139,906) was owed by the company to a director. No interest has been charged and there are no fixed dates for repayment.
At the balance sheet date an amount of £72,000 (2023: £nil) was owed by the company to a director. No interest has been charged and there are no fixed dates for repayment.