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Company registration number: 06297287
NICHOLLS-BUILD LIMITED
Trading as Nicholls-Build Limited
Unaudited filleted financial statements
30 June 2024
NICHOLLS-BUILD LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
NICHOLLS-BUILD LIMITED
Directors and other information
Directors D. Nicholls
C. Nicholls
S. Nicholls
Secretary D. Nicholls
Company number 06297287
Registered office 17 Calcott Close
Brentwood
Essex
CM14 4YS
Accountants Peaty & Co
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
NICHOLLS-BUILD LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Nicholls-Build Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nicholls-Build Limited for the year ended 30 June 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Nicholls-Build Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Nicholls-Build Limited and state those matters that we have agreed to state to the board of directors of Nicholls-Build Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nicholls-Build Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Nicholls-Build Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nicholls-Build Limited. You consider that Nicholls-Build Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Nicholls-Build Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Peaty & Co
Chartered Accountants
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
6 December 2024
NICHOLLS-BUILD LIMITED
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 8 36,867 19,630
_______ _______
36,867 19,630
Current assets
Stocks 9 44,449 37,336
Debtors 10 22,233 39,218
Cash at bank and in hand 73,678 74,031
_______ _______
140,360 150,585
Creditors: amounts falling due
within one year 11 ( 75,997) ( 92,147)
_______ _______
Net current assets 64,363 58,438
_______ _______
Total assets less current liabilities 101,230 78,068
Creditors: amounts falling due
after more than one year 12 ( 16,234) -
Provisions for liabilities 14 ( 4,154) ( 3,983)
_______ _______
Net assets 80,842 74,085
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 80,742 73,985
_______ _______
Shareholders funds 80,842 74,085
_______ _______
For the year ending 30 June 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 December 2024 , and are signed on behalf of the board by:
C. Nicholls S. Nicholls
Director Director
Company registration number: 06297287
NICHOLLS-BUILD LIMITED
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Calcott Close, Brentwood, Essex, CM14 4YS.
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 on the historical cost basis. They have been 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 for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 25 % reducing balance
Motor vehicles - 25 % reducing balance
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.
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.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
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 8 (2023: 8 ).
5. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 25,314 27,288
Company contributions to pension schemes in respect of qualifying services 2,400 2,400
_______ _______
27,714 29,688
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2024 2023
Number Number
Defined contribution plans 2 2
_______ _______
6. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 40,025 32,576
_______ _______
Deferred tax:
Origination and reversal of timing differences 171 3,983
_______ _______
Tax on profit 40,196 36,559
_______ _______
7. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 116,282 127,457
_______ _______
8. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2023 58,292 43,495 101,787
Additions - 49,277 49,277
Disposals - ( 21,500) ( 21,500)
_______ _______ _______
At 30 June 2024 58,292 71,272 129,564
_______ _______ _______
Depreciation
At 1 July 2023 53,282 28,875 82,157
Charge for the year 1,253 11,037 12,290
Disposals - ( 1,750) ( 1,750)
_______ _______ _______
At 30 June 2024 54,535 38,162 92,697
_______ _______ _______
Carrying amount
At 30 June 2024 3,757 33,110 36,867
_______ _______ _______
At 30 June 2023 5,010 14,620 19,630
_______ _______ _______
9. Stocks
2024 2023
£ £
Raw materials and consumables 500 700
Work in progress 43,949 36,636
_______ _______
44,449 37,336
_______ _______
10. Debtors
2024 2023
£ £
Trade debtors 18,998 37,134
Other debtors 3,235 2,084
_______ _______
22,233 39,218
_______ _______
11. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 16,367 38,916
Corporation tax 40,025 32,576
Social security and other taxes 14,433 17,509
Other creditors 5,172 3,146
_______ _______
75,997 92,147
_______ _______
12. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 16,234 -
_______ _______
13. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year 5,037 -
Later than 1 year and not later than 5 years 19,594 -
_______ _______
24,631 -
_______ _______
Present value of minimum lease payments 24,631 -
_______ _______
14. Provisions
Deferred tax (note 15) Total
£ £
At 1 July 2023 3,983 3,983
Additions 171 171
_______ _______
At 30 June 2024 4,154 4,154
_______ _______
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 14) 4,154 3,983
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 4,154 3,983
_______ _______
16. Related party transactions
During the year the company paid dividends of £27,000 (2023 £37,000) to D. Nicholls , £45,114 (2023 £45,880) to C. Nicholls and £44,168 (2023 £44,577) to S. Nicholls .