Company registration number 00806911 (England and Wales)
777 DEMOLITION & HAULAGE COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
777 DEMOLITION & HAULAGE COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
777 DEMOLITION & HAULAGE COMPANY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
10,798,704
10,235,569
Current assets
Debtors
3
3,634,407
3,773,691
Creditors: amounts falling due within one year
4
(4,964,256)
(4,899,133)
Net current liabilities
(1,329,849)
(1,125,442)
Total assets less current liabilities
9,468,855
9,110,127
Creditors: amounts falling due after more than one year
5
(11,169)
(61,399)
Provisions for liabilities
(1,207,057)
(819,844)
Net assets
8,250,629
8,228,884
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
7
5,878,790
5,128,790
Profit and loss reserves
2,371,739
3,099,994
Total equity
8,250,629
8,228,884

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

777 DEMOLITION & HAULAGE COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 January 2025
Mr M  Pearce
Director
Company Registration No. 00806911
777 DEMOLITION & HAULAGE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

777 Demolition & Haulage Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Nil
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance, except computer equipment which is charged at 33% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

777 DEMOLITION & HAULAGE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

Freehold land and assets are not depreciated on the basis that repairs expenditure is incurred to maintain the condition of the asset. Which is at least equivalent to what depreciation would have been.

 

Although this accounting policy is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been changed cannot be separately identified or quantified

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

777 DEMOLITION & HAULAGE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

777 DEMOLITION & HAULAGE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
9,000,000
3,118,134
229,278
291,827
12,639,239
Additions
-
0
21,060
-
0
63,300
84,360
Disposals
-
0
(700,000)
-
0
(25,585)
(725,585)
Revaluation
1,000,000
-
0
-
0
-
0
1,000,000
At 30 April 2024
10,000,000
2,439,194
229,278
329,542
12,998,014
Depreciation and impairment
At 1 May 2023
-
0
2,009,969
228,367
165,334
2,403,670
Depreciation charged in the year
-
0
70,741
137
37,273
108,151
Eliminated in respect of disposals
-
0
(290,360)
-
0
(22,151)
(312,511)
At 30 April 2024
-
0
1,790,350
228,504
180,456
2,199,310
Carrying amount
At 30 April 2024
10,000,000
648,844
774
149,086
10,798,704
At 30 April 2023
9,000,000
1,108,165
911
126,493
10,235,569
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
457,755
151,687
Amounts recoverable on long term contracts
266,020
693,709
Other debtors
315,000
359,557
Prepayments and accrued income
74,513
85,669
1,113,288
1,290,622
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
2,521,119
2,483,069
Total debtors
3,634,407
3,773,691

 

777 DEMOLITION & HAULAGE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,126,126
3,078,123
Obligations under finance leases
10,800
2,037
Other borrowings
650,000
650,000
Trade creditors
381,278
414,948
Amounts owed to parent undertakings
40,158
84,029
Taxation and social security
58,328
2,704
Other creditors
638,228
622,486
Accruals and deferred income
59,338
44,806
4,964,256
4,899,133
5
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
4,869
61,399
Obligations under finance leases
6,300
-
0
11,169
61,399

The bank loans are secured by fixed charges over the land and property at 158 Coomber Way Beddington CR0 4TE and floating charges over the assets of the company. The borrowings of £650,000 are secured by a second charge over the property .

Svenska Handelsbanken Bank has a fixed and floating charge over the assets of the company.

6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
5,128,790
5,878,790
Increase of revaluation reserves
750,000
(750,000)
At the end of the year
5,878,790
5,128,790
777 DEMOLITION & HAULAGE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Related party transactions

Included in other debtors is £315,000 (2023:£337,828) which is a related party balance on account of the relationship between the Directors of the respective companies.

 

Included in long term other debtors is the amount of £2,521,118 (2023:£2,483,069) which is a related party balance on account of the relationship between the Directors of the respective companies.

 

Amounts due to parent undertakings of £40,158 (2023:£84,029) is owed to Norwood Compressors Limited, the parent company of 777 Demolition and Haulage Company Limited.

 

Included in other creditors is the amount of £109,403 (2023:£0) which is a related party balance.

 

These amounts were advanced in the normal course of business and bear no interest or fixed repayment date.

 

9
Directors' transactions

At the year end included in other creditors is the amount of £528,824 (2023: £622,486 ) due to the director of the company.

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