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Registered number: 12778234
Carman Contracting Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Lake & Co
Chartered Accountants
25a Kenton Park Parade
Kenton
Harrow
HA3 8DN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12778234
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 538,047 395,134
538,047 395,134
CURRENT ASSETS
Stocks 5 426,564 268,342
Debtors 6 833,536 758,072
Cash at bank and in hand 214,172 235,232
1,474,272 1,261,646
Creditors: Amounts Falling Due Within One Year 7 (993,811 ) (668,668 )
NET CURRENT ASSETS (LIABILITIES) 480,461 592,978
TOTAL ASSETS LESS CURRENT LIABILITIES 1,018,508 988,112
Creditors: Amounts Falling Due After More Than One Year 8 (290,838 ) (160,552 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (87,461 ) (14,904 )
NET ASSETS 640,209 812,656
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 640,109 812,556
SHAREHOLDERS' FUNDS 640,209 812,656
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For the year ending 31 October 2023 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Selwood
Director
02/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Carman Contracting Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12778234 . The registered office is 25a Kenton Park Parade, Kenton, Harrow, HA3 8DN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the period of lease term
Plant & Machinery 20% Straight Line
Motor Vehicles 20% Straight Line
Fixtures & Fittings 20% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 7)
7 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 November 2022 97,789 18,450 351,607 69,927 537,773
Additions 8,086 625 351,250 19,194 379,155
Disposals - - (161,427 ) - (161,427 )
As at 31 October 2023 105,875 19,075 541,430 89,121 755,501
Depreciation
As at 1 November 2022 39,558 5,186 71,679 26,216 142,639
Provided during the period 19,595 3,752 78,014 16,501 117,862
Disposals - - (43,047 ) - (43,047 )
As at 31 October 2023 59,153 8,938 106,646 42,717 217,454
Net Book Value
As at 31 October 2023 46,722 10,137 434,784 46,404 538,047
As at 1 November 2022 58,231 13,264 279,928 43,711 395,134
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5. Stocks
2023 2022
£ £
Materials 213,469 160,000
Work in progress 213,095 108,342
426,564 268,342
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 599,137 260,023
Prepayments and accrued income 41,031 9,524
Other debtors 1,710 2,870
VAT 190,025 146,062
Directors' loan accounts - 339,593
Amounts owed by other participating interests 1,633 -
833,536 758,072
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 100,803 61,226
Trade creditors 655,293 444,503
Corporation tax - 77,267
Other taxes and social security 14,402 22,256
Other creditors 1,903 1,023
Accruals and deferred income 169,948 12,443
Directors' loan accounts 51,462 49,950
993,811 668,668
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 290,838 160,552
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 100,803 61,226
Later than one year and not later than five years 290,838 160,552
391,641 221,778
391,641 221,778
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10. Capital Commitments
2023 2022
£ £
At the end of the period - 296,590
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
11. Ultimate Controlling Party
The company's ultimate controlling parties are Mr James Selwood and Mr Rory Carman by virtue of their ownership of 100% of the issued share capital in the company.
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