Company registration number 00747961 (England and Wales)
AFTERCRETE CONSTRUCTIONAL ENGINEERING CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AFTERCRETE CONSTRUCTIONAL ENGINEERING CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AFTERCRETE CONSTRUCTIONAL ENGINEERING CO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
56,103
38,173
Current assets
Stocks
2,730
2,730
Debtors
223,610
293,209
Cash at bank and in hand
89,716
176,055
316,056
471,994
Creditors: amounts falling due within one year
(94,078)
(188,281)
Net current assets
221,978
283,713
Total assets less current liabilities
278,081
321,886
Creditors: amounts falling due after more than one year
(19,187)
(29,194)
Provisions for liabilities
(10,660)
(9,543)
Net assets
248,234
283,149
AFTERCRETE CONSTRUCTIONAL ENGINEERING CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
100,000
100,000
Capital redemption reserve
1,964
1,964
Profit and loss reserves
146,270
181,185
Total equity
248,234
283,149
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
Mr N J Perryman
Director
Company Registration No. 00747961
AFTERCRETE CONSTRUCTIONAL ENGINEERING CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Aftercrete Constructional Engineering Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Home Farm, Luton Hoo Estate, Bedfordshire, LU1 3TD. The company's place of business is 5 Nursery Road, Luton, Bedfordshire, LU3 2RG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date of true31 March 2024, the company made a profit for the year then ended and had net assets of £248,234.
The company's turnover has been consistent since the balance sheet date and overheads controlled. The directors remain confident that sales will be maintained in the twelve months from the date of approval of the financial statements.
As a result, the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
1.3
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.
In terms of contracts for ongoing services, turnover represents the value of work done in the accounting period, including estimates for amounts not invoiced. Turnover in respect of contracts for ongoing services is recognised by reference to the stage of completion. The 'percentage of completion' method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs.
Revenue on short term contracts is recognised when the work is completed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
AFTERCRETE CONSTRUCTIONAL ENGINEERING CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Office furniture and fittings
15% reducing balance
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
Recoverable amount is the fair value less costs to sell.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete items.
1.7
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities in the accounts. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities recognised on this basis in the balance sheet include trade and other debtors, cash and bank balances and trade, taxation and other creditors.
All basic financial instruments are initially measured at transaction price and then carried at that amount less any provision for impairment, where relevant.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
AFTERCRETE CONSTRUCTIONAL ENGINEERING CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently repayable and deferred tax.
The tax currently repayable is based on tax losses for the year. Tax losses differ from net loss as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the statement of income and retained earnings.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Grants are recognised in income when the proceeds are received or receivable.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing these accounts the director has given consideration to the effect on assets and liabilities at the balance sheet date. In respect of plant and vehicles, impairment and the depreciation policy were considered with no changes or adjustments necessary. Other assets have been reviewed at the year end and where appropriate provision made for impairment.
AFTERCRETE CONSTRUCTIONAL ENGINEERING CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
4
Tangible fixed assets
Total
£
Cost
At 1 April 2023
191,997
Additions
40,150
Disposals
(23,795)
At 31 March 2024
208,352
Depreciation and impairment
At 1 April 2023
153,824
Depreciation charged in the year
16,864
Eliminated in respect of disposals
(18,439)
At 31 March 2024
152,249
Carrying amount
At 31 March 2024
56,103
At 31 March 2023
38,173