REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
FOR |
ASCIA CONSTRUCTION LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
FOR |
ASCIA CONSTRUCTION LIMITED |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
ASCIA CONSTRUCTION LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
Azzurri House |
Walsall Business Park |
Aldridge |
Walsall |
West Midlands |
WS9 0RB |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
STRATEGIC REPORT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
The directors present their strategic report for the period 1 January 2023 to 30 April 2024. |
REVIEW OF BUSINESS |
Ascia Construction is an independent, privately owned building contracting company based on the Hampshire / West Sussex border, working on construction projects between £500,000 and £10m in value. |
Ascia Construction works within all sectors of construction including education, commercial, industrial, residential, leisure, retail, health, community and refurbishments. |
The directors are passionate about collaborative working and are focused on retaining loyal client, consultant and supplier relationships. |
During this financial period (extended to 16 months), Ascia has experienced a period of planned growth, increasing turnover from £20m to £34m. |
Over the course of this period, Ascia Construction has invested in new project management software to centralise our record keeping and to enhance collaboration, thus ensuring a higher level of control throughout the business. This in turn aligns with the controls implemented in achieving the businesses ISO 9001, 14001, 45001 accreditations. This digital transformation has not only reduced paperwork but has also improved communication, made reporting more efficient and positioned Ascia for continued growth and innovation. |
It is the aim of the business to continue with managed growth targeting a turnover of £35M entering the 2024/2025 12-month period. |
PRINCIPAL RISKS AND UNCERTAINTIES |
- Health and Safety. The construction industry is an inherently high-risk industry which means Ascia's staff and subcontractors are often carrying out or managing high risk activities. We therefore prioritise the management of Health and Safety above all other considerations. Ascia Construction employs the professional independent safety company LCS Health & Safety, to ensure that we perform to the highest safety standards and keep on top of current best practice and legislation. Ascia Construction is a proud member of Acclaim SSIP and is Constructionline Gold accredited, having been awarded accreditations for its commitment to achieving excellence in health and safety. |
- Economic and Political Uncertainty. Construction companies face a variety of economic risks that can impact their operations and profitability. These risks can stem from macroeconomic conditions, industry-specific challenges, and internal factors. All of these can cause market fluctuations, economic downturns, cost uncertainty, policy and contractual changes. During the last financial period both hyperinflation and wars within Europe have had to be considered, with both costs and availability of materials severely affected. All such uncertainties have a knock-on effect to clients and the supply chain alike. |
Ascia tracks and monitors the economic and political environment so that the business can react effectively and promptly to any significant changes. |
Because our work is across a broad range of sectors, with a significant percentage of it being within the public sector, any adverse effects of economic cycles are largely mitigated, since when one sector is in decline, another sector is often in growth. |
- Subcontractors and Suppliers - Ascia relies on the performance and professionalism of its subcontractors and supply chain to deliver results on its behalf. This can mean risks in respect of both safety and financial loss. Ascia Construction has implemented a robust subcontractor and supplier approval process to ensure that the subcontractors and suppliers used are not only operating safely on site but in addition, that they are financially secure, and able to perform at the highest level. |
- Staff Retention - Ascia relies on its staff to deliver quality results, which would not be possible without being able to attract and retain the highest quality labour. Ascia is proud of its high level of staff retention, achieved through the creation of a collaborative team environment, alongside competitive remuneration packages. |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
STRATEGIC REPORT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
POSITION AS YEAR END |
The business finishes the year in a strong financial position with no borrowing, and a number of substantial projects secured to take forward into 2024/2025, with 72% of forecast turnover secured prior to the start of the new financial period. |
Ascia Construction have reported a turnover of £33.9m (2022: £19.6m) for the financial period, with a gross profit of £2.8m (2022: £1.57m), an increase in profit margin to 8.31% from 8.00% in 2022. There has been a managed increase in overheads to correspond directly with the growth of the business which has resulted in an increase in net profit before tax to £0.63m (2022: £0.29m). |
We have managed to secure a solid foundation of staff with a very low level of turnover and in addition, have made several new key staff appointments in order to maintain and improve the production side of the business as it grows. Ascia has also continued to support several members of staff through apprenticeships and higher education whilst developing their skills within the workplace. |
ON BEHALF OF THE BOARD: |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
The directors present their report with the financial statements of the company for the period 1 January 2023 to 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of general construction contractors within the industrial, commercial, educational, residential, community, retail, health and leisure sectors. |
DIVIDENDS |
The total distribution of dividends for the period ended 31 March 2024 will be £251,188 (2022: £187,459). The directors recommend that no final dividend be paid. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations made in the year are not political. |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. |
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. |
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. |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
