REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Period 1 April 2023 to 30 April 2024 |
for |
CD Fencing & Construction Services |
Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Period 1 April 2023 to 30 April 2024 |
for |
CD Fencing & Construction Services |
Limited |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Contents of the Financial Statements |
for the Period 1 April 2023 to 30 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 15 |
CD Fencing & Construction Services |
Limited |
Company Information |
for the Period 1 April 2023 to 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Strategic Report |
for the Period 1 April 2023 to 30 April 2024 |
The directors present their strategic report for the period 1 April 2023 to 30 April 2024. |
REVIEW OF BUSINESS |
CD Fencing & Construction Services Ltd are specialists in the provision of Vehicle Restraint Systems, Parapets, Environmental Noise Barriers, General Fencing, Traffic Management and Minor Civil Engineering. We offer a fully integrated service as a collective package or separately to meet our clients' requirements. The company services also include surveying, inspections, assisting with design, specialist vehicle hire, plant and vehicle maintenance. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principle risks and uncertainties are established and continually mapped out on the company risk management register which is reviewed regularly by the Board. The review is a robust assessment of the principle risks that the company faces, the controls in place to remove or mitigate these risks and whether these risks represent new, increased or decreased threats. Some of the principle risks are described below. |
Health and Safety: |
The company works on significant, complex and potentially hazardous projects which require continuous monitoring and management of health and safety risks. Failure to manage these risks gives the potential for significant harm, including fatal or life changing injuries to employees, subcontractor staff or members of the public, as well as criminal prosecutions, significant fines, debarring from contract bidding and reputational damage. CDF&CSL has in place an overarching integrated Management System comprising policies and procedures to minimise such risks. This strategy and its action plans are reviewed and monitored by senior management and external verification bodies. |
Uncertainty with our Economic Environment: |
Failure to plan for any potentially negative impacts, or to capture any opportunities that may be presented. |
Customers postponing, reducing or changing expenditure plans. |
Raw material prices have increased to unprecented levels and inflation remains high which will have an impact on sales and profitability going forward. |
Energy and fuel costs have increased to unprecedented levels which will have an impact on profitability going forward. |
Restrictions on the availability of skilled labour and competitively priced materials could lead to increased costs and hence potentially a devaluation of the business. |
Market Competition: |
Intensifying competition from existing and new market players poses a threat to our market share and profitability. |
Supply Chain Disruptions: |
The global supply chain disruptions and raw material shortages have the potential to impact our suppliers production and distribution capabilities. |
Increased supply chain risks through insolvency. |
Regulatory Compliance in Transport Operations: |
Ensuring that the company's transport operations are fit for purpose and fully compliant with all relevant legislation, as well as meeting the requirements set forth by traffic commissioners, is crucial. Non-compliance could lead to fines, operational disruptions, and reputational harm. |
Climate Change: |
The changing global climate generates a number of risks and opportunities for CDF&CSL the impact of which, and mitigations against, are considered and reviewed as part of the company risk management process. The most significant elements have been identified to be changes in environmental legislation, vehicle and plant procurement and weather-related events. |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Strategic Report |
for the Period 1 April 2023 to 30 April 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED |
Cybersecurity Threats: |
The rise in cyber threats and data breaches poses a significant risk to our IT infrastructure and sensitive information. |
Sustainability Integration: |
Heightened societal and regulatory focus on sustainability presents both opportunities and challenges. Failure to adapt to evolving sustainability standards and client preferences may result in reputational damage and loss of projects. |
Environmental Impact: |
Increasing scrutiny on the environmental impact of business operations poses a challenge, particularly with regard to carbon emissions, waste management, and resource consumption. |
KEY PERFORMANCE INDICATORS |
The principal indicators used to measure the performance of the company over the last twelve months are: |
Health, safety, environment, and sustainability |
Leadership |
Engagement and morale |
Resources, equipment, and tools for the job |
Understanding the company's strategy, values, and behaviours |
Future, change and innovation |
Customer Satisfaction |
Order intake and profitability |
Repeat business and referrals |
YEAR END POSITION |
The company's position remains strong. |
ON BEHALF OF THE BOARD: |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Report of the Directors |
for the Period 1 April 2023 to 30 April 2024 |
The directors present their report with the financial statements of the company for the period 1 April 2023 to 30 April 2024. |
DIVIDENDS |
The total distribution of dividends for the period ended 30 April 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
The company uses various financial instruments including loans, cash, equity, capital and various items such as trade debtors and creditors that arise directly from its operations. the main purpose of these financial instruments is to raise finance for company operations. |
Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arise in the normal course of the company business. These risks are limited by the company's financial management policies and practices described below. |
Market risk |
Market risk encompasses three types of risk being price risk, interest rate risk and currency risk. |
Price risk |
The company operates in a competitive market. If the company does not continue to compete effectively by developing its product range and responding to activities in the market it could lose customers and its results, cash flow and financial conditions could adversely be affected. |
Interest rate risk |
The company's overdraft and cash at bank incur interest cost or income at market rates and the company is therefore exposed to interest rate risk. The company is also exposed to interest rate risk through the impact of rate changes on interest-bearing borrowings. The company's policy is to obtain the most favourable interest rates available for its borrowings. The company does not use and derivative instruments to reduce its economic exposure to changes in interest rates. |
Foreign currency risk |
The company makes purchases from suppliers from a number of suppliers whose invoices are denominated in currencies other than sterling. The company also make sales to customers denominated in currencies other than sterling. The most frequently used currencies other than sterling are the Euro and the US Dollar. |
Credit risk |
