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Company registration number: 10059151
Salmon & Collett Building Services Limited
Unaudited filleted financial statements
30 April 2024
Salmon & Collett Building Services Limited
Contents
Statement of financial position
Notes to the financial statements
Salmon & Collett Building Services Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 20,000 30,000
Tangible assets 6 114,429 122,965
_______ _______
134,429 152,965
Current assets
Stocks 276,932 92,861
Debtors 7 364,885 552,937
Cash at bank and in hand 15,776 -
_______ _______
657,593 645,798
Creditors: amounts falling due
within one year 8 ( 351,970) ( 311,969)
_______ _______
Net current assets 305,623 333,829
_______ _______
Total assets less current liabilities 440,052 486,794
Creditors: amounts falling due
after more than one year 9 ( 65,048) ( 76,876)
Provisions for liabilities ( 29,000) ( 31,000)
_______ _______
Net assets 346,004 378,918
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 345,904 378,818
_______ _______
Shareholders funds 346,004 378,918
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 Act 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
M Salmon L Collett
Director Director
Company registration number: 10059151
Salmon & Collett Building Services Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 71 Trenoweth Road, Falmouth, TR11 5GH.
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 Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 of 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.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 100,000 100,000
_______ _______
Amortisation
At 1 May 2023 70,000 70,000
Charge for the year 10,000 10,000
_______ _______
At 30 April 2024 80,000 80,000
_______ _______
Carrying amount
At 30 April 2024 20,000 20,000
_______ _______
At 30 April 2023 30,000 30,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 126,055 4,917 154,840 285,812
Additions 4,338 - 27,985 32,323
Disposals - - ( 13,000) ( 13,000)
_______ _______ _______ _______
At 30 April 2024 130,393 4,917 169,825 305,135
_______ _______ _______ _______
Depreciation
At 1 May 2023 57,282 2,725 102,840 162,847
Charge for the year 14,622 790 22,847 38,259
Disposals - - ( 10,400) ( 10,400)
_______ _______ _______ _______
At 30 April 2024 71,904 3,515 115,287 190,706
_______ _______ _______ _______
Carrying amount
At 30 April 2024 58,489 1,402 54,538 114,429
_______ _______ _______ _______
At 30 April 2023 68,773 2,192 52,000 122,965
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 161,330 294,754
Other debtors 203,555 258,183
_______ _______
364,885 552,937
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 2,912
Trade creditors 256,399 194,904
Corporation tax 23,993 59,711
Social security and other taxes 27,485 20,185
Other creditors 44,093 34,257
_______ _______
351,970 311,969
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 21,667 31,667
Other creditors 43,381 45,209
_______ _______
65,048 76,876
_______ _______