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Registration number: 04738382

Singleton Landwork Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

Pages for filing with Registrar

 

Singleton Landwork Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Singleton Landwork Limited

Company Information

Directors

Mr G E J Singleton

Mrs C Singleton

Company secretary

Mrs C Singleton

Registered office

Beech Cottage
Water Street
Brindle
Chorley
PR6 8NH

 

Singleton Landwork Limited

(Registration number: 04738382)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

697,725

746,655

Investments

5

354,228

348,330

 

1,051,953

1,094,985

Current assets

 

Stocks

2,500

2,750

Debtors

6

219,038

249,048

Cash at bank and in hand

 

6,090

9,898

 

227,628

261,696

Prepayments and accrued income

 

215

198

Creditors: Amounts falling due within one year

(126,518)

(117,630)

Net current assets

 

101,325

144,264

Total assets less current liabilities

 

1,153,278

1,239,249

Creditors: Amounts falling due after more than one year

(538,419)

(549,995)

Provisions for liabilities

(12,777)

(15,423)

Accruals and deferred income

 

(1,440)

(1,584)

Net assets

 

600,642

672,247

Capital and reserves

 

Called up share capital

200

200

Retained earnings

600,442

672,047

Shareholders' funds

 

600,642

672,247

 

Singleton Landwork Limited

(Registration number: 04738382)
Abridged Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 9 September 2024 and signed on its behalf by:
 

.........................................
Mrs C Singleton
Company secretary and director

 

Singleton Landwork Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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:
Beech Cottage
Water Street
Brindle
Chorley
PR6 8NH
England

These financial statements were authorised for issue by the Board on 9 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 abridged 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 abridged 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.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

Singleton Landwork Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.. The carrying amount is £697,725 (2023 -£746,655).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision off goods and 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.

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Singleton Landwork Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Freehold property

2% Straight line

Plant and machinery

20% Reducing balance

Motor vehicles

20%/25% Reducing balance

Office equipment

20% Reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments are stated at cost less any provision for any permanent diminution in value. Investments are reviewed annually for impairment. Income received from fixed asset investments are accounted for on a receipts basis.

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.

 

Singleton Landwork Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

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

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.

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.

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

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period in which they relate.

 

Singleton Landwork Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Singleton Landwork Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2023

1,329,425

Additions

3,000

Disposals

(25,000)

At 31 March 2024

1,307,425

Depreciation

At 1 April 2023

582,770

Charge for the year

34,430

Eliminated on disposal

(7,500)

At 31 March 2024

609,700

Carrying amount

At 31 March 2024

697,725

At 31 March 2023

746,655

Included within the net book value of land and buildings above is £630,477 (2023 - £665,481) in respect of freehold land and buildings.
 

 

Singleton Landwork Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investments

Total
£

Cost or valuation

At 1 April 2023

348,330

Additions

5,898

At 31 March 2024

354,228

Provision

Carrying amount

At 31 March 2024

354,228

At 31 March 2023

348,330

6

Debtors

Debtors includes £215,767 (2023 - £244,919) due after more than one year.