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Company No: 03838974 (England and Wales)

STAPLEGROVE CONTRACTORS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

STAPLEGROVE CONTRACTORS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

STAPLEGROVE CONTRACTORS LIMITED

BALANCE SHEET

As at 30 June 2024
STAPLEGROVE CONTRACTORS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 8,715 11,620
8,715 11,620
Current assets
Stocks 4 1,812,372 1,581,775
Debtors 5 226,682 985,750
Cash at bank and in hand 51,997 12,071
2,091,051 2,579,596
Creditors: amounts falling due within one year 6 ( 351,877) ( 840,131)
Net current assets 1,739,174 1,739,465
Total assets less current liabilities 1,747,889 1,751,085
Provision for liabilities ( 2,179) ( 2,905)
Net assets 1,745,710 1,748,180
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,745,708 1,748,178
Total shareholder's funds 1,745,710 1,748,180

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Staplegrove Contractors Limited (registered number: 03838974) were approved and authorised for issue by the Director on 24 March 2025. They were signed on its behalf by:

S R Smith
Director
STAPLEGROVE CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
STAPLEGROVE CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Staplegrove Contractors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Quoits House, Duddlestone, Taunton, TA3 7BD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover and profit on developments is recognised on the exchange of contracts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Trade and other debtors

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

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. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 67,859 4,359 72,218
At 30 June 2024 67,859 4,359 72,218
Accumulated depreciation
At 01 July 2023 56,239 4,359 60,598
Charge for the financial year 2,905 0 2,905
At 30 June 2024 59,144 4,359 63,503
Net book value
At 30 June 2024 8,715 0 8,715
At 30 June 2023 11,620 0 11,620

4. Stocks

2024 2023
£ £
Work in progress 1,812,372 1,581,775

5. Debtors

2024 2023
£ £
Prepayments 365 365
VAT recoverable 0 4,159
Other debtors 226,317 981,226
226,682 985,750

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 0 440,100
Trade creditors 1,471 34,000
Amounts owed to director 265,105 237,732
Accruals 34,891 44,471
Taxation and social security 2,349 41,411
Other creditors 48,061 42,417
351,877 840,131

Bank loans are secured by way of fixed and floating charges over company assets.

7. Financial commitments

Commitments

Lloyds Bank PLC holds fixed and floating charges over Garth Gardens and the land at the rear of the property.

The company has given a full title guarantee to Brian Gordon Martinez De Las Rivas for 22.5% of the net consideration received by the company on the sale of the land at Knights Broadway.