Registration number:
Sudbury Plastering Services Limited
for the Year Ended 30 April 2024
Sudbury Plastering Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Sudbury Plastering Services Limited
Company Information
Directors |
Mr P Duffy Mr C P Duffy |
Company secretary |
Mrs T Duffy |
Registered office |
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Auditors |
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Sudbury Plastering Services Limited
(Registration number: 02292654)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Tangible assets |
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Other financial assets |
652,105 |
600,354 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Sudbury Plastering Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
College House
17 King Edwards Road
Ruislip
Middlesex
HA4 7AE
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The directors intend to cease trading in the company and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for the future costs of ceasing to trade unless such costs were committed at the reporting date.
The presentational currency of these accounts is £ Sterling. The level of rounding is to the nearest £.
Summary of disclosure exemptions
The company has taken advantage of the exemption not to disclose transactions with group undertakings that are wholly owned by the group.
Going concern
The directors intend to cease trading in the company, and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. The financial statements have been prepared on a basis other than that of the going concern basis.
Sudbury Plastering Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Revenue recognition
Turnover comprises the fair value of the consideration received for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue by reference to the stage of completion of the contract activity at the balance sheet date. Revenue for works certified but not yet invoiced is recognised as accrued income.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
15% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Sudbury Plastering Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Provisions for legal claims and actions are recognised at the best estimate of the expected outflow to settle the company's liability.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Sudbury Plastering Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2024 |
2023 |
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Audit of the financial statements |
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Tangible assets |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Disposals |
( |
( |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Sudbury Plastering Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 May 2023 |
600,354 |
600,354 |
Fair value adjustments |
51,751 |
51,751 |
At 30 April 2024 |
652,105 |
652,105 |
Carrying amount |
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At 30 April 2024 |
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652,105 |
At 30 April 2023 |
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600,354 |
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Sudbury Plastering Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
Loans to directors (interest free and repayable on demand) |
- |
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( |
- |
2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
At 30 April 2023 |
Loans to directors (interest free and repayable on demand) |
- |
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( |
- |
Directors' guarantees |
During the year the company entered into the following guarantee on behalf of the directors: |
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Summary of transactions with parent
The company has guaranteed liabilities of the parent entity.
The maximum potential liability at the balance sheet date was £4,000,000 (2023 - £4,000,000).
There is a legal charge over all assets of the company in respect of this.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Sudbury Plastering Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Disclosure under Section 444(5B) of the Companies Act 2006 |
The audit report in respect of these financial statements was
The Senior Statutory Auditor who signed the audit report on