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Company registration number: 05675181
Cahill Civil Engineering Ltd
Unaudited filleted financial statements
31 January 2024
Cahill Civil Engineering Ltd
Contents
Accountants report
Statement of financial position
Notes to the financial statements
Cahill Civil Engineering Ltd
Accountant's Report to the director on the preparation of the
unaudited statutory financial statements of Cahill Civil Engineering Ltd
Year ended 31 January 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 January 2024 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Purcell & Co
Certified Public Accountants
204 Mauldeth Rd
Burnage
Manchester
M19 1AJ
25 July 2024
Cahill Civil Engineering Ltd
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 58,432 63,924
_______ _______
58,432 63,924
Current assets
Debtors 7 39,668 38,131
Cash at bank and in hand 123,164 120,659
_______ _______
162,832 158,790
Creditors: amounts falling due
within one year 8 ( 31,349) ( 28,320)
_______ _______
Net current assets 131,483 130,470
_______ _______
Total assets less current liabilities 189,915 194,394
Provisions for liabilities ( 10,906) ( 15,342)
_______ _______
Net assets 179,009 179,052
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 178,909 178,952
_______ _______
Shareholders funds 179,009 179,052
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr Denis Cahill
Director
Company registration number: 05675181
Cahill Civil Engineering Ltd
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Cahill Civil Engineering Ltd, Clover Cottage, Greendale Lane, Mottram St Andrew, Cheshire, SK10 4AY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable 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 measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33% % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 28,050 26,061
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 4,436) ( 670)
_______ _______
Tax on profit 23,614 25,391
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 22.74 % (2023: 19.00%).
2024 2023
£ £
Profit before taxation 101,571 116,976
_______ _______
Profit multiplied by rate of tax 23,097 22,225
Effect of expenses not deductible for tax purposes 119 24
Effect of capital allowances and depreciation 4,834 3,812
_______ _______
Tax on profit 28,050 26,061
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 8,790 - 109,187 117,977
Additions - 15,733 - 15,733
_______ _______ _______ _______
At 31 January 2024 8,790 15,733 109,187 133,710
_______ _______ _______ _______
Depreciation
At 1 February 2023 6,284 - 47,769 54,053
Charge for the year 627 5,244 15,354 21,225
_______ _______ _______ _______
At 31 January 2024 6,911 5,244 63,123 75,278
_______ _______ _______ _______
Carrying amount
At 31 January 2024 1,879 10,489 46,064 58,432
_______ _______ _______ _______
At 31 January 2023 2,506 - 61,418 63,924
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 1,773 3,766
Other debtors 37,895 34,365
_______ _______
39,668 38,131
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 28,050 26,061
Other creditors 3,299 2,259
_______ _______
31,349 28,320
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 10,906 15,342
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 4,437) ( 670)
_______ _______
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 1,773 3,766
Cash at bank and in hand 123,164 120,659
_______ _______
124,937 124,425
_______ _______
Financial liabilities measured at amortised cost
Accruals 2,211 2,259
Other creditors 1,088 (-)
_______ _______
3,299 2,259
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Denis Cahill - ( 3,905) 2,817 ( 1,088)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Denis Cahill - - - -
_______ _______ _______ _______
12. Controlling party
The company is controlled by Mr Denis Cahill by virtue of his directorship and his shareholding in the company.