Company registration number 11886901 (England and Wales)
CONSTRUCTION FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CONSTRUCTION FINANCE LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
CONSTRUCTION FINANCE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
4
4,228,676
3,964,735
Cash and cash equivalents
73,706
116,780
4,302,382
4,081,515
Current liabilities
5
(342,385)
(443,718)
Net current assets
3,959,997
3,637,797
Non-current liabilities
6
(2,800,000)
(2,800,000)
Net assets
1,159,997
837,797
Equity
Called up share capital
7
99
99
Retained earnings
1,159,898
837,698
Total equity
1,159,997
837,797

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 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 member has 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 3 December 2024 and are signed on its behalf by:
D E Conway
Director
Company Registration No. 11886901
CONSTRUCTION FINANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2022
99
556,845
556,944
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
280,853
280,853
Balance at 31 March 2023
99
837,698
837,797
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
322,200
322,200
Balance at 31 March 2024
99
1,159,898
1,159,997
CONSTRUCTION FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Construction Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS.

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.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods, services and loans provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Cash and cash equivalents

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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense for the period comprises current and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

CONSTRUCTION FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
107,400
65,933
Adjustments in respect of prior periods
-
0
7
Total current tax
107,400
65,940
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
4,165,643
3,911,115
Prepayments and accrued income
63,033
53,620
4,228,676
3,964,735
5
Current liabilities
2024
2023
£
£
Other borrowings
198,985
348,985
Corporation tax
107,400
65,933
Accruals and deferred income
36,000
28,800
342,385
443,718
6
Non-current liabilities
2024
2023
£
£
Other payables
2,800,000
2,800,000
Non-current liabilities represent 2,800,000 Redeemable Shares of £1 each.  The shares carry no coupon and no right to receive any dividend but rank ahead of the Ordinary Shares in the event of a winding-up.

Non-current liabilities represent 2,800,000 Redeemable Shares of £1 each. The shares carry no coupon and no right to receive any dividend but rank ahead of the Ordinary Shares in the event of a winding-up.

CONSTRUCTION FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
99
99
99
99
8
Related party transactions

Included within creditors is a balance of £36,000 (31 March 2023: £28,800) owed to Galliard Homes Limited, a company of which D E Conway, G A Conway and R M Conway are directors.

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