Company registration number 04325431 (England and Wales)
R BURFOOT CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
R BURFOOT CONSTRUCTION LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A R Burfoot
Mrs F H Burfoot
Secretary
Mrs F H Burfoot
Company number
04325431
Registered office
Unit 7 Brunel Road
Gorse Lane Industrial Estate
Clacton on Sea
Essex
CO15 4LU
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
R BURFOOT CONSTRUCTION LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
R BURFOOT CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
308,077
309,595
Current assets
Work in progress
614,986
611,726
Debtors
5
3,341,376
3,329,259
Cash at bank and in hand
28,206
58,656
3,984,568
3,999,641
Creditors: amounts falling due within one year
6
(126,255)
(80,832)
Net current assets
3,858,313
3,918,809
Total assets less current liabilities
4,166,390
4,228,404
Provisions for liabilities
(490)
(540)
Net assets
4,165,900
4,227,864
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
4,164,900
4,226,864
Total equity
4,165,900
4,227,864
R BURFOOT CONSTRUCTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
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 January 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.
The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
Mr A R Burfoot
Mrs F H Burfoot
Director
Director
Company Registration No. 04325431
R BURFOOT CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
R Burfoot Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Brunel Road, Gorse Lane Industrial Estate, Clacton on Sea, Essex, CO15 4LU.
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. 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
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:
Freehold property
1% straight line
Investment property
No charge
Fixtures and fittings
15% reducing balance
Computer equipment
50% reducing balance
Motor vehicles
25% reducing balance
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.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Work in progress
Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
R BURFOOT CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash at bank and in hand
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.
1.6
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.
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 the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
R BURFOOT CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Freehold property
Investment property
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
125,792
188,300
2,818
1,805
16,995
335,710
Additions
608
608
At 31 January 2024
125,792
188,300
2,818
2,413
16,995
336,318
Depreciation and impairment
At 1 February 2023
7,337
2,155
1,423
15,200
26,115
Depreciation charged in the year
1,258
100
319
449
2,126
At 31 January 2024
8,595
2,255
1,742
15,649
28,241
Carrying amount
At 31 January 2024
117,197
188,300
563
671
1,346
308,077
At 31 January 2023
118,455
188,300
663
382
1,795
309,595
The investment property is recorded at cost. The directors are of the opinion that it is stated at fair value.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,341,376
3,329,259
R BURFOOT CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
126,255
80,832
7
Related party transactions
Included in other debtors is a balance owed by Burfoot Homes Limited a company of which A R Burfoot is a director, of £3,339,606 (2023 £3,300,192). The loan is interest free and will be repaid when surplus funds allow.