AUDITORS |
The auditors, BK Plus Audit Limited, 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 |
ASCIA CONSTRUCTION LIMITED |
Opinion |
We have audited the financial statements of Ascia Construction Limited (the 'company') for the period ended 30 April 2024 which comprise the Income Statement, Other 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 |
ASCIA CONSTRUCTION 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 four, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCIA CONSTRUCTION LIMITED |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company. |
- We obtained an understanding of how the company is complying with these frameworks through discussions with management. |
- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. |
- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature. |
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. |
Other matters which we are required to address |
The comparative figures for year ended 31 December 2022 are unaudited. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASCIA CONSTRUCTION LIMITED |
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 |
Azzurri House |
Walsall Business Park |
Aldridge |
Walsall |
West Midlands |
WS9 0RB |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
INCOME STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
650,846 | 291,078 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL PERIOD |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks and working in progress | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | 7,290 | 5,793 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
1,108,551 |
Cash and cash equivalents at end of period |
2 |
838,863 |
1,543,756 |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 23,066 | 14 |
Finance income | (27,424 | ) | (280 | ) |
644,164 | 299,483 |
Increase in stocks and working in progress | ( |
) | ( |
) |
Increase 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 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 838,863 | 1,543,756 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,543,756 | 1,108,551 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,543,756 | (704,893 | ) | 838,863 |
1,543,756 | ( |
) | 838,863 |
Total | 1,543,756 | (704,893 | ) | 838,863 |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Ascia Construction Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The comparative figures in the accounts are unaudited. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents amounts receivable for work done excluding VAT. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Work in progress |
For incomplete contracts the value of work in progress reflects the partial performance of the contractual obligations. For such contracts work in progress reflects the accrual of the right to consideration by reference to the value of work performed. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial assets |
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Financial liabilities |
Financial liabilities are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Equity instruments |
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Impairment of financial assets |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss. |
Derecognition of financial assets and financial liabilities |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Offsetting financial assets and financial liabilities |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial assets are liabilities are offset against and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
An analysis of turnover by geographical market is given below: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
Directors | 2 | 2 |
Site management | 11 | 8 |
Construction management | 4 | 3 |
Quantity surveyors | 4 | 4 |
Technical | 4 | 4 |
Finance and administration | 6 | 6 |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Other interest paid |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the period was as follows: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Deferred tax |
Tax on profit | ( |
) | ( |
) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Hybrid rate | (2,069 | ) | - |
R & D refund | (749,828 | ) | (55,429 | ) |
Deferred tax | 2,628 | 965 |
Marginal relief | (1,116 | ) | - |
Total tax credit | (565,932 | ) | (390 | ) |
8. | DIVIDENDS |
Period |
1.1.23 |
to | Year Ended |
30.4.24 | 31.12.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 31 December 2022 |
10. | STOCKS AND WORKING IN PROGRESS |
2024 | 2022 |
£ | £ |
Work-in-progress |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 1,521,459 | 295,477 |
Other creditors |
Pension control | 10,303 | - |
Directors' current accounts | 24,432 | 17,142 |
Accrued expenses |
13. | LEASING AGREEMENTS |
At the end of the accounting period the company was committed, under non-cancellable operating leases, to future payments of £34,553 (2022: £38,272) |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during period |
Balance at 30 April 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Shares rank equally for voting rights, dividends and any distribution made. |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the period |
Dividends | ( |
) |
At 30 April 2024 |
17. | PENSION COMMITMENTS |
The total pension paid in respect of defined contributions was £128,826 (2022 : £123,746). |
The amount owing at the balance sheet date was £10,303 (2022 : £Nil). |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 30 April 2024 and the year ended 31 December 2022: |
2024 | 2022 |
£ | £ |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
No interest has been charged to the company and the loans are repayable on demand. |
19. | ULTIMATE CONTROLLING PARTY |
Ascia Construction Limited is wholly owned by Ascia Holdings Limited whose registered office is Murrills House, 48 East Street, Portchester, Fareham, Hampshire, PO16 9XS and principal place of business is The Portico, Stansted House, Stansted Park, Rowlands Castle, Hampshire, PO9 6DX. |
The company is controlled by Ascia Holdings Limited, the ultimate parent company, the directors do not consider their to be an ultimate controlling party. |
ASCIA CONSTRUCTION LIMITED (REGISTERED NUMBER: 09965592) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 APRIL 2024 |
20. | CHANGE OF ACCOUNTING PERIOD |
The company's year end has been extended to a 16 month period ending April 2024 per the company's strategic planning. |