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Registration number: 03268349

Ferguson Contracting Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

Ferguson Contracting Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Ferguson Contracting Limited

(Registration number: 03268349)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

102,328

111,567

Current assets

 

Debtors

5

171,472

181,713

Cash at bank and in hand

 

208,353

24,851

 

379,825

206,564

Creditors: Amounts falling due within one year

6

(472,661)

(364,838)

Net current liabilities

 

(92,836)

(158,274)

Total assets less current liabilities

 

9,492

(46,707)

Creditors: Amounts falling due after more than one year

6

(14,167)

(27,075)

Net liabilities

 

(4,675)

(73,782)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(4,775)

(73,882)

Shareholders' deficit

 

(4,675)

(73,782)

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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
Mr R J Ferguson
Director

 

Ferguson Contracting 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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

 

Ferguson Contracting Limited

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

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Ferguson Contracting Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,592

347,573

2,163

120,024

472,352

Additions

-

51,500

750

24,650

76,900

Disposals

(350)

(152,921)

-

(115,324)

(268,595)

At 31 December 2023

2,242

246,152

2,913

29,350

280,657

Depreciation

At 1 January 2023

2,120

240,781

1,967

115,917

360,785

Charge for the year

119

27,142

237

6,618

34,116

Eliminated on disposal

(350)

(103,186)

-

(113,036)

(216,572)

At 31 December 2023

1,889

164,737

2,204

9,499

178,329

Carrying amount

At 31 December 2023

353

81,415

709

19,851

102,328

At 31 December 2022

472

106,792

196

4,107

111,567

5

Debtors

2023
£

2022
£

Trade debtors

157,054

176,155

Other debtors

14,418

5,558

171,472

181,713

 

Ferguson Contracting Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

47,918

17,005

Trade creditors

 

43,325

11,474

Taxation and social security

 

47,754

3,761

Accruals and deferred income

 

1,250

2,350

Other creditors

 

332,414

330,248

 

472,661

364,838

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

14,167

27,075

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,167

25,000

Hire purchase contracts

-

2,075

14,167

27,075

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

37,918

7,005

47,918

17,005

8

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the directors.