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Registration number: 07477802

Construction Repairs Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Construction Repairs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Construction Repairs Limited

Company Information

Directors

Mr Steve Wheel

Mr Richard Garth Wheel

Registered office

4 High Street
Pontardawe
Swansea
West Glamorgan
SA8 4HU

Accountants

Fergusons and Peters
4 High Street
Pontardawe
Swansea
West Glamorgan
SA8 4HU

 

Construction Repairs Limited

(Registration number: 07477802)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

83,593

70,748

Current assets

 

Stocks

5

-

11,465

Debtors

6

144,729

9,717

Cash at bank and in hand

 

40,908

84,226

 

185,637

105,408

Creditors: Amounts falling due within one year

7

(101,122)

(51,439)

Net current assets

 

84,515

53,969

Total assets less current liabilities

 

168,108

124,717

Creditors: Amounts falling due after more than one year

7

(24,967)

(35,086)

Net assets

 

143,141

89,631

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

143,139

89,629

Shareholders' funds

 

143,141

89,631

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

 

Construction Repairs Limited

(Registration number: 07477802)
Balance Sheet as at 31 December 2023

.........................................
Mr Steve Wheel
Director

.........................................
Mr Richard Garth Wheel
Director

 

Construction Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 High Street
Pontardawe
Swansea
West Glamorgan
SA8 4HU

These financial statements were authorised for issue by the Board on 13 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Construction Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Motor vehicles

20% on reducing balance

Office equipment

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Construction Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 8).

 

Construction Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

12,390

4,614

75,375

4,296

96,675

Additions

-

-

25,050

-

25,050

At 31 December 2023

12,390

4,614

100,425

4,296

121,725

Depreciation

At 1 January 2023

-

4,022

19,331

2,574

25,927

Charge for the year

-

148

11,626

431

12,205

At 31 December 2023

-

4,170

30,957

3,005

38,132

Carrying amount

At 31 December 2023

12,390

444

69,468

1,291

83,593

At 31 December 2022

12,390

592

56,044

1,722

70,748

Included within the net book value of land and buildings above is £12,390 (2022 - £12,390) in respect of freehold land and buildings.
 

 

Construction Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Work in progress

-

11,465

6

Debtors

Current

2023
£

2022
£

Trade debtors

142,433

3,924

Prepayments

-

500

Other debtors

2,296

5,293

 

144,729

9,717

 

Construction Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

35,838

25,762

Taxation and social security

65,173

25,677

Other creditors

111

-

101,122

51,439

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

24,967

35,086

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

24,967

35,086

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of 1.00 per each Ordinary

16,500

11,000

 

 

11

Related party transactions

 

Construction Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Other payments made to company by director
£

At 31 December 2023
£

Mr Steve Wheel

Directors loan interest free

269

(274)

(5)

Mr Richard Garth Wheel

Directors loan interest free

269

(374)

(105)

2022

At 1 January 2022
£

Other payments made to company by director
£

At 31 December 2022
£

Mr Steve Wheel

Directors loan interest free

(347)

616

269

Mr Richard Garth Wheel

Directors loan interest free

(347)

616

269

 

Construction Repairs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

71,824

66,430