10 01/09/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 5472339 2023-09-01 2024-08-31 5472339 2024-08-31 5472339 2023-08-31 5472339 2022-09-01 2023-08-31 5472339 2023-08-31 5472339 2022-08-31 5472339 core:NetGoodwill 2023-09-01 2024-08-31 5472339 core:PlantMachinery 2023-09-01 2024-08-31 5472339 core:MotorVehicles 2023-09-01 2024-08-31 5472339 bus:Director2 2023-09-01 2024-08-31 5472339 core:NetGoodwill 2023-08-31 5472339 core:NetGoodwill 2024-08-31 5472339 core:PlantMachinery 2023-08-31 5472339 core:MotorVehicles 2023-08-31 5472339 core:PlantMachinery 2024-08-31 5472339 core:MotorVehicles 2024-08-31 5472339 core:HedgingReserve 2022-09-01 2023-08-31 5472339 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 5472339 core:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 5472339 core:WithinOneYear 2024-08-31 5472339 core:WithinOneYear 2023-08-31 5472339 core:ShareCapital 2024-08-31 5472339 core:ShareCapital 2023-08-31 5472339 core:HedgingReserve 2024-08-31 5472339 core:HedgingReserve 2023-08-31 5472339 core:RetainedEarningsAccumulatedLosses 2024-08-31 5472339 core:RetainedEarningsAccumulatedLosses 2023-08-31 5472339 core:ShareCapital 2022-08-31 5472339 core:HedgingReserve 2022-08-31 5472339 core:RetainedEarningsAccumulatedLosses 2022-08-31 5472339 core:PreviouslyStatedAmount core:ShareCapital 2024-08-31 5472339 core:NetGoodwill 2023-08-31 5472339 core:CostValuation core:Non-currentFinancialInstruments 2024-08-31 5472339 core:Non-currentFinancialInstruments 2024-08-31 5472339 core:Non-currentFinancialInstruments 2023-08-31 5472339 core:PlantMachinery 2023-08-31 5472339 core:MotorVehicles 2023-08-31 5472339 bus:SmallEntities 2023-09-01 2024-08-31 5472339 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 5472339 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 5472339 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 5472339 bus:FullAccounts 2023-09-01 2024-08-31
Company registration number: 5472339
Foster Building Contractors Limited
Unaudited filleted financial statements
31 August 2024
Foster Building Contractors Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Foster Building Contractors Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 5,000 10,000
Tangible assets 6 110,916 109,183
Investments 7 215,000 215,000
_______ _______
330,916 334,183
Current assets
Stocks 1,307,327 2,016,271
Debtors 8 148,805 385,031
Cash at bank and in hand 1,919,784 392,917
_______ _______
3,375,916 2,794,219
Creditors: amounts falling due
within one year 9 ( 340,887) ( 246,516)
_______ _______
Net current assets 3,035,029 2,547,703
_______ _______
Total assets less current liabilities 3,365,945 2,881,886
Provisions for liabilities ( 46,643) ( 39,659)
_______ _______
Net assets 3,319,302 2,842,227
_______ _______
Capital and reserves
Called up share capital 2 2
Fair value reserve 57,982 57,982
Profit and loss account 3,261,318 2,784,243
_______ _______
Shareholders funds 3,319,302 2,842,227
_______ _______
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 05 February 2025 , and are signed on behalf of the board by:
Mr CG Foster
Director
Company registration number: 5472339
Foster Building Contractors Limited
Statement of changes in equity
Year ended 31 August 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 September 2022 2 16,732 2,572,963 2,589,697
Profit for the year 346,030 346,030
Other comprehensive income for the year:
Increase in value of investment property - 41,250 ( 41,250) -
_______ _______ _______ _______
Total comprehensive income for the year - 41,250 304,780 346,030
Dividends paid and payable ( 93,500) ( 93,500)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 93,500) ( 93,500)
_______ _______ _______ _______
At 31 August 2023 and 1 September 2023 2 57,982 2,784,243 2,842,227
Profit for the year 505,075 505,075
_______ _______ _______ _______
Total comprehensive income for the year - - 505,075 505,075
Dividends paid and payable ( 28,000) ( 28,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 28,000) ( 28,000)
_______ _______ _______ _______
At 31 August 2024 2 57,982 3,261,318 3,319,302
_______ _______ _______ _______
Foster Building Contractors 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 The Four Columns, Broughton Hall Business Park, Skipton, North Yorkshire, BD23 3AE.
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
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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.
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:
Plant and machinery - 15 % reducing balance
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being 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.
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.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2023 and 31 August 2024 100,000 100,000
_______ _______
Amortisation
At 1 September 2023 90,000 90,000
Charge for the year 5,000 5,000
_______ _______
At 31 August 2024 95,000 95,000
_______ _______
Carrying amount
At 31 August 2024 5,000 5,000
_______ _______
At 31 August 2023 10,000 10,000
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 September 2023 103,177 116,605 219,782
Additions - 28,085 28,085
Disposals - ( 14,520) ( 14,520)
_______ _______ _______
At 31 August 2024 103,177 130,170 233,347
_______ _______ _______
Depreciation
At 1 September 2023 46,125 64,474 110,599
Charge for the year 8,557 14,565 23,122
Disposals - ( 11,290) ( 11,290)
_______ _______ _______
At 31 August 2024 54,682 67,749 122,431
_______ _______ _______
Carrying amount
At 31 August 2024 48,495 62,421 110,916
_______ _______ _______
At 31 August 2023 57,052 52,131 109,183
_______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 September 2023 and 31 August 2024 215,000 215,000
_______ _______
Impairment
At 1 September 2023 and 31 August 2024 - -
_______ _______
Carrying amount
At 31 August 2024 215,000 215,000
_______ _______
At 31 August 2023 215,000 215,000
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors 137,023 374,899
Other debtors 11,782 10,132
_______ _______
148,805 385,031
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 61,683 45,486
Corporation tax 171,776 88,575
Social security and other taxes 71,180 31,832
Other creditors 36,248 80,623
_______ _______
340,887 246,516
_______ _______