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Company No: 02513789 (England and Wales)

SITERIGHT CONSTRUCTION SUPPLIES LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SITERIGHT CONSTRUCTION SUPPLIES LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SITERIGHT CONSTRUCTION SUPPLIES LTD

BALANCE SHEET

As at 30 June 2024
SITERIGHT CONSTRUCTION SUPPLIES LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 612,449 598,054
612,449 598,054
Current assets
Stocks 4 667,489 913,667
Debtors 5 2,168,330 2,282,322
Investments 6 0 3,535
Cash at bank and in hand 1,317,875 619,086
4,153,694 3,818,610
Creditors: amounts falling due within one year 7 ( 1,850,543) ( 1,546,527)
Net current assets 2,303,151 2,272,083
Total assets less current liabilities 2,915,600 2,870,137
Creditors: amounts falling due after more than one year 8 ( 152,613) ( 226,670)
Provision for liabilities ( 132,258) ( 148,659)
Net assets 2,630,729 2,494,808
Capital and reserves
Called-up share capital 621 621
Share premium account 7,854 7,854
Capital redemption reserve 400 400
Profit and loss account 2,621,854 2,485,933
Total shareholders' funds 2,630,729 2,494,808

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Siteright Construction Supplies Ltd (registered number: 02513789) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

M D S Lloyd
Director
SITERIGHT CONSTRUCTION SUPPLIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SITERIGHT CONSTRUCTION SUPPLIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

Siteright Construction Supplies Ltd (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 19-21 Bridge Street, Bailey Gate Industrial Estate, Sturminster Marshall Wimborne, BH21 4DB, United Kingdom.

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 6.67 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 6.67 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 28

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 July 2023 36,705 893,177 76,583 24,704 31,090 1,062,259
Additions 122,305 50,424 0 0 4,186 176,915
Disposals 0 ( 19,588) ( 7,319) 0 0 ( 26,907)
At 30 June 2024 159,010 924,013 69,264 24,704 35,276 1,212,267
Accumulated depreciation
At 01 July 2023 31,585 347,241 36,407 22,008 26,964 464,205
Charge for the financial year 6,682 134,813 10,044 1,761 2,911 156,211
Disposals 0 ( 14,218) ( 6,380) 0 0 ( 20,598)
At 30 June 2024 38,267 467,836 40,071 23,769 29,875 599,818
Net book value
At 30 June 2024 120,743 456,177 29,193 935 5,401 612,449
At 30 June 2023 5,120 545,936 40,176 2,696 4,126 598,054

4. Stocks

2024 2023
£ £
Stocks 667,489 913,667

5. Debtors

2024 2023
£ £
Trade debtors 1,970,692 2,197,275
Other debtors 197,638 85,047
2,168,330 2,282,322

6. Current asset investments

2024 2023
£ £
Listed investments – at fair value 0 3,535

The market value of the listed investments detailed above was £Nil (30 June 2023 £1,023).

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,268 10,015
Trade creditors 1,488,384 909,911
Taxation and social security 151,182 377,193
Obligations under finance leases and hire purchase contracts 63,788 99,740
Other creditors 136,921 149,668
1,850,543 1,546,527

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 9,646 19,912
Obligations under finance leases and hire purchase contracts 142,967 206,758
152,613 226,670

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 824,113 200,227