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2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Turnover |
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Turnover represents the total invoice value, excluding value added tax, of sales made during the year. |
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Stocks and work in progress |
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Work in progress |
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Work in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced. |
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Trade and other debtors |
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Borrowing costs |
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All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
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Provisions |
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Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
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Trade and other creditors |
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Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. |
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Government grants |
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Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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9. |
Related party transactions |
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2024 |
2023 |
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£ |
£ |
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Finance amounts owed to related parties |
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11,787 |
39,621 |
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S Clarke Road Contracts Ltd is owned by the husband of the director in Clarke Road Contracts Ltd. Sales of £85,000 in respect of equipment hire was invoiced to Clarke Road Contracts Ltd from S Clarke Road Contracts Ltd.
At the start of the year Clarke Road Contracts owed £39,621 to S Clarke Road Contracts Ltd. During the year Clarke Road Contracts Ltd borrowed £104,364 and repaid £132,198 to S Clarke Road Contracts Ltd. At the year end £11,787 is owed to S Clarke Road Contracts Ltd and this is included in the creditors section of the balance sheet.
At the start of the year the director of Clarke Road Contracts were owed £1,609. During the year, the company borrowed a total of £4,992 from the director of Clarke Road Contracts Ltd and repaid a total of £1,981, leaving a closing balance of £4,620 (2023: £1,609) and this is included in the creditors section of the balance sheet.
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