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COMPANY REGISTRATION NUMBER: 05944396
P J Towey Construction Limited
Filleted Financial Statements
31 January 2025
P J Towey Construction Limited
Statement of Financial Position
31 January 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
6
59,833
562,523
Current assets
Debtors
7
4,064,514
3,304,168
Cash at bank and in hand
4,032,868
2,639,371
------------
------------
8,097,382
5,943,539
Creditors: amounts falling due within one year
8
1,879,329
1,183,244
------------
------------
Net current assets
6,218,053
4,760,295
------------
------------
Total assets less current liabilities
6,277,886
5,322,818
------------
------------
Net assets
6,277,886
5,322,818
------------
------------
Capital and reserves
Called up share capital
3
3
Profit and loss account
6,277,883
5,322,815
------------
------------
Shareholders funds
6,277,886
5,322,818
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 8 April 2025 , and are signed on behalf of the board by:
Mrs L Roberts
Director
Company registration number: 05944396
P J Towey Construction Limited
Notes to the Financial Statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Gladstone House, 373 Haydn Road, Sherwood, Nottingham, NG5 1DZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Recognition of revenue and profit is based on judgements made in respect of the profitability of a contract. Such judgements are arrived at through the use of estimates in relation to the costs and value of work performed to date and to be performed in bringing contracts to completion. These estimates are made by reference, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed, including the recoverability of any unagreed income from variations and the likely outcome of discussions on claims, costs incurred and external certification of the work performed. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation charge is calculated based on estimates and assumptions on asset useful economic lives and expected residual values.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15%-33% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2024: 26 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
126,000
---------
Amortisation
At 1 February 2024 and 31 January 2025
126,000
---------
Carrying amount
At 31 January 2025
---------
At 31 January 2024
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024
161,040
33,176
548,300
742,516
Additions
12,650
12,650
Disposals
( 4,104)
( 540,000)
( 544,104)
---------
--------
---------
---------
At 31 January 2025
173,690
29,072
8,300
211,062
---------
--------
---------
---------
Depreciation
At 1 February 2024
101,543
29,819
48,631
179,993
Charge for the year
18,042
873
1,167
20,082
Disposals
( 3,846)
( 45,000)
( 48,846)
---------
--------
---------
---------
At 31 January 2025
119,585
26,846
4,798
151,229
---------
--------
---------
---------
Carrying amount
At 31 January 2025
54,105
2,226
3,502
59,833
---------
--------
---------
---------
At 31 January 2024
59,497
3,357
499,669
562,523
---------
--------
---------
---------
7. Debtors
2025
2024
£
£
Trade debtors
1,030,910
844,193
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,444,829
977,794
Other debtors
1,588,775
1,482,181
------------
------------
4,064,514
3,304,168
------------
------------
The debtors above include the following amounts falling due after more than one year:
2025
2024
£
£
Trade debtors
452,781
444,618
Other debtors
204,209
92,798
---------
---------
656,990
537,416
---------
---------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,495,800
965,822
Corporation tax
230,271
95,856
Social security and other taxes
39,010
40,222
Other creditors
114,248
81,344
------------
------------
1,879,329
1,183,244
------------
------------
9. Summary audit opinion
The auditor's report dated 8 April 2025 was unqualified .
The senior statutory auditor was Peter Stewart FCA , for and on behalf of Gregory Priestley & Stewart .
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Towey Jnr
146,664
182,080
( 158,794)
169,950
Mr M Towey
140,686
174,701
( 139,686)
175,701
Mrs L Roberts
180,685
129,826
( 180,685)
129,826
---------
---------
---------
---------
468,035
486,607
( 479,165)
475,477
---------
---------
---------
---------
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Towey Jnr
272,170
146,664
( 272,170)
146,664
Mr M Towey
156,841
140,686
( 156,841)
140,686
Mrs L Roberts
314,578
( 133,893)
180,685
---------
---------
---------
---------
429,011
601,928
( 562,904)
468,035
---------
---------
---------
---------
The loans are repayable upon demand and no interest is paid to or charged by the company.
11. Controlling party
The company is controlled by PJ Towey Holdings Limited, a company registered in England & Wales, its registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.