Registered number
08149531
Construction Needs Limited
Filleted Accounts
31 August 2023
Construction Needs Limited
Registered number: 08149531
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,309 15,386
Current assets
Stocks - 133,426
Debtors 4 34,083 7,505
Cash at bank and in hand 22,310 20,208
56,393 161,139
Creditors: amounts falling due within one year 5 (266,286) (151,418)
Net current (liabilities)/assets (209,893) 9,721
Net (liabilities)/assets (197,584) 25,107
Capital and reserves
Called up share capital 1 1
Profit and loss account (197,585) 25,106
Shareholder's funds (197,584) 25,107
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Abhishek Abhishek
Director
Approved by the board on 28 August 2024
Construction Needs Limited
Notes to the Accounts
for the year ended 31 August 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 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
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 2 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 22,743 24,808 47,551
At 31 August 2023 22,743 24,808 47,551
Depreciation
At 1 September 2022 16,020 16,145 32,165
Charge for the year 1,344 1,733 3,077
At 31 August 2023 17,364 17,878 35,242
Net book value
At 31 August 2023 5,379 6,930 12,309
At 31 August 2022 6,723 8,663 15,386
4 Debtors 2023 2022
£ £
Trade debtors 22,578 -
Other debtors 11,505 7,505
34,083 7,505
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 58,459 66,341
Trade creditors 81,979 (64,816)
Corporation tax 8,303 8,303
Other taxes and social security costs 105,887 136,792
Other creditors 11,658 4,798
266,286 151,418
6 Other information
Construction Needs Limited is a private company limited by shares and incorporated in England. Its registered office is:
210n
Castle Mill Burnt Tree
Tipton
West Midlands
DY4 7UF
Construction Needs Limited 08149531 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts April 2024 Abhishek Abhishek No description of principal activity 08149531 2021-09-01 2022-08-31 08149531 core:WithinOneYear 2022-08-31 08149531 core:ShareCapital 2022-08-31 08149531 core:RetainedEarningsAccumulatedLosses 2022-08-31 08149531 2022-09-01 2023-08-31 08149531 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08149531 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 08149531 bus:Director40 2022-09-01 2023-08-31 08149531 1 2022-09-01 2023-08-31 08149531 2 2022-09-01 2023-08-31 08149531 core:PlantMachinery 2022-09-01 2023-08-31 08149531 core:Vehicles 2022-09-01 2023-08-31 08149531 countries:England 2022-09-01 2023-08-31 08149531 bus:FRS102 2022-09-01 2023-08-31 08149531 bus:FilletedAccounts 2022-09-01 2023-08-31 08149531 2023-08-31 08149531 core:WithinOneYear 2023-08-31 08149531 core:ShareCapital 2023-08-31 08149531 core:RetainedEarningsAccumulatedLosses 2023-08-31 08149531 core:PlantMachinery 2023-08-31 08149531 core:Vehicles 2023-08-31 08149531 2022-08-31 08149531 core:PlantMachinery 2022-08-31 08149531 core:Vehicles 2022-08-31 iso4217:GBP xbrli:pure