Company registration number 06903021 (England and Wales)
BEARSTED SURFACING CONTRACTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BEARSTED SURFACING CONTRACTORS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BEARSTED SURFACING CONTRACTORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,074
4,972
Current assets
Stocks
9,000
5,000
Debtors
5
814,927
830,015
Cash at bank and in hand
37,587
6,739
861,514
841,754
Creditors: amounts falling due within one year
6
(301,525)
(328,954)
Net current assets
559,989
512,800
Net assets
561,063
517,772
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
561,061
517,770
Total equity
561,063
517,772
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 31 March 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 member has 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.
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr P W Williamson
Mrs M D Williamson
Director
Director
Company registration number 06903021 (England and Wales)
BEARSTED SURFACING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Bearsted Surfacing Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3-4 Bower Terrace, Tonbridge Road, Maidstone, Kent, ME16 8RY. The principal place of business is Ridham Dock, Iwade, Sittingbourne, Kent ME9 8SR.
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 are prepared in sterling, which is the functional currency of the company.
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 measured at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. Revenue from contracts for the provision of services is recognised by reference to the stage of completion at the balance sheet date.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
20% on cost
Fixtures, fittings & equipment
33% on cost
1.5
Stocks
Stock is valued at the lower of cost and net realisable value.
1.6
Financial instruments
The company has elected to apply the recognition and measurement 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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and loans to fellow group companies, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
BEARSTED SURFACING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.
1.8
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions
payable are charged to the profit and loss account in the year they are payable.
1.9
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the term of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
100,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
100,000
Carrying amount
At 31 March 2024
At 31 March 2023
BEARSTED SURFACING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
8,898
24,497
33,395
Additions
890
890
Disposals
(1,573)
(1,573)
At 31 March 2024
8,898
23,814
32,712
Depreciation and impairment
At 1 April 2023
8,898
19,525
28,423
Depreciation charged in the year
4,556
4,556
Eliminated in respect of disposals
(1,341)
(1,341)
At 31 March 2024
8,898
22,740
31,638
Carrying amount
At 31 March 2024
1,074
1,074
At 31 March 2023
4,972
4,972
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
402,142
227,050
Other debtors
412,785
602,965
814,927
830,015
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
74,202
111,506
Taxation and social security
41,435
25,552
Other creditors
185,888
191,896
301,525
328,954
BEARSTED SURFACING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
143,500
154,583
The above operating lease commitments represent the total amounts payable in relation to leasehold property occupied by the company.