Company registration number 12703752 (England and Wales)
BISP CIVIL ENGINEERING LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
BISP CIVIL ENGINEERING LTD
COMPANY INFORMATION
Directors
Mrs S Scannell
Mr I Scannell
Mr PR Bowden
Miss L Cuke
Company number
12703752
Registered office
88 Ffordd Watkins
Birchgrove
Swansea
West Glamorgan
SA7 0HP
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
BISP CIVIL ENGINEERING LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
BISP CIVIL ENGINEERING LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs S Scannell
Mr I Scannell
Mr PR Bowden
Miss L Cuke
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr I Scannell
Mr PR Bowden
Director
Director
11 September 2024
BISP CIVIL ENGINEERING LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BISP CIVIL ENGINEERING LTD FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BISP Civil Engineering Ltd for the year ended 29 February 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of BISP Civil Engineering Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BISP Civil Engineering Ltd and state those matters that we have agreed to state to the board of directors of BISP Civil Engineering Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BISP Civil Engineering Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that BISP Civil Engineering Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BISP Civil Engineering Ltd. You consider that BISP Civil Engineering Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of BISP Civil Engineering Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

WBV Limited
16 September 2024
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
BISP CIVIL ENGINEERING LTD
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 3 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
140,936
32,442
Current assets
Stocks
53,930
2,000
Debtors
4
355,125
202,963
Cash at bank and in hand
592,533
200,060
1,001,588
405,023
Creditors: amounts falling due within one year
5
(524,007)
(170,048)
Net current assets
477,581
234,975
Total assets less current liabilities
618,517
267,417
Creditors: amounts falling due after more than one year
6
(56,404)
(916)
Provisions for liabilities
(35,234)
(6,164)
Net assets
526,879
260,337
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
526,875
260,333
Total equity
526,879
260,337

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

BISP CIVIL ENGINEERING LTD
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
Mr I Scannell
Mr PR Bowden
Director
Director
Company registration number 12703752 (England and Wales)
BISP CIVIL ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
1
Accounting policies
Company information

BISP Civil Engineering Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 88 Ffordd Watkins, Birchgrove, Swansea, West Glamorgan, SA7 0HP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The financial statements were previously prepared under FRS105. The transition to FRS102 has resulted in the provision for deferred tax. This has been reflected in the comparative figure for 2023 as a prior year adjustment. This resulted in a reduction in the previously stated reserves of £6,164.

The prior year adjustment is explained in notes 9 and 11 to the financial statements.

 

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
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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

BISP CIVIL ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Construction contracts

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.

 

When it is probable that 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 revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BISP CIVIL ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 7 -
1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
22
8
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
1,000
38,645
39,645
Additions
94,702
49,993
144,695
Disposals
-
0
(23,154)
(23,154)
At 29 February 2024
95,702
65,484
161,186
Depreciation and impairment
At 1 March 2023
417
6,786
7,203
Depreciation charged in the year
4,028
17,720
21,748
Eliminated in respect of disposals
-
0
(8,701)
(8,701)
At 29 February 2024
4,445
15,805
20,250
Carrying amount
At 29 February 2024
91,257
49,679
140,936
At 28 February 2023
583
31,859
32,442
BISP CIVIL ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
47,610
Other debtors
355,125
155,353
355,125
202,963
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
215,772
72,152
Corporation tax
68,397
29,411
Other taxation and social security
31,057
14,875
Other creditors
208,781
53,610
524,007
170,048
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
56,404
916
7
Secured debts

Obligations under finance leases and hire purchase contracts are secured on the assets concerned. The amount of secured liabilities at the balance sheet date was £85,923 (2023 £3,487).

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
BISP CIVIL ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
9
Reconciliation on adoption of FRS102

Impact on prior year profit at 28 February 2023

 

Profit reported under previous UKGAAP            108,583

 

Deferred tax provision required under FRS102      -6,164

 

Profit reported under FRS102                102,419

 

 

Impact on previously reported equity at 28 February 2023

 

Equity reported under previous UKGAAP             266,501

 

Deferred tax provision required under FRS102         -6,164

 

Equity reported under FRS102                 260,337

10
Ultimate controlling party

There is no ultimate controlling party.

11
Prior year adjustment

Due to the company's growth it is no longer eligible to use FRS105 for the preparation of its financial statements. It therefore transitioned to FRS102 which necessitated a provision for deferred tax (this was not required under FRS105).

This represents a change in accounting policy which has been reflected via a prior year adjustment. The comparative figures have been amended to reflect the deferred tax provision at 28th February 2023 of £6,164, and the effect on the opening reserves is explained in the reserves note. The profit for the year ended 28th February 2023 as previously reported was £132,583 and the restated profit is £126,419. The reduction is as a result of the deferred tax provision of £6,164.

 

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