Registered number
07413712
AWG Civil Engineering Limited
Filleted Accounts
31 December 2023
AWG Civil Engineering Limited
Registered number: 07413712
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 32,370 43,160
Tangible assets 4 91,295 101,435
123,665 144,595
Current assets
Stocks 45,684 91,276
Debtors 5 221,673 167,024
Cash at bank and in hand 962 4,442
268,319 262,742
Creditors: amounts falling due within one year 6 (300,435) (238,595)
Net current (liabilities)/assets (32,116) 24,147
Total assets less current liabilities 91,549 168,742
Creditors: amounts falling due after more than one year 7 (34,011) (47,099)
Net assets 57,538 121,643
Capital and reserves
Called up share capital 140 140
Profit and loss account 57,398 121,503
Shareholders' funds 57,538 121,643
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Hunter
Director
Approved by the board on 28 September 2023
AWG Civil Engineering Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 64,740
At 31 December 2023 64,740
Amortisation
At 1 January 2023 21,580
Provided during the year 10,790
At 31 December 2023 32,370
Net book value
At 31 December 2023 32,370
At 31 December 2022 43,160
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 143,522 39,283 182,805
Additions 6,701 - 6,701
At 31 December 2023 150,223 39,283 189,506
Depreciation
At 1 January 2023 65,301 16,069 81,370
Charge for the year 16,841 - 16,841
At 31 December 2023 82,142 16,069 98,211
Net book value
At 31 December 2023 68,081 23,214 91,295
At 31 December 2022 78,221 23,214 101,435
5 Debtors 2023 2022
£ £
Trade debtors 31,048 15,648
Other debtors 190,625 151,376
221,673 167,024
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,001 5,001
Obligations under finance lease and hire purchase contracts 4,315 4,315
Trade creditors 124,340 99,477
Taxation and social security costs 97,213 94,331
Other creditors 69,566 35,471
300,435 238,595
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 34,332 39,434
Obligations under finance lease and hire purchase contracts (321) 7,665
34,011 47,099
8 Other information
AWG Civil Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lockheed Close
Preston farm industrial Estate
Stockton-on-Tees
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