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Company registration number: 02263403
Afan Construction Limited
Unaudited filleted financial statements
31 August 2024
Afan Construction Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Afan Construction Limited
Directors and other information
Directors Mrs P M Evans
Mr D W Evans
Secretary Mrs P M Evans
Company number 02263403
Registered office Unit 2 Cae Gwyn
Glanyrafon Industrial Estate
Aberystwyth
Ceredigion
SY23 3JF
Business address Unit 2 Cae Gwyn
Glanyrafon Industrial Estate
Aberystwyth
Ceredigion
SY23 3JF
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Bankers Lloyds Bank Plc
Solicitors Alun Thomas & John
Eastgate
Aberystwyth
Afan Construction Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Afan Construction Limited
Year ended 31 August 2024
11 February 2025
This page has intentionally been left blank
Afan Construction Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 813,157 716,889
_______ _______
813,157 716,889
Current assets
Stocks 415,460 382,164
Debtors 6 356,564 342,498
Cash at bank and in hand 715,630 86,333
_______ _______
1,487,654 810,995
Creditors: amounts falling due
within one year 7 ( 642,753) ( 434,568)
_______ _______
Net current assets 844,901 376,427
_______ _______
Total assets less current liabilities 1,658,058 1,093,316
Creditors: amounts falling due
after more than one year 8 - ( 10,889)
Provisions for liabilities 9 ( 116,492) ( 63,596)
_______ _______
Net assets 1,541,566 1,018,831
_______ _______
Capital and reserves
Called up share capital 11 100 100
Revaluation reserve 139,347 -
Profit and loss account 1,402,119 1,018,731
_______ _______
Shareholders funds 1,541,566 1,018,831
_______ _______
For the year ending 31 August 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 have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 February 2025 , and are signed on behalf of the board by:
Mrs P M Evans Mr D W Evans
Director Director
Company registration number: 02263403
Afan Construction Limited
Statement of changes in equity
Year ended 31 August 2024
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 September 2022 100 - 1,002,515 1,002,615
Profit for the year 16,216 16,216
_______ _______ _______ _______
Total comprehensive income for the year - - 16,216 16,216
_______ _______ _______ _______
At 31 August 2023 and 1 September 2023 100 - 1,018,731 1,018,831
Profit for the year 414,588 414,588
Other comprehensive income for the year:
Revaluation of tangible assets 139,347 139,347
_______ _______ _______ _______
Total comprehensive income for the year - 139,347 414,588 553,935
Dividends paid and payable ( 31,200) ( 31,200)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 31,200) ( 31,200)
_______ _______ _______ _______
At 31 August 2024 100 139,347 1,402,119 1,541,566
_______ _______ _______ _______
Afan Construction Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Cae Gwyn, Glanyrafon Industrial Estate, Aberystwyth, Ceredigion, SY23 3JF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Long leasehold property - 1 % straight line
Short leasehold property - 4 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. No depreciation is provided on freehold land and properties because the directors consider that the residual values will be higher than the orignial purchase cost.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 20 ).
5. Tangible assets
Freehold property Long leasehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £ £
Cost or valuation
At 1 September 2023 408,885 43,082 115,868 982,687 25,806 133,241 1,709,569
Additions 123,283 - - 74,235 - 63,000 260,518
Disposals ( 240,688) - - ( 72,082) 25,806 ( 2,354) ( 289,318)
Revaluation 98,520 86,489 787 - - - 185,796
_______ _______ _______ _______ _______ _______ _______
At 31 August 2024 390,000 129,571 116,655 984,840 51,612 193,887 1,866,565
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 September 2023 - 9,125 105,581 754,346 25,806 97,822 992,680
Charge for the year - 446 4,574 73,763 - 24,016 102,799
Disposals - - - ( 65,700) 25,806 ( 2,177) ( 42,071)
_______ _______ _______ _______ _______ _______ _______
At 31 August 2024 - 9,571 110,155 762,409 51,612 119,661 1,053,408
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 31 August 2024 390,000 120,000 6,500 222,431 - 74,226 813,157
_______ _______ _______ _______ _______ _______ _______
At 31 August 2023 408,885 33,957 10,287 228,341 - 35,419 716,889
_______ _______ _______ _______ _______ _______ _______
Investment property
Freehold Land owned has been revalued as at 30 June 2024. The company also owns a short leasehold investment property with a revaluation amount of £6,500. The property is being amortised on a straight line basis over the remaining 2 years of the lease. The company also owns a long leasehold investment property with a revaluation amount of £120,000. The property is being amortised on a straight line basis over the remaining 78 years of the lease.
6. Debtors
2024 2023
£ £
Trade debtors 109,087 113,962
Other debtors 247,477 228,536
_______ _______
356,564 342,498
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 137,769 114,255
Corporation tax 84,710 23,486
Social security and other taxes 88,719 39,838
Other creditors 331,555 256,989
_______ _______
642,753 434,568
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 10,889
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 September 2023 63,596 63,596
Unused amounts reversed 52,896 52,896
_______ _______
At 31 August 2024 116,492 116,492
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 9) 116,492 63,596
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 116,492 63,596
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Afan Construction Services Limited - - ( 243,095) ( 224,385)
Management charges 16,000 16,000 - -
Rent payable ( 4,000) ( 4,000) - -
Abba Loos Limited - - 282,160 218,036
Rent payable ( 24,000) ( 24,000) - -
_______ _______ _______ _______
Afan Construction Services Limited is wholly owned by the directors of Afan Construction Limited together with close family members. Abba Loos Limited is wholly owned by the directors of Afan Construction Limited . In October 2024, the directors sold their entire shareholding in Afan Construction Limited to Afan Construction Services Limited.
13. Controlling party
The directors Mr DW Evans and Mrs PM Evans have a controlling interest in the company.