Sampson Concrete Services Ltd
Registered number: 08216325
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 51,075 26,211
Current assets
Stocks 14,000 14,000
Debtors 4 27,078 38,261
Cash at bank and in hand 2,419 2,756
43,497 55,017
Creditors: amounts falling due within one year 5 (59,823) (49,635)
Net current (liabilities)/assets (16,326) 5,382
Total assets less current liabilities 34,749 31,593
Creditors: amounts falling due after more than one year 6 (33,994) (31,015)
Net assets 755 578
Capital and reserves
Called up share capital 100 100
Profit and loss account 655 478
Shareholders' funds 755 578
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr F M Gibbs
Director
Approved by the board on 16 November 2024
Sampson Concrete Services Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 65,800 45,597 111,397
Additions 1,576 32,500 34,076
Disposals - (45,597) (45,597)
At 31 March 2024 67,376 32,500 99,876
Depreciation
At 1 April 2023 44,154 41,032 85,186
Charge for the year 4,647 - 4,647
On disposals - (41,032) (41,032)
At 31 March 2024 48,801 - 48,801
Net book value
At 31 March 2024 18,575 32,500 51,075
At 31 March 2023 21,646 4,565 26,211
4 Debtors 2024 2023
£ £
Trade debtors 12,090 16,176
Other debtors 14,988 22,085
27,078 38,261
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,937 9,452
Obligations under finance lease and hire purchase contracts 10,600 -
Trade creditors 1,539 853
Taxation and social security costs 32,926 36,517
Other creditors 3,821 2,813
59,823 49,635
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,500 31,015
Obligations under finance lease and hire purchase contracts 16,494 -
33,994 31,015
7 Other information
Sampson Concrete Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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