7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03866070 2023-01-01 2023-12-31 03866070 2023-12-31 03866070 2022-12-31 03866070 2022-01-01 2022-12-31 03866070 2022-12-31 03866070 2021-12-31 03866070 core:FurnitureFittings 2023-01-01 2023-12-31 03866070 core:MotorVehicles 2023-01-01 2023-12-31 03866070 bus:Director1 2023-01-01 2023-12-31 03866070 core:FurnitureFittings 2022-12-31 03866070 core:FurnitureFittings 2023-12-31 03866070 core:MotorVehicles 2023-12-31 03866070 core:WithinOneYear 2023-12-31 03866070 core:WithinOneYear 2022-12-31 03866070 core:ShareCapital 2023-12-31 03866070 core:ShareCapital 2022-12-31 03866070 core:RetainedEarningsAccumulatedLosses 2023-12-31 03866070 core:RetainedEarningsAccumulatedLosses 2022-12-31 03866070 core:FurnitureFittings 2022-12-31 03866070 bus:SmallEntities 2023-01-01 2023-12-31 03866070 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03866070 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03866070 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03866070 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03866070
Specialist Construction Ltd
Filleted Unaudited Financial Statements
31 December 2023
Specialist Construction Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
25,912
5,335
Current assets
Stocks
292,498
195,943
Debtors
6
68,397
84,126
Cash at bank and in hand
128,863
71,155
---------
---------
489,758
351,224
Creditors: amounts falling due within one year
7
( 518,058)
( 327,458)
---------
---------
Net current (liabilities)/assets
( 28,300)
23,766
--------
--------
Total assets less current liabilities
( 2,388)
29,101
Provisions
( 6,478)
( 1,334)
-------
--------
Net (liabilities)/assets
( 8,866)
27,767
-------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 8,867)
27,766
-------
--------
Member’s (deficit)/funds
( 8,866)
27,767
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director's responsibilities: - 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; - The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Specialist Construction Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 December 2024 , and are signed on behalf of the board by:
Anthony Millward
Director
Company registration number: 03866070
Specialist Construction Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Matador, Tunstall Road, Knypersley, Stoke on Trent, Staffordshire, ST8 7PZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The financial statements have been prepared on the going concern basis as disclosed in note 10.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
(d) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
20% straight line
Motor vehicles
-
25% straight line
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(h) Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
(i) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
(j) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
(k) Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Tangible assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
20,708
20,708
Additions
1,771
22,700
24,471
--------
--------
--------
At 31 December 2023
22,479
22,700
45,179
--------
--------
--------
Depreciation
At 1 January 2023
15,373
15,373
Charge for the year
2,169
1,725
3,894
--------
--------
--------
At 31 December 2023
17,542
1,725
19,267
--------
--------
--------
Carrying amount
At 31 December 2023
4,937
20,975
25,912
--------
--------
--------
At 31 December 2022
5,335
5,335
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
40,495
59,942
Other debtors
27,902
24,184
--------
--------
68,397
84,126
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
128,623
10,324
Amounts owed to group undertakings
354,786
276,823
Corporation tax
9,473
Social security and other taxes
6,465
5,721
Other creditors
28,184
25,117
---------
---------
518,058
327,458
---------
---------
8. Pension commitments
At the year end, the company had a liability of £740 (2022: £633) in relation to the defined contribution pension plan.
9. Related party transactions
Specialist Construction Ltd is a wholly owned subsidiary of Millward Holdings Ltd and its registered office address is The Matador, Tunstall Road, Knypersley, Stoke on Trent, Staffordshire, ST8 7PZ. At the year end, the company owed Millward Holdings Ltd the sum of £161,048 (2022: £91,569). Scaffolding Contractors Limited is a fellow wholly owned subsidiary of Millward Holdings Ltd. At the year end, the company owed Scaffolding Contractors Limited the sum of £193,738 (2022: £185,254). Any non-CBILS bank loan in Millward Holdings Ltd is secured by an intercompany cross guarantee and debenture between the company, Millward Holdings Ltd and Scaffolding Contractors Limited. The ultimate controlling party is Anthony Millward by virtue of his 100% shareholding in the parent undertaking, Millward Holdings Ltd.
10. Going concern
The director has confirmed that the company's parent undertaking and fellow wholly owned subsidiary will continue to provide financial support to the company by way of the non-recalling of their loans to it, in order to enable it to finance its trading and other obligations for the foreseeable future.
Based on the above, the financial statements have been prepared on the going concern basis.