The company's principal assets are cash deposits and trade debtors. The credit risk associated with cash deposits is limited as the accounts are held with major UK high street banks only. The principal credit risk arises therefore from its trade debtors and the company manages closely its exposure to bad debts by strong credit control, credit checks for new accounts and credit insurance. |
Liquidity risk |
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company policy throughout the year has been to hold cash balances in readily accessible cash deposits. |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Report of the Directors |
for the Period 1 April 2023 to 30 April 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Mander Duffill, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
CD Fencing & Construction Services |
Limited |
Opinion |
We have audited the financial statements of CD Fencing & Construction Services Limited (the 'company') for the period ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
CD Fencing & Construction Services |
Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
n planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included: |
- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. |
- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud. |
- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets. |
- Reading minutes of meetings of those charged with governance. |
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Report of the Independent Auditors to the Members of |
CD Fencing & Construction Services |
Limited |
We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls including the following: |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Enquiry of management concerning actual and potential litigation and claims. |
- Reviewing correspondence with HMRC, and the company's legal advisors. |
- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. |
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Statement of Comprehensive |
Income |
for the Period 1 April 2023 to 30 April 2024 |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,533,872 | 1,934,551 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,618,597 | 1,956,838 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Balance Sheet |
30 April 2024 |
30.4.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Statement of Changes in Equity |
for the Period 1 April 2023 to 30 April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Cash Flow Statement |
for the Period 1 April 2023 to 30 April 2024 |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | 2,230 | (1,069 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
1,143,942 |
Cash and cash equivalents at end of period |
2 |
2,132,100 |
2,157,476 |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Cash Flow Statement |
for the Period 1 April 2023 to 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 73,132 | 39,695 |
Finance income | (54,925 | ) | (8,737 | ) |
2,125,792 | 2,435,141 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 30 April 2024 |
30.4.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,132,100 | 2,157,476 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,157,476 | 1,143,942 |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Cash Flow Statement |
for the Period 1 April 2023 to 30 April 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.4.23 | Cash flow | changes | At 30.4.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,157,476 | (25,376 | ) | 2,132,100 |
2,157,476 | ( |
) | 2,132,100 |
Debt |
Finance leases | (206,388 | ) | 217,475 | (443,400 | ) | (432,313 | ) |
Debts falling due |
within 1 year | (106,963 | ) | 3,790 | - | (103,173 | ) |
Debts falling due |
after 1 year | (618,819 | ) | 103,052 | - | (515,767 | ) |
(932,170 | ) | 324,317 | (443,400 | ) | (1,051,253 | ) |
Total | 1,225,306 | 298,941 | (443,400 | ) | 1,080,847 |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements |
for the Period 1 April 2023 to 30 April 2024 |
1. | STATUTORY INFORMATION |
CD Fencing & Construction Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced work done, excluding value added tax. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Office equipment | - |
Motor vehicles | - |
Computer equipment | - |
Freehold land is not depreciated. |
Stocks |
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture or completion. |
Taxation |
Taxation for the period comprises current and deferred tax. 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 equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
Directors | 5 | 5 |
Operational | 67 | 62 |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 April 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
£ | £ |
Loan interest |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 19%). |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 April 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Deferred tax provided at std rate | - | 113,597 |
Other adjustments | 9,596 | (25,178 | ) |
Total tax charge | 395,962 | 456,231 |
7. | DIVIDENDS |
Period |
1.4.23 |
to | Year Ended |
30.4.24 | 31.3.23 |
£ | £ |
Ordinary 'A' shares of £1 each |
Dividend - paid in the year |
Ordinary B shares of £1 each |
Dividend - paid in the year |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 April 2024 |
8. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals |
At 30 April 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 March 2023 |
Office | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 March 2023 |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 April 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 March 2023 |
9. | STOCKS |
30.4.24 | 31.3.23 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Owed by related parties | 667 | 86,917 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Corporation tax |
Other creditors |
Owed to related parties | 11,570 | 6,047 |
Directors' loan accounts | 17,588 | 15,358 |
Accrued expenses |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 April 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 31.3.23 |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan over 5 years | 279,421 | 319,096 |
14. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
30.4.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 April 2024 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 31.3.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 432,313 | 206,388 |
The company has a mortgage which is secured over the property to which it relates. |
Hire purchase and finance lease liabilities are secured upon the fixed assets to which they relate. |
16. | PROVISIONS FOR LIABILITIES |
30.4.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 532,581 | 473,320 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during period |
Balance at 30 April 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 31.3.23 |
value: | £ | £ |
Ordinary 'A' | £1 | 96 | 96 |
Ordinary B | £1 | 3 | 3 |
99 | 99 |
Each share is entitled to one vote in any circumstances. |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the period |
Dividends | ( |
) |
At 30 April 2024 |
Retained earnings - includes all current and prior period retained profits and losses. |
CD Fencing & Construction Services |
Limited (Registered number: 03693408) |
Notes to the Financial Statements - continued |
for the Period 1 April 2023 to 30 April 2024 |
19. | RELATED PARTY DISCLOSURES |
30.4.24 | 31.3.23 |
£ | £ |
Amount due from related party |
Amount due to related party |
20. | ULTIMATE CONTROLLING PARTY |
Thre company is controlled its three directors C Davies, M J Millington and J McGuire. |