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Registration number: 09588032

SNV Construction Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

SNV Construction Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

SNV Construction Limited

(Registration number: 09588032)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

778,187

Current assets

 

Stocks

5

4,645,592

3,760,223

Debtors

6

12,948

12,425

Cash at bank and in hand

 

7,420

700

 

4,665,960

3,773,348

Creditors: Amounts falling due within one year

7

(490,543)

(1,005,140)

Net current assets

 

4,175,417

2,768,208

Total assets less current liabilities

 

4,175,417

3,546,395

Creditors: Amounts falling due after more than one year

7

(4,347,952)

(3,580,767)

Net liabilities

 

(172,535)

(34,372)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(172,635)

(34,472)

Shareholders' deficit

 

(172,535)

(34,372)

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.

 

SNV Construction Limited

(Registration number: 09588032)
Balance Sheet as at 31 May 2024

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 and the option not to file the Profit and Loss Account and directors report has been taken.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................
Mr S G Price
Director

 

SNV Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by the directors. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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.

Tax

The tax expense for the period comprises tax.

 

SNV Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current 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.

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.

 

SNV Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 & machinery

15% on reducing balance

Office equipment

33% on cost

Motor vehicles

20% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

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

 

SNV Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Plant and machinery
£

Cost or valuation

At 1 June 2023

1,834

33,798

747,280

29,068

Additions

-

-

-

33

Disposals

(1,487)

(33,798)

(747,280)

(29,101)

At 31 May 2024

347

-

-

-

Depreciation

At 1 June 2023

938

16,493

-

16,362

Eliminated on disposal

(591)

(16,493)

-

(16,362)

At 31 May 2024

347

-

-

-

Carrying amount

At 31 May 2024

-

-

-

-

At 31 May 2023

896

17,305

747,280

12,706

Total
£

Cost or valuation

At 1 June 2023

811,980

Additions

33

Disposals

(811,666)

At 31 May 2024

347

Depreciation

At 1 June 2023

33,793

Eliminated on disposal

(33,446)

At 31 May 2024

347

Carrying amount

At 31 May 2024

-

At 31 May 2023

778,187

 

SNV Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Stocks

2024
£

2023
£

Work in progress

4,645,592

3,760,223

6

Debtors

Current

2024
£

2023
£

Other debtors

12,948

12,425

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank loans and overdrafts

-

17,631

Trade creditors

28,646

678,170

Other creditors

461,897

309,339

490,543

1,005,140

Due after one year

Loans and borrowings

4,347,952

3,580,767

2024
£

2023
£

Current loans and borrowings

HP and finance lease liabilities

-

17,631