Company registration number 02099927 (England and Wales)
Timperley Construction Limited
Unaudited financial statements
For the year ended 31 March 2024
Timperley Construction Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Timperley Construction Limited
Balance sheet
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,642
Current assets
Debtors
4
15,291
10,703
Cash at bank and in hand
2,613
41,317
17,904
52,020
Creditors: amounts falling due within one year
5
(16,499)
(49,697)
Net current assets
1,405
2,323
Total assets less current liabilities
1,405
18,965
Provisions for liabilities
(3,162)
Net assets
1,405
15,803
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
1,305
15,703
Total equity
1,405
15,803
The directors of the company have elected not to include a copy of the profit and loss account 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 members have 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.
Timperley Construction Limited
Balance sheet (continued)
As at 31 March 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
Mr R.V. Timperley
Director
Company registration number 02099927 (England and Wales)
TIMPERLEY CONSTRUCTION LIMITED
Timperley Construction Limited
Notes to the financial statements
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Timperley Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Cheshire, CW5 6PF, Nantwich.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and is derived from continuing activities in the United Kingdom.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on the reducing balance
Office fittings & equipment
15% to 25% on the reducing balance
Motor vehicles
25% on the reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
TIMPERLEY CONSTRUCTION LIMITED
Timperley Construction Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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 balance sheet 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
TIMPERLEY CONSTRUCTION LIMITED
Timperley Construction Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
47,885
Disposals
(47,885)
At 31 March 2024
Depreciation and impairment
At 1 April 2023
31,243
Depreciation charged in the year
4,012
Eliminated in respect of disposals
(35,255)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
16,642
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,939
3,153
Other debtors
10,516
Prepayments and accrued income
836
7,550
15,291
10,703
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53
24,503
Taxation and social security
14,310
13,053
Other creditors
2,136
12,141
16,499
49,697
TIMPERLEY CONSTRUCTION LIMITED
Timperley Construction Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100