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Registration number: 01727640

Fosters Plastering Contractors Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Fosters Plastering Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fosters Plastering Contractors Limited

Company Information

Directors

R A Foster

P E Foster

T J Foster

Company secretary

R A Foster

Registered office

Unit 3
Warne Park
Warne Road
Weston Super Mare
Somerset
BS23 3TP

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Fosters Plastering Contractors Limited

(Registration number: 01727640)
Balance Sheet
31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,430

20,122

Current assets

 

Debtors

6

42,708

37,482

Cash at bank and in hand

 

9,910

14,207

 

52,618

51,689

Creditors: Amounts falling due within one year

7

(71,372)

(58,784)

Net current liabilities

 

(18,754)

(7,095)

Total assets less current liabilities

 

(2,324)

13,027

Provisions for liabilities

(3,539)

(3,823)

Net (liabilities)/assets

 

(5,863)

9,204

Capital and reserves

 

Called up share capital

3

3

Retained earnings

(5,866)

9,201

Shareholders' (deficit)/funds

 

(5,863)

9,204

 

Fosters Plastering Contractors Limited

(Registration number: 01727640)
Balance Sheet
31 May 2024

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the 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 24 February 2025 and signed on its behalf by:
 

.........................................
R A Foster
Director

 

Fosters Plastering Contractors Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 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:
Unit 3
Warne Park
Warne Road
Weston Super Mare
Somerset
BS23 3TP

These financial statements were authorised for issue by the Board on 24 February 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis due to the ongoing support of the directors.

 

Fosters Plastering Contractors Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fosters Plastering Contractors Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Tax

The tax expense for the period comprises current and 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 corporation 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

Plant and machinery

15% per annum reducing balance

Motor vehicles

20% per annum reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Fosters Plastering Contractors Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% per annum straight line

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 at the transaction price. 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Fosters Plastering Contractors Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

90,000

90,000

Disposals

(90,000)

(90,000)

At 31 May 2024

-

-

Amortisation

At 1 June 2023

90,000

90,000

Amortisation eliminated on disposals

(90,000)

(90,000)

At 31 May 2024

-

-

Carrying amount

At 31 May 2024

-

-

 

Fosters Plastering Contractors Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

57,973

53,178

111,151

At 31 May 2024

57,973

53,178

111,151

Depreciation

At 1 June 2023

51,292

39,737

91,029

Charge for the year

1,004

2,688

3,692

At 31 May 2024

52,296

42,425

94,721

Carrying amount

At 31 May 2024

5,677

10,753

16,430

At 31 May 2023

6,681

13,441

20,122

6

Debtors

2024
£

2023
£

Trade debtors

14,050

16,485

Other debtors

8,034

-

Prepayments

20,624

20,997

42,708

37,482

 

Fosters Plastering Contractors Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

836

1,146

Taxation and social security

-

2,501

Accruals and deferred income

1,770

1,832

Other creditors

68,766

53,305

71,372

58,784

8

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

Due from the directors

-

5,910

5,910