Company registration number 02841502 (England and Wales)
ACRABUILD (ANGLIA) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ACRABUILD (ANGLIA) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
ACRABUILD (ANGLIA) LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
239,315
384,762
Investments
5
1
1
239,316
384,763
Current assets
Stocks
60,000
50,000
Debtors falling due after more than one year
7
-
0
100,000
Debtors falling due within one year
7
2,157,918
3,430,914
Cash at bank and in hand
136,146
232,241
2,354,064
3,813,155
Creditors: amounts falling due within one year
8
(1,435,429)
(2,815,844)
Net current assets
918,635
997,311
Total assets less current liabilities
1,157,951
1,382,074
Creditors: amounts falling due after more than one year
9
(70,833)
(166,006)
Net assets
1,087,118
1,216,068
Capital and reserves
Called up share capital
11
1,000
1,000
Profit and loss reserves
1,086,118
1,215,068
Total equity
1,087,118
1,216,068

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the period 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.

ACRABUILD (ANGLIA) LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
L J Foster
Director
Company registration number 02841502 (England and Wales)
ACRABUILD (ANGLIA) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Acrabuild (Anglia) Ltd is a private company limited by shares incorporated in England and Wales. The registered office and place of business is Stirling Way, Northfields Industrial Estate, Market Deeping, Peterborough, Cambridgeshire, PE6 8AS.

1.1
Reporting period

The company's accounting reporting date has been changed to 30 September 2024 extending the period to cover the period from 1 April 2023 to 30 September 2024. The reporting period has been changed to better align the financial year with the cycle of activity of the business. The comparative period covers the year from 1 April 2022 to 31 March 2023 and therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable to the current period.

1.2
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.

1.3
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.

 

Revenue from contracts for the provision of building services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% per annum on NBV / 10% per annum of cost
Fixtures, fittings & equipment
33% per annum on NBV
Motor vehicles
25% per annum on NBV

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
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

ACRABUILD (ANGLIA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

1.8
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

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. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.9
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 current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

ACRABUILD (ANGLIA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from related parties are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments, being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit 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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
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.

 

ACRABUILD (ANGLIA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Retirement benefits

The company operates auto-enrolment compliant pension schemes for the benefit of all its employees. All schemes are defined contribution schemes.

 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of work in progress

The company employs Quantity Surveyors to value the work done to date on contracts on a monthly basis. Their valuation of work done is agreed with the client and all contracts are reconciled to costs to complete and cash received on a monthly basis to ascertain the contract profitability. The value of work in progress at the year end and included in turnover was £971,096 (2023 : £2,266,041).

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
24
34
ACRABUILD (ANGLIA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
1,620,480
Additions
32,700
Disposals
(372,472)
At 30 September 2024
1,280,708
Depreciation and impairment
At 1 April 2023
1,235,718
Depreciation charged in the period
143,631
Eliminated in respect of disposals
(337,956)
At 30 September 2024
1,041,393
Carrying amount
At 30 September 2024
239,315
At 31 March 2023
384,762
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1

The share in group undertakings relates to 1% of the share capital held in Acrabuild (Holdings) Limited a dormant company incorporated on 25 July 2018.

6
Construction contracts
2024
2023
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
971,096
2,266,041

At 30 September 2024, retentions held by customers for contract work amounted to £950,047 (2023 - £617,434).

ACRABUILD (ANGLIA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,097,777
843,114
Gross amounts owed by contract customers
971,096
2,266,041
Corporation tax recoverable
-
0
107,277
Other debtors
73,200
154,524
Prepayments and accrued income
15,845
59,958
2,157,918
3,430,914
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
100,000
Total debtors
2,157,918
3,530,914

Other debtors falling due after more than one year related to an unsecured loan to a company under common control which was repaid on 23 April 2023. No interest was charged on the loan.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10
50,000
50,000
Obligations under finance leases
4,218
31,910
Trade creditors
1,267,501
2,649,981
Amounts owed to group undertakings
1
1
Taxation and social security
56,657
39,375
Other creditors
10,347
12,714
Accruals and deferred income
46,705
31,863
1,435,429
2,815,844

Obligations under finance leases are secured on the related asset.

 

ACRABUILD (ANGLIA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 9 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10
70,833
145,833
Obligations under finance leases
-
0
20,173
70,833
166,006

Obligations under finance leases are secured on the related asset.

10
Loans and overdrafts
2024
2023
£
£
Bank loans
120,833
195,833
Payable within one year
50,000
50,000
Payable after one year
70,833
145,833

The outstanding loan is a Coronavirus Business Interruption Loan of £250,000 that was taken out in the year to 31 March 2021. Interest charged on the loan is at 2.47% per annum plus a base rate of 0.10% per annum. Repayments are made over a period of 60 months starting from 16 December 2021.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
ACRABUILD (ANGLIA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 10 -
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
31,820
28,125
Between two and five years
21,440
58,500
53,260
86,625
13
Financial commitments, guarantees and contingent liabilities

A 1st legal charge held by Lloyds Bank plc known as Deposit Agreement, dated 18 August 2000, over the deposit account in respect of performance bonds was satisfied on 23 April 2024.

 

Lloyds Bank plc hold a fixed and floating charge covering all property or undertaking of the company dated 23 November 2020.

14
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
-
100,000

The loan due from other related parties is an unsecured loan from a company under common control. The loan was repaid in full on 23 April 2023. No interest is charged on the loan.

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