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Registration number: 05612281

Nick Reed Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Nick Reed Construction Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Nick Reed Construction Limited

Company Information

Director

Mr N R S Reed

Company secretary

Mrs J C Reed

Registered office

Church House
Church Street
Yeovil
Somerset
BA20 1HB

Accountants

Lanham & Francis
Chartered Accountants
Church House
Church Street
Yeovil
Somerset
BA20 1HB

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Nick Reed Construction Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Nick Reed Construction Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Nick Reed Construction Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Nick Reed Construction Limited and state those matters that we have agreed to state to the Board of Directors of Nick Reed Construction Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nick Reed Construction Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Nick Reed Construction Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Nick Reed Construction Limited. You consider that Nick Reed Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Nick Reed Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Lanham & Francis
Chartered Accountants
Church House
Church Street
Yeovil
Somerset
BA20 1HB

28 March 2025

 

Nick Reed Construction Limited

(Registration number: 05612281)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

399,410

391,873

Current assets

 

Stocks

5

600

600

Debtors

6

167,680

108,979

Cash at bank and in hand

 

172,054

229,364

 

340,334

338,943

Creditors: Amounts falling due within one year

7

(114,699)

(129,163)

Net current assets

 

225,635

209,780

Total assets less current liabilities

 

625,045

601,653

Creditors: Amounts falling due after more than one year

7

(54,116)

(69,302)

Provisions for liabilities

(94,897)

(70,371)

Net assets

 

476,032

461,980

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

475,932

461,880

Shareholders' funds

 

476,032

461,980

For the financial year ending 31 March 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 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 director acknowledges his 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.

 

Nick Reed Construction Limited

(Registration number: 05612281)
Balance Sheet as at 31 March 2024 (continued)

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2025
 


Mr N R S Reed
Director

   
     
 

Nick Reed Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Church House
Church Street
Yeovil
Somerset
BA20 1HB

The principal place of business is:
East Lodge
Bineham
Knole
Langport
Somerset
TA10 9JE

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. Monetary amounts in these financial statements are rounded to the nearest £1.

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.

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.

The current income 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.

 

Nick Reed Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold property

5% per annum straight line basis

Motor vehicles

25% per annum reducing balance basis

Equipment, fixtures and fittings

20% per annum reducing balance basis

Plant and machinery

20% per annum reducing balance basis

Stocks

Stocks are valued at the lower of cost and net realisable value.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Nick Reed Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 5).

 

Nick Reed Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

30,420

16,542

608,362

112,085

767,409

Additions

-

-

153,474

-

153,474

Disposals

-

-

(110,800)

-

(110,800)

At 31 March 2024

30,420

16,542

651,036

112,085

810,083

Depreciation

At 1 April 2023

11,528

10,871

297,411

55,726

375,536

Charge for the year

1,521

1,134

83,808

14,090

100,553

Eliminated on disposal

-

-

(65,416)

-

(65,416)

At 31 March 2024

13,049

12,005

315,803

69,816

410,673

Carrying amount

At 31 March 2024

17,371

4,537

335,233

42,269

399,410

At 31 March 2023

18,892

5,671

310,951

56,359

391,873

Included within the net book value of land and buildings above is £17,371 (2023 - £18,892) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

600

600

6

Debtors

Current

2024
£

2023
£

Trade debtors

164,090

105,441

Prepayments

1,388

1,388

Other debtors

2,202

2,150

 

167,680

108,979

 

Nick Reed Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

41,380

57,036

Trade creditors

 

42,316

40,813

Taxation and social security

 

20,809

24,556

Accruals and deferred income

 

1,850

1,850

Other creditors

 

8,344

4,908

 

114,699

129,163

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

54,116

69,302

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,500

22,500

Hire purchase contracts

41,616

46,802

54,116

69,302

 

Nick Reed Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings (continued)

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,001

10,000

Hire purchase contracts

31,379

47,036

41,380

57,036

Creditors include obligations under finance lease and hire purchase contracts of £72,995 (2023 - £93,838), secured on the assets to which the respective agreements relate.