Company registration number 10332497 (England and Wales)
CENTURY CONSTRUCTION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CENTURY CONSTRUCTION LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
CENTURY CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
5
2,215,000
2,138,639
Debtors falling due within one year
5
202,519
285,479
Cash at banks
18,287
65,927
2,435,806
2,490,045
Creditors: amounts falling due within one year
6
(268,970)
(248,918)
Net current assets
2,166,836
2,241,127
Creditors: amounts falling due after more than one year
7
(25,243)
Net assets
2,166,836
2,215,884
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,166,736
2,215,784
Total equity
2,166,836
2,215,884
The notes on pages 2 to 8 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr Z Al-Najafi
Director
Company Registration No. 10332497
CENTURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Century Construction Limited is a private company limited by shares incorporated in England and Wales under the Companies Act. The registered office is 6 Blenheim Terrace, Leeds, West Yorkshire, LS2 9HZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
The financial statements of the company are consolidated in the financial statements of YPP Holdings Limited. These consolidated financial statements are available from its registered office, 6 Blenheim Terrace, Leeds, United Kingdom, LS2 9HZ.
1.3
Going concern
The company made a loss after tax for the year of £49,048 (2022: profit of £471,945) and has net assets of £2,166,836 (2022: £2,215,884). Despite the absence of operations, the directors are confident in the company’s ability to continue as a going concern for the foreseeable future. In coming to their conclusion, the directors have considered the group profit after tax for the year of £3,950,885 (2022: £2,425,366) and net assets of £6,850,817 (2022: £3,853,125). true
The company has undertaken a going concern assessment considering the principal risks and current and projected financial position over the going concern period of 12 months from the date of sign-off. The Directors are therefore able to conclude that they have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the next 12 months and have accordingly prepared the financial statements on the going concern basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from construction and refurbishment projects is recognised by reference to the stage of completion when the stage of completion, costs incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
CENTURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
When it is probable that the total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
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 settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CENTURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Profit and loss account
The profit and loss represent cumulative profits and losses, net of dividends paid and other adjustments.
1.12
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing these financial statements, the directors have had to make the following judgement:
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor as borne by the group:
£
£
For audit services
Audit of the financial statements of the company
3,750
3,500
CENTURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
The emoluments of the Directors are paid by a fellow group undertaking, which makes no recharge to the Company. They are Directors of a number of fellow subsidiaries and it is not possible to make an accurate appointment of their emoluments in respect of each of the subsidiaries.
The directors' are considered to be key management personnel.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
200,100
276,561
Other taxes and social security
674
7,494
Other debtors
1,745
1,388
Prepayments and accrued income
36
202,519
285,479
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
2,215,000
2,138,639
Total debtors
2,417,519
2,424,118
Amounts owed by Group undertakings are unsecured, repayable on demand and interest free.
Included within 'Other debtors due after more than one year' is a balance owed to a related party. This balance has been referred to in note 11.
CENTURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan and overdrafts
30
10,908
Trade creditors
3,900
4,849
Amounts owed to group undertakings
260,790
225,750
Taxation and social security
2,911
Accruals
4,250
4,500
268,970
248,918
Amounts owed to Group undertakings are unsecured, repayable on demand and interest free.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
8
25,243
8
Loans
2023
2022
£
£
Bank loan
36,151
Payable within one year
-
10,908
Payable after one year
25,243
The bank loan provided by Santander was repaid early and in full during the year.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The Senior Statutory Auditor was Hamid Ghafoor.
The auditor was BDO LLP.
CENTURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Parent and Ultimate Controlling Party
The immediate parent undertaking is YPP Holdings Limited, a company registered in England and Wales. The registered office of YPP Holdings Limited is 6 Blenheim Terrace, Leeds, West Yorkshire, LS2 9HZ. The group in which the results are consolidated is that headed by YPP Holdings Limited. Copies of the YPP Holdings Limited consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party of YPP Holdings Limited is the Al Najafi family.
11
Related party transactions
As 100% of the voting rights of the company are controlled within the group headed by YPP Holdings Limited the Company has taken advantage of the exemption contained in section 33.1A of FRS 102 and has therefore not disclosed transactions or balances with entities which form part of the Group.
Century Construction Limited, MAAN Investments Limited, and MAAN Enterprises Limited are all controlled by the Al-Najafi family.
A loan agreement was signed on 16 July 2020 between MAAN Investments Limited and Century Construction Limited for a revolving finance facility of £50,000,000 ending at 31st December 2035. This agreement covered all previous loans outstanding. As at 31 December 2023, a balance of £2,215,000 (2022: £2,138,639) was due from MAAN Investments Limited. This balance is included in 'Other debtors' in note 5.
Other transactions between the Company and its related parties are disclosed below. Related parties are those entities entities which are controlled or jointly controlled by MAAN including those entities where the Al- Najafi family have significant influence.
Turnover and cost
During the year the company entered into the following transactions with related parties who are not members of the Group:
2023
2022
Turnover
Cost
Turnover
Cost
£
£
£
£
Goodwood Estates Limited (Jersey No. 125297)
281,658
Rose Gold Estates Limited (Jersey No. 117299)
4,656
St James Estates Limited (Jersey No. 128492)
104,144
St James Holdings Limited (Jersey No. 132622)
25,000
CENTURY CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Related party transactions
(Continued)
- 8 -
Amounts due from related parties
The company had the following balances, outstanding at year end with related parties who are not members of the Group:
Amounts due from
related parties
2023
2022
£
£
Black Caviar Property Limited (Jersey No. 118885)
130,200
All sales and other transactions were conducted on normal trading terms to the related parties.
Key management personnel are considered to be the directors. The total compensation paid to key management personnel for services provided to the group are disclosed in note 4.
2023-12-312023-01-01false19 September 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr A M Al-Nejaifi Al-KhaldiMr O Al-NajafiMr Z Al-NajafiMr Z Al-Najafifalse103324972023-01-012023-12-31103324972023-12-3110332497core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3110332497core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31103324972022-12-3110332497core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110332497core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110332497core:CurrentFinancialInstruments2023-12-3110332497core:ShareCapital2023-12-3110332497core:ShareCapital2022-12-3110332497core:RetainedEarningsAccumulatedLosses2023-12-3110332497core:RetainedEarningsAccumulatedLosses2022-12-3110332497bus:CompanySecretaryDirector12023-01-012023-12-3110332497core:CurrentFinancialInstruments2022-12-3110332497core:Non-currentFinancialInstruments2023-12-3110332497core:Non-currentFinancialInstruments2022-12-31103324972022-01-012022-12-3110332497bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110332497bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110332497bus:FRS1022023-01-012023-12-3110332497bus:Audited2023-01-012023-12-3110332497bus:Director12023-01-012023-12-3110332497bus:Director22023-01-012023-12-3110332497bus:Director32023-01-012023-12-3110332497bus:CompanySecretary12023-01-012023-12-3110332497bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP