Company registration number 03711465 (England and Wales)
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R A Bain
Mr S J Laver
Mr A C Sainty
Company number
03711465
Registered office
Estuary House
Whitehall Road
Colchester
Essex
England
CO2 8HA
Accountants
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
721,041
776,022
Investment property
5
325,000
325,000
1,046,041
1,101,022
Current assets
Stocks
2,341,754
1,658,781
Debtors
6
484,919
372,382
Cash at bank and in hand
402,065
1,320,566
3,228,738
3,351,729
Creditors: amounts falling due within one year
7
(473,488)
(687,208)
Net current assets
2,755,250
2,664,521
Total assets less current liabilities
3,801,291
3,765,543
Creditors: amounts falling due after more than one year
8
(336,976)
(356,167)
Provisions for liabilities
(87,867)
(79,740)
Net assets
3,376,448
3,329,636
Capital and reserves
Called up share capital
8,000
8,000
Share premium account
119,000
119,000
Revaluation reserve
97,500
97,500
Capital redemption reserve
3,000
3,000
Profit and loss reserves
3,148,948
3,102,136
Total equity
3,376,448
3,329,636
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 January 2025 and are signed on its behalf by:
Mr R A Bain
Mr S J Laver
Director
Director
Company registration number 03711465 (England and Wales)
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 June 2022
8,000
119,000
102,077
3,000
2,776,208
3,008,285
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
-
-
661,351
661,351
Dividends
-
-
-
-
(340,000)
(340,000)
Transfers
-
-
(4,577)
-
4,577
-
Balance at 31 May 2023
8,000
119,000
97,500
3,000
3,102,136
3,329,636
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
-
46,812
46,812
Balance at 31 May 2024
8,000
119,000
97,500
3,000
3,148,948
3,376,448
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Company information
Vaughan & Blyth (Construction) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Estuary House, Whitehall Road, Colchester, Essex, England, CO2 8HA.
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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents properties on which contracts have been exchanged, and the value of construction work provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due, excluding value added tax. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the construction work provided to date.
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:
Freehold land and buildings
2% straight line
Plant and equipment
5 years reducing balance
Fixtures and fittings
3 years straight line
Motor vehicles
3 years reducing balance
Freehold land and assets in the course of construction are not depreciated.
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.
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
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.
1.7
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.
1.8
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.
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
24
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
526,890
760,249
1,287,139
Additions
9,528
54,843
64,371
Disposals
(91,873)
(91,873)
At 31 May 2024
536,418
723,219
1,259,637
Depreciation and impairment
At 1 June 2023
29,826
481,291
511,117
Depreciation charged in the year
7,018
86,517
93,535
Eliminated in respect of disposals
(66,056)
(66,056)
At 31 May 2024
36,844
501,752
538,596
Carrying amount
At 31 May 2024
499,574
221,467
721,041
At 31 May 2023
497,064
278,958
776,022
5
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
325,000
The investment property has been valued by the directors at a fair value based on the anticipated open market value.
VAUGHAN & BLYTH (CONSTRUCTION) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
421,537
286,095
Other debtors
63,382
86,287
484,919
372,382
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
18,775
17,666
Trade creditors
163,965
57,414
Taxation and social security
57,003
242,309
Other creditors
233,745
369,819
473,488
687,208
The bank facilities are secured, by a banks debenture and first legal charge over certain freehold sites.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
336,976
356,167
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
270,239
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