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COMPANY REGISTRATION NUMBER: 03361493
Henstaff Construction Limited
Unaudited Financial Statements
30 April 2024
Henstaff Construction Limited
Financial Statements
Year ended 30 April 2024
CONTENTS
PAGE
Officers and professional advisers
1
Directors' report
2
Report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
6
Notes to the financial statements
7
Henstaff Construction Limited
Officers and Professional Advisers
The board of directors
Mr A Ali
Mr K Neagle - Appointed 1st November 2023
Mrs V Ali
Company secretary
Mr A Ali
Registered office
Unit 8 Castleton Court
Fortran Road
St Mellons
Cardiff
Wales
CF3 0LT
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Henstaff Construction Limited
Directors' Report
Year ended 30 April 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr A Ali
Mr K Neagle - Appointed 1st November 2023
Mrs V Ali
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 January 2025 and signed on behalf of the board by:
Mr A Ali
Mr A Ali
Director
Henstaff Construction Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Henstaff Construction Limited
Year ended 30 April 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 Henstaff Construction Limited for the year ended 30 April 2024, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.
James & Uzzell Ltd Chartered Certified Accountants
Axis 15, Axis Court Mallard Way Riverside Business Park Swansea SA7 0AJ
29 January 2025
Henstaff Construction Limited
Statement of Comprehensive Income
Year ended 30 April 2024
2024
2023
Note
£
£
TURNOVER
4,697,695
4,682,686
Cost of sales
4,079,561
3,816,553
------------
------------
GROSS PROFIT
618,134
866,133
Administrative expenses
727,900
803,933
Other operating income
4
13,400
14,100
---------
---------
OPERATING (LOSS)/PROFIT
5
( 96,366)
76,300
Other interest receivable and similar income
7
3,714
329
---------
---------
(LOSS)/PROFIT BEFORE TAXATION
( 92,652)
76,629
Tax on (loss)/profit
( 3,860)
( 14,226)
--------
--------
(LOSS)/PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
( 88,792)
90,855
--------
--------
All the activities of the company are from continuing operations.
Henstaff Construction Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
8
113,200
116,528
CURRENT ASSETS
Debtors
9
1,295,330
1,123,888
Cash at bank and in hand
455,382
388,088
------------
------------
1,750,712
1,511,976
CREDITORS: amounts falling due within one year
10
955,722
591,522
------------
------------
NET CURRENT ASSETS
794,990
920,454
---------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
908,190
1,036,982
---------
------------
NET ASSETS
908,190
1,036,982
---------
------------
CAPITAL AND RESERVES
Called up share capital
11
2
2
Profit and loss account
908,188
1,036,980
---------
------------
SHAREHOLDERS FUNDS
908,190
1,036,982
---------
------------
These financial statements have been prepared 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'.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr A Ali
Mr A Ali
Director
Company registration number: 03361493
Henstaff Construction Limited
Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Profit and loss account
Total
£
£
£
AT 1 MAY 2022
2
986,125
986,127
Profit for the year
90,855
90,855
----
---------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
90,855
90,855
Dividends paid and payable
( 40,000)
( 40,000)
----
---------
---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 40,000)
( 40,000)
AT 30 APRIL 2023
2
1,036,980
1,036,982
Loss for the year
( 88,792)
( 88,792)
----
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
( 88,792)
( 88,792)
Dividends paid and payable
( 40,000)
( 40,000)
----
--------
--------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 40,000)
( 40,000)
----
---------
---------
AT 30 APRIL 2024
2
908,188
908,190
----
---------
---------
Henstaff Construction Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. GENERAL INFORMATION
Henstaff Construction Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are that of building contractors.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 April 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Employee benefits and contributions
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Loans and borrowings
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Provisions
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Investments properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value and the fair value movement included in the profit and loss for the year are as follows:
The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Research & development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Accounting for construction contracts Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorization. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Construction contracts When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. Rental Income Rentals are charged in line with property leases. At this point turnover can be measured reliably and economic benefits associated with the transactions are transferred. Interest Interest income is recognised using the effective interest method
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Operating leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures & Fittings
-
25% straight line
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4. OTHER OPERATING INCOME
2024
2023
£
£
Rental income
8,400
9,100
Other operating income
5,000
5,000
--------
--------
13,400
14,100
--------
--------
5. OPERATING (LOSS)/PROFIT
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
3,831
4,791
Operating lease rentals
20,350
25,734
--------
--------
6. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 19 (2023: 18 ).
7. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest on cash and cash equivalents
3,714
329
------
----
8. TANGIBLE ASSETS
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
111,782
30,318
142,100
Additions
503
503
---------
--------
---------
At 30 April 2024
111,782
30,821
142,603
---------
--------
---------
Depreciation
At 1 May 2023
25,572
25,572
Charge for the year
3,831
3,831
---------
--------
---------
At 30 April 2024
29,403
29,403
---------
--------
---------
Carrying amount
At 30 April 2024
111,782
1,418
113,200
---------
--------
---------
At 30 April 2023
111,782
4,746
116,528
---------
--------
---------
The comparable amounts determined according to the historical cost convention are as follows:
2024 2023
£ £
Investment Property 111,781 111,781
--------- ---------
The cost or valuation of land and buildings comprises:
2024
£
Cost 141,781
Valuation 2017 (30,000)
---------
111,781
The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area.
9. DEBTORS
2024
2023
£
£
Trade debtors
71,899
307,771
Other debtors
1,223,431
816,117
------------
------------
1,295,330
1,123,888
------------
------------
10. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
475,362
205,139
Amounts owed to group undertakings and undertakings in which the company has a participating interest
50,727
50,727
Social security and other taxes
129,268
106,812
Other creditors
300,365
228,844
---------
---------
955,722
591,522
---------
---------
No interest has been charged in relation to amounts owed to the group company.
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
12. OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £85,902 (2023 - £132,766).
13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included in other debtors is an amount owing to the company by the directors of £5,000 (2023 - £25,000) No interest has been charged on the loan during the period
14. RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
15. PARENT UNDERTAKINGS
The ultimate parent company is Henstaff Holdings Limited, a company registered in Great Britain.