Contents of the Financial Statements
for the Period Ended 31 December 2023
Balance sheet
As at
31 December 2023
|
Notes
|
2023
|
2022
|
|
|
£
|
£
|
Current assets |
Debtors: |
|
76,616
|
121,917
|
Cash at bank and in hand: |
|
21,466
|
40,170
|
Total current assets: |
|
98,082
|
162,087
|
Creditors: amounts falling due within one year: |
|
(111,472)
|
(163,295)
|
Net current assets (liabilities): |
|
(13,390)
|
(1,208)
|
Total assets less current liabilities: |
|
(13,390)
|
(1,208)
|
Total net assets (liabilities): |
|
(13,390)
|
(1,208)
|
Capital and reserves |
Called up share capital: |
|
100
|
100
|
Profit and loss account: |
|
(13,490)
|
(1,308)
|
Shareholders funds: |
|
(13,390)
|
(1,208)
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2023 the company was entitled to exemption 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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
29 August 2024
and signed on behalf of the board by:
Name:
Tara McCarthy
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
Turnover comprises the invoice value supplied by the company, exclusive of trade discounts and value
added tax.
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.Other accounting policies
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the
date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
Ordinary share capital
The ordinary share capital of the company is presented as equity.
Going concern
The company is 100% subsidiary of Construction Claims Ltd, a company registered in Ireland since 2007. The parent is willing to support the subsidiary for the forseable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Notes to the Financial Statements
for the Period Ended 31 December 2023
2. Employees
|
2023 |
2022 |
Average number of employees during the period |
1
|
2
|
Notes to the Financial Statements
for the Period Ended 31 December 2023
3. Financial commitments
The company had no material capital commitments at the financial year-ended 31 December 2023.
Notes to the Financial Statements
for the Period Ended 31 December 2023
4. Related party transactions
Parent and ultimate parent company
The company regards Construction Claims Ltd as its parent company. The company's ultimate parent undertaking is Construction Claims Ltd.
The address of Construction Claims Ltd is 5B Millenium Court, Foxhole, Youghal, Co. Cork, Ireland.
Construction Claims Ltd is regarded as both the controlling party and the ultimate controlling party.
Group Company Exemption
The company has availed of the exemption under Section 33.1A FRS 102 in relation to disclosure transactions with the group members.
Notes to the Financial Statements
for the Period Ended 31 December 2023
5. Post balance sheet events
There have been no significant events affecting the company since the financial year-end.