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COMPANY REGISTRATION NUMBER: 09943281
R.S. Sabkha Construction and Developments Ltd
Filleted Unaudited Financial Statements
31 January 2024
R.S. Sabkha Construction and Developments Ltd
Financial Statements
Year ended 31 January 2024
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
R.S. Sabkha Construction and Developments Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of R.S. Sabkha Construction and Developments Ltd
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of R.S. Sabkha Construction and Developments Ltd for the year ended 31 January 2024, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of R.S. Sabkha Construction and Developments Ltd in accordance with the terms of our engagement letter dated 17 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of R.S. Sabkha Construction and Developments Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.S. Sabkha Construction and Developments Ltd and its director for our work or for this report.
It is your duty to ensure that R.S. Sabkha Construction and Developments 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 R.S. Sabkha Construction and Developments Ltd. You consider that R.S. Sabkha Construction and Developments 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 R.S. Sabkha Construction and Developments 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
10 October 2024
R.S. Sabkha Construction and Developments Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
46,944
62,653
Current assets
Stocks
1,733,264
1,616,356
Debtors
6
4,571,111
6,737,626
Cash at bank and in hand
6,860,667
4,608,538
-------------
-------------
13,165,042
12,962,520
Creditors: amounts falling due within one year
7
2,534,004
2,177,824
-------------
-------------
Net current assets
10,631,038
10,784,696
-------------
-------------
Total assets less current liabilities
10,677,982
10,847,349
Creditors: amounts falling due after more than one year
8
10,027,000
10,153,000
Provisions
Taxation including deferred tax
11,736
15,662
-------------
-------------
Net assets
639,246
678,687
-------------
-------------
R.S. Sabkha Construction and Developments Ltd
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
639,245
678,686
---------
---------
Shareholder funds
639,246
678,687
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
Mr R S A Sabkha
Director
Company registration number: 09943281
R.S. Sabkha Construction and Developments Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Lake House, 100 Sandygate Grove, Sheffield, S10 5SZ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.
The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The general policy as regards turnover is that this represents amounts invoiced during the year, exclusive of VAT In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done during the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for ongoing services, which relates to the entire reported turnover for this year, is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Computer and IT equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition, noting the afore-mentioned policies reference construction contracts and revenue recognition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
76,500
680
77,180
--------
----
--------
Depreciation
At 1 February 2023
14,343
184
14,527
Charge for the year
15,539
170
15,709
--------
----
--------
At 31 January 2024
29,882
354
30,236
--------
----
--------
Carrying amount
At 31 January 2024
46,618
326
46,944
--------
----
--------
At 31 January 2023
62,157
496
62,653
--------
----
--------
6. Debtors
2024
2023
£
£
Trade debtors
5,194
5,514
Other debtors
4,565,917
6,732,112
------------
------------
4,571,111
6,737,626
------------
------------
Other debtors include amounts recoverable on long term construction contracts in the sum of £4,527,710 (2023:£6,585,093).
7. Creditors: amounts falling due within one year
2024
2023
£
£
Private loans
1,000,000
1,000,000
Trade creditors
10,104
14,266
Corporation tax
5,241
19,388
Social security and other taxes
1,371
1,157
Other creditors
1,517,288
1,143,013
------------
------------
2,534,004
2,177,824
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Private loans
9,027,000
9,153,000
Other creditors
1,000,000
1,000,000
-------------
-------------
10,027,000
10,153,000
-------------
-------------
9. Director's advances, credits and guarantees
A loan account exists as between the company and one of the directors, namely Mr R S Sabkha At the commencement of the year, on 1 February 2023, the company was indebted to the director, in this regard, in the sum of £1,720,402. As a result of movements during the year of £105,790, the balance has increased to a total of £1,826,192 as at 31 January 2024. There are no formal terms for repayment of this loan, other than the fact that at least £1,000,000 will not be repaid until at least twelve months after the balance sheet date.