REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
FOR |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
FOR |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED (REGISTERED NUMBER: 04953160) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Cornelius House |
178-180 Church Road |
Hove |
East Sussex |
BN3 2DJ |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED (REGISTERED NUMBER: 04953160) |
BALANCE SHEET |
29TH FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED (REGISTERED NUMBER: 04953160) |
BALANCE SHEET - continued |
29TH FEBRUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED (REGISTERED NUMBER: 04953160) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Southdown Construction (Metalwork) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
No significant judgements have had to be made by the directors in preparing these financial statements. |
Turnover |
Turnover represents the value of work done during the year,excluding value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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. |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED (REGISTERED NUMBER: 04953160) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
Stock is also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED (REGISTERED NUMBER: 04953160) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1st March 2023 |
Disposals | ( |
) | ( |
) |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1st March 2023 |
Disposals | ( |
) |
Transfer to ownership | (19,144 | ) |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (13,087 | ) |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED (REGISTERED NUMBER: 04953160) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 166,666 | 166,666 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 29th February 2024 and 28th February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
SOUTHDOWN CONSTRUCTION (METALWORK) |
LIMITED (REGISTERED NUMBER: 04953160) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the year the company paid dividends of £84,000 (2023: £120,000) to the directors and their family members. |
11. | RELATED PARTY DISCLOSURES |
Blastreat (Arundel) Limited; |
Blastreat (Arundel) Limited is a connected company as it has directors and shareholders in common with Southdown Construction (Metalwork) Limited. |
During the year the company made purchases of £27,327 (2023: £93,307) from Blastreat (Arundel) Limited, a connected company and paid rent of £25,000 (2023: £25,000). The company owed Blastreat (Arundel) Limited £28,372 (2023: £63,550) as at 29th February 2024. |
Avantec Limited |
Avantec Limited is a connected company as it has directors and shareholders in common with Avantec Limited. |
During the year the company made purchases from Avantec Limited of £nil (2023: £nil) and paid rent of £45,000 (2023: £45,000). At the year end the company was owed by Avantec Limited £26,430 (2023: £485,101 owed to Avantec Ltd). |
Hawksley & Sons Limited |
Hawksley & Sons Limited is a connected company as M W Gale, a key member of management of Southdown Construction (Metalwork) Limited is a director and shareholder of Hawksley & Sons Limited. |
During the year the company made purchases of £16,666 (2023: £66,000) from and paid rent of £nil (2023: £25,000) to Hawksley and Sons Limited, a connected company. The company owed Hawksley & Sons Limited £201,000 (2023: £91,000) at 29th February 2024. |