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REGISTERED NUMBER: 10562594 (England and Wales)





HERRETT CONSTRUCTION CONTRACTORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HERRETT CONSTRUCTION CONTRACTORS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Mr J C Herrett





REGISTERED OFFICE: Unit 4-6 Phoenix House
Mansfield Road
Sutton-in-Ashfield
Nottinghamshire
NG17 4HR





REGISTERED NUMBER: 10562594 (England and Wales)





ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 205,685 174,395
205,685 174,395

CURRENT ASSETS
Stocks 26,810 26,810
Debtors 7 1,341,039 780,232
Cash at bank 650,180 457,733
2,018,029 1,264,775
CREDITORS
Amounts falling due within one year 8 1,403,125 930,153
NET CURRENT ASSETS 614,904 334,622
TOTAL ASSETS LESS CURRENT
LIABILITIES

820,589

509,017

CREDITORS
Amounts falling due after more than one
year

9

(378,540

)

(83,993

)

PROVISIONS FOR LIABILITIES (50,172 ) (43,598 )
NET ASSETS 391,877 381,426

CAPITAL AND RESERVES
Called up share capital 11 103 103
Retained earnings 391,774 381,323
SHAREHOLDERS' FUNDS 391,877 381,426

HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

BALANCE SHEET - continued
31 JANUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





Mr J C Herrett - Director


HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Herrett Construction Contractors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Amounts recoverable on contracts are calculated based upon the stage of completion of each individual ongoing construction contract.

The current actual costs and timelines are compared against the overall agreed contract costs and timelines to ascertain the stage of completion.

The stage of completion is then compared to the overall contract price to calculated the current contact sales price, any previous sales price is deducted from the current contract sales price to return the sales contract amount for the period.

Turnover
Turnover represents the value of goods and services, supplied to customers during the year based upon the stage of completion of the construction contracts net of Value Added Tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 6,600
AMORTISATION
At 1 February 2023
and 31 January 2024 6,600
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 38,711 47,226 202,614 29,705 318,256
Additions 7,832 1,787 59,572 15,657 84,848
At 31 January 2024 46,543 49,013 262,186 45,362 403,104
DEPRECIATION
At 1 February 2023 23,344 10,888 98,067 11,562 143,861
Charge for year 4,188 5,566 36,600 7,204 53,558
At 31 January 2024 27,532 16,454 134,667 18,766 197,419
NET BOOK VALUE
At 31 January 2024 19,011 32,559 127,519 26,596 205,685
At 31 January 2023 15,367 36,338 104,547 18,143 174,395

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 791,182 567,319
Amounts owed by related parties 53,282 -
Amounts recoverable on contract 285,968 153,514
Other debtors 192,392 56,629
Prepayments and accrued income 18,215 2,770
1,341,039 780,232

HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 119,286 8,096
Hire purchase contracts 23,251 23,251
Trade creditors 728,618 600,609
Corporation tax 28,270 61,739
Social security and other taxes 1,985 -
VAT 364,379 213,728
Other creditors 518 -
Wages control account - 135
Pension 2,314 1,976
Directors' current accounts 5,790 18,177
Accruals and deferred income 128,714 2,442
1,403,125 930,153

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 311,851 32,384
Hire purchase contracts 66,689 51,609
378,540 83,993

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 89,940 74,860

HERRETT CONSTRUCTION CONTRACTORS LTD (REGISTERED NUMBER: 10562594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
Value: £ £
100 Ordinary £1 100 100
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
103 103
During the year none (2023: three) additional shares were issued at par for cash consideration.

12. RELATED PARTY DISCLOSURES

During the year the company traded on normal commercial terms with Herrett Homes Limited and Building Assets Limited companies in which Mr J C Herrett is both a shareholder and director.

At the balance sheet date £2,792 (2023: £Nil ) was owed by Herrett Homes Limited a company in which Mr J C Herrett is a director and shareholder.

At the balance sheet date £49,990 (2023: £500) was owed to Building Assets Limited a company in which Mr J C Herrett is a director and shareholder.