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REGISTERED NUMBER: 01783814 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

D.J. PRESCOTT (BUILDERS) LIMITED

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


D.J. PRESCOTT (BUILDERS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: T D Prescott
G Prescott





SECRETARY: G Prescott





REGISTERED OFFICE: Unit 3
Sidings Court
Old Bridge Road
Hornsea
East Yorkshire
HU18 1RP





REGISTERED NUMBER: 01783814 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 115,034 115,849
Investment property 5 1,890,000 1,350,000
2,005,034 1,465,849

CURRENT ASSETS
Work in progress 1,340,182 1,423,144
Debtors 6 100,677 98,494
Cash at bank and in hand 244,439 1,296,870
1,685,298 2,818,508
CREDITORS
Amounts falling due within one year 7 206,415 609,633
NET CURRENT ASSETS 1,478,883 2,208,875
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,483,917

3,674,724

CREDITORS
Amounts falling due after more than one
year

8

-

(6,665

)

PROVISIONS FOR LIABILITIES (76,115 ) (76,319 )
NET ASSETS 3,407,802 3,591,740

CAPITAL AND RESERVES
Called up share capital 10 6,400 6,400
Capital redemption reserve 3,600 3,600
Retained earnings 3,397,802 3,581,740
SHAREHOLDERS' FUNDS 3,407,802 3,591,740

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




T D Prescott - Director



G Prescott - Director


D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

D.J. Prescott (Builders) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover relates to the sale of property and building services excluding discounts, rebates, value added tax and other taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 5% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing work in progress to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 276,293
Additions 40,715
Disposals (21,639 )
At 31 March 2024 295,369
DEPRECIATION
At 1 April 2023 160,444
Charge for year 34,683
Eliminated on disposal (14,792 )
At 31 March 2024 180,335
NET BOOK VALUE
At 31 March 2024 115,034
At 31 March 2023 115,849

The net book value of tangible fixed assets includes £ 11,756 (2023 - £ 15,675 ) in respect of assets held under hire purchase contracts.

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,350,000
Additions 540,000
At 31 March 2024 1,890,000
NET BOOK VALUE
At 31 March 2024 1,890,000
At 31 March 2023 1,350,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2018 365,419
Cost 1,524,581
1,890,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 1,524,581 984,581

Investment property was valued on an open market basis on 31 March 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 31,177 1,637
Other debtors 69,500 96,857
100,677 98,494

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 6,665 9,279
Trade creditors 50,160 80,315
Taxation and social security 5,914 112,998
Other creditors 143,676 407,041
206,415 609,633

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts - 6,665

D.J. PRESCOTT (BUILDERS) LIMITED (REGISTERED NUMBER: 01783814)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 6,665 15,944

The hire purchase is secured against the asset that it relates to.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
6,400 Ordinary £1 6,400 6,400