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Registration number: 02292654

Sudbury Plastering Services Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

Sudbury Plastering Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Sudbury Plastering Services Limited

Company Information

Directors

Mr P Duffy

Mr C P Duffy

Company secretary

Mrs T Duffy

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Auditors

Xeinadin Audit Limited
Chartered Accountants
Statutory Auditors8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

 

Sudbury Plastering Services Limited

(Registration number: 02292654)
Balance Sheet as at 30 April 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

32,916

 

68,511

Other financial assets

6

 

652,105

 

600,354

   

685,021

 

668,865

Current assets

   

 

Debtors

7

58,900

 

627,050

 

Cash at bank and in hand

 

1,826,804

 

1,231,294

 

 

1,885,704

 

1,858,344

 

Creditors: Amounts falling due within one year

8

(2,078,293)

 

(404,519)

 

Net current (liabilities)/assets

   

(192,589)

 

1,453,825

Total assets less current liabilities

   

492,432

 

2,122,690

Provisions for liabilities

 

(8,229)

 

(460,128)

Net assets

   

484,203

 

1,662,562

Capital and reserves

   

 

Called up share capital

900

 

900

 

Retained earnings

483,303

 

1,661,662

 

Shareholders' funds

   

484,203

 

1,662,562

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr C P Duffy
Director

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

The principal place of business is:
College House
17 King Edwards Road
Ruislip
Middlesex
HA4 7AE

2

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 
 

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

9,000

10,000


 

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

118,091

118,091

Disposals

(47,115)

(47,115)

At 30 April 2024

70,976

70,976

Depreciation

At 1 May 2023

49,580

49,580

Charge for the year

10,277

10,277

Eliminated on disposal

(21,797)

(21,797)

At 30 April 2024

38,060

38,060

Carrying amount

At 30 April 2024

32,916

32,916

At 30 April 2023

68,511

68,511

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

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

At 30 April 2024

652,105

652,105

At 30 April 2023

600,354

600,354

7

Debtors

2024
£

2023
£

Trade debtors

2,179

152,298

Prepayments

40,712

21,097

Other debtors

16,009

453,655

 

58,900

627,050

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

42,690

140,877

Amounts owed to group undertakings

1,132,574

204,531

Taxation and social security

-

3,675

Accruals and deferred income

901,233

54,417

Other creditors

1,796

1,019

2,078,293

404,519

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

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 £16,199 (2023 - £18,008) under non-cancellable operating leases

10

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)

-

60,978

(60,978)

-

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Loans to directors (interest free and repayable on demand)

-

1,288

(1,288)

-

 

Directors' guarantees

During the year the company entered into the following guarantee on behalf of the directors:

The company has provided a guarantee in respect of financial commitments of directors. The maximum liability that may be incurred by the company is £6,424 (2023 - £12,615).

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.

11

Parent and ultimate parent undertaking

The company's immediate parent is Sudbury Dry Lining Group Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr C Duffy.

 

Sudbury Plastering Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

12

Disclosure under Section 444(5B) of the Companies Act 2006

The audit report in respect of these financial statements was unqualified.

The audit report contained an emphasis of matter which stated that we draw your attention to note 2 of the financial statements, which explain that 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. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter.

The Senior Statutory Auditor who signed the audit report on 30 January 2025 was Andrew Thomas for and on behalf of Xeinadin Audit Limited.