Registered number
05034549
Parker & Son Construction Limited
Filleted Accounts
31 March 2024
Parker & Son Construction Limited
Registered number: 05034549
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 120,001 95,001
Current assets
Stocks 1,000 1,000
Debtors 4 29,812 13,198
Cash at bank and in hand 380,991 446,897
411,803 461,095
Creditors: amounts falling due within one year 5 (82,232) (91,121)
Net current assets 329,571 369,974
Total assets less current liabilities 449,572 464,975
Creditors: amounts falling due after more than one year 6 (12,758) (22,691)
Provisions for liabilities (10,989) (4,739)
Net assets 425,825 437,545
Capital and reserves
Called up share capital 1 1
Revaluation reserve 8 64,453 39,453
Profit and loss account 361,371 398,091
Shareholder's funds 425,825 437,545
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 member has 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 Julien Parker
Director
Approved by the board on 18 November 2024
Parker & Son Construction Limited
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:
Tools and equipment over 5 years
Plant and motor vehicles over 5 years
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.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment properties Tools and equipment Plant and motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 95,000 2,100 49,055 146,155
Surplus on revaluation 25,000 - - 25,000
At 31 March 2024 120,000 2,100 49,055 171,155
Depreciation
At 1 April 2023 - 2,100 49,054 51,154
At 31 March 2024 - 2,100 49,054 51,154
Net book value
At 31 March 2024 120,000 - 1 120,001
At 31 March 2023 95,000 - 1 95,001
The investment properties were valued at the year end by the director.
Investment properties: 2024 2023
£ £
Historical cost 55,547 55,547
Cumulative depreciation based on historical cost - -
55,547 55,547
4 Debtors 2024 2023
£ £
Trade debtors and work in progress 29,812 8,090
Other debtors - 5,108
29,812 13,198
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,500 10,500
Director's loan account 66,112 55,345
Trade creditors 1,917 8,883
Taxation and social security costs 553 13,393
Other creditors 3,150 3,000
82,232 91,121
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,758 22,691
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 33,191 33,191
The bank loans are secured by a charge over the investment properties owned by the company.
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 39,453 39,453
Gain on revaluation of land and buildings 25,000 -
At 31 March 2024 64,453 39,453
9 Controlling party
The company is controlled by the director who owns 100% of the issued share capital.
10 Presentation currency
The financial statements are presented in Sterling and rounded to the nearest £1.
11 Other information
Parker & Son Construction Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is:
The Grange
King Street
Aberdare
Rhondda Cynon Taff
CF44 6RA
Parker & Son Construction Limited 05034549 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mr Julien Parker No description of principal activity 05034549 2022-04-01 2023-03-31 05034549 core:RevaluationReserve core:LandBuildings 2022-04-01 2023-03-31 05034549 core:WithinOneYear 2023-03-31 05034549 core:AfterOneYear 2023-03-31 05034549 core:ShareCapital 2023-03-31 05034549 core:OtherReservesSubtotal 2023-03-31 05034549 core:RetainedEarningsAccumulatedLosses 2023-03-31 05034549 core:RevaluationReserve 2022-03-31 05034549 2023-04-01 2024-03-31 05034549 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05034549 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05034549 bus:Director40 2023-04-01 2024-03-31 05034549 core:LandBuildings 2023-04-01 2024-03-31 05034549 core:PlantMachinery 2023-04-01 2024-03-31 05034549 core:Vehicles 2023-04-01 2024-03-31 05034549 core:RevaluationReserve core:LandBuildings 2023-04-01 2024-03-31 05034549 countries:England 2023-04-01 2024-03-31 05034549 bus:FRS102 2023-04-01 2024-03-31 05034549 bus:FilletedAccounts 2023-04-01 2024-03-31 05034549 2024-03-31 05034549 core:WithinOneYear 2024-03-31 05034549 core:AfterOneYear 2024-03-31 05034549 core:ShareCapital 2024-03-31 05034549 core:OtherReservesSubtotal 2024-03-31 05034549 core:RetainedEarningsAccumulatedLosses 2024-03-31 05034549 core:LandBuildings 2024-03-31 05034549 core:PlantMachinery 2024-03-31 05034549 core:Vehicles 2024-03-31 05034549 core:RevaluationReserve 2024-03-31 05034549 2023-03-31 05034549 core:LandBuildings 2023-03-31 05034549 core:PlantMachinery 2023-03-31 05034549 core:Vehicles 2023-03-31 05034549 core:RevaluationReserve 2023-03-31 iso4217:GBP xbrli:pure