Company registration number 12181318 (England and Wales)
A & S CONTRACTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
A & S CONTRACTS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
294,173
294,173
Current assets
Cash at bank and in hand
171,607
255,832
Creditors: amounts falling due within one year
4
(460,763)
(549,803)
Net current liabilities
(289,156)
(293,971)
Net assets
5,017
202
Capital and reserves
Called up share capital
51
51
Profit and loss reserves
4,966
151
Total equity
5,017
202
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
Mrs AJ Mills
Director
Company registration number 12181318 (England and Wales)
A & S CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
A & S Contracts Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The Directors have considered the negative current assets of the company which is largely the result of the monies repayable to related parties. They consider that although reported as repayable within one year, the likelihood of a demand for immediate repayment is very low and as a result are confident that the company can continue to meet it's liabilities as they fall due. They consider that the preparation of the accounts on a Going Concern basis remains appropriate.
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
A & S CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
294,173
The fair value of the investment property has been arrived at on the basis of costs incurred to acquire the property and bring it to a suitable standard. The Directors consider this represents fair value and will review annually.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
978
654
Corporation tax
1,121
35
Other creditors
458,664
549,114
460,763
549,803
Included within Other Creditors above is £208,164 (2023: £298,912) owed to the company directors via their Directors Loan Account. This amount has not been subject to any interest charge and is considered repayable on demand.
5
Related party transactions
During the previous year the company received funding from GMB Holdings Limited, a company under common control. At the end of the reporting period there was a balance owed by A & S Contracts Limited of £250,000 (2023: £250,000). No interest was paid on this loan and it is considered repayable on demand.