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Registration number: 09635049

Viney Matthews Construction Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Viney Matthews Construction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Viney Matthews Construction Ltd

Company Information

Directors

L Matthews

C J Viney

Company secretary

T Viney

Registered office

32 Oak Drive
Kingshill
Dursley
Gloucestershire
GL11 4DX

Accountants

Burton Sweet Limited
Chartered Accountants & Business Advisors
The Clock Tower
Farleigh Court
Old Weston Road, Flax Bourton
Bristol
BS48 1UR

 

Viney Matthews Construction Ltd

(Registration number: 09635049)
Balance Sheet
30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,115

9,489

Investment property

5

210,040

132,378

 

217,155

141,867

Current assets

 

Stocks

6

12,000

20,000

Debtors

7

22,053

43,223

Cash at bank and in hand

 

80,966

88,671

 

115,019

151,894

Creditors: Amounts falling due within one year

8

(72,714)

(66,550)

Net current assets

 

42,305

85,344

Total assets less current liabilities

 

259,460

227,211

Creditors: Amounts falling due after more than one year

8

(17,482)

(27,500)

Provisions for liabilities

(1,352)

-

Net assets

 

240,626

199,711

Capital and reserves

 

Called up share capital

200

200

Retained earnings

240,426

199,511

Shareholders' funds

 

240,626

199,711

 

Viney Matthews Construction Ltd

(Registration number: 09635049)
Balance Sheet
30 June 2024

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.

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.

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 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 26 March 2025 and signed on its behalf by:
 

.........................................
L Matthews
Director

 

Viney Matthews Construction Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 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:
32 Oak Drive
Kingshill
Dursley
Gloucestershire
GL11 4DX
United Kingdom

These financial statements were authorised for issue by the Board on 26 March 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.

 

Viney Matthews Construction Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

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 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 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

25% reducing balance

 

Viney Matthews Construction Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

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 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 initially at the transaction price.

 

Viney Matthews Construction Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

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 3 (2023 - 3).

 

Viney Matthews Construction Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

8,842

1,921

40,528

51,291

At 30 June 2024

8,842

1,921

40,528

51,291

Depreciation

At 1 July 2023

7,346

1,142

33,314

41,802

Charge for the year

375

195

1,804

2,374

At 30 June 2024

7,721

1,337

35,118

44,176

Carrying amount

At 30 June 2024

1,121

584

5,410

7,115

At 30 June 2023

1,496

779

7,214

9,489

5

Investment properties

2024
£

At 1 July

132,378

Additions

77,662

At 30 June

210,040

There has been no valuation of investment property by an independent valuer. The property is currently under construction/renovation.

 

Viney Matthews Construction Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Work in progress

7,000

15,000

Other inventories

5,000

5,000

12,000

20,000

7

Debtors

2024
£

2023
£

Trade debtors

7,719

21,450

Other debtors

14,334

21,773

22,053

43,223

 

Viney Matthews Construction Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,006

Trade creditors

 

10,610

17,163

Taxation and social security

 

37,057

27,096

Accruals and deferred income

 

1,736

2,281

Other creditors

 

13,311

10,004

 

72,714

66,550

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

17,482

27,500

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,482

27,500

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,006

10

Transition to FRS 102

No changes have been made as a result of the transition to FRS102.