Lee Sherwood Building Contractors Limited 10917557 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is Building contractor Digita Accounts Production Advanced 6.30.9574.0 true true 10917557 2023-09-01 2024-08-31 10917557 2024-08-31 10917557 bus:OrdinaryShareClass1 2024-08-31 10917557 core:CurrentFinancialInstruments 2024-08-31 10917557 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 10917557 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 10917557 core:FurnitureFittingsToolsEquipment 2024-08-31 10917557 core:MotorVehicles 2024-08-31 10917557 bus:SmallEntities 2023-09-01 2024-08-31 10917557 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10917557 bus:AbridgedAccounts 2023-09-01 2024-08-31 10917557 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 10917557 bus:RegisteredOffice 2023-09-01 2024-08-31 10917557 bus:Director2 2023-09-01 2024-08-31 10917557 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 10917557 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10917557 core:Goodwill 2023-09-01 2024-08-31 10917557 core:IntangibleAssetsOtherThanGoodwill 2023-09-01 2024-08-31 10917557 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 10917557 core:MotorVehicles 2023-09-01 2024-08-31 10917557 core:PlantMachinery 2023-09-01 2024-08-31 10917557 countries:England 2023-09-01 2024-08-31 10917557 2023-08-31 10917557 core:FurnitureFittingsToolsEquipment 2023-08-31 10917557 core:MotorVehicles 2023-08-31 10917557 2022-09-01 2023-08-31 10917557 2023-08-31 10917557 bus:OrdinaryShareClass1 2023-08-31 10917557 core:CurrentFinancialInstruments 2023-08-31 10917557 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 10917557 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 10917557 core:FurnitureFittingsToolsEquipment 2023-08-31 10917557 core:MotorVehicles 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10917557

Lee Sherwood Building Contractors Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2024

 

Lee Sherwood Building Contractors Limited

Director's Report for the Year Ended 31 August 2024

The director presents his report and the abridged financial statements for the year ended 31 August 2024.

Director of the company

The director who held office during the year was as follows:

Mr Lee Sherwood

Principal activity

The principal activity of the company is Building contractor

Small companies provision statement

This report has 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.

Approved and authorised by the director on 1 March 2025
 

.........................................
Mr Lee Sherwood
Director

 

Lee Sherwood Building Contractors Limited

(Registration number: 10917557)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,000

4,000

Tangible assets

6

6,879

8,713

 

8,879

12,713

Current assets

 

Stocks

7

107,473

98,524

Debtors

8

47,035

52,722

Cash at bank and in hand

 

3,031

13,788

 

157,539

165,034

Creditors: Amounts falling due within one year

(102,789)

(57,909)

Net current assets

 

54,750

107,125

Total assets less current liabilities

 

63,629

119,838

Creditors: Amounts falling due after more than one year

(21,751)

(25,982)

Provisions for liabilities

(3,863)

(1,656)

Net assets

 

38,015

92,200

Capital and reserves

 

Called up share capital

9

35

35

Retained earnings

37,980

92,165

Shareholders' funds

 

38,015

92,200

For the financial year ending 31 August 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Lee Sherwood Building Contractors Limited

(Registration number: 10917557)
Abridged Balance Sheet as at 31 August 2024

Approved and authorised by the director on 1 March 2025
 

.........................................
Mr Lee Sherwood
Director

 

Lee Sherwood Building Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
146 Broad Lane
Brinsley
Nottingham
NG16 5BE
England

These financial statements were authorised for issue by the director on 1 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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, 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 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 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.

 

Lee Sherwood Building Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% reducing balance

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.

 

Lee Sherwood Building Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lee Sherwood Building Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 3).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,293

2,905

Amortisation expense

2,000

2,000

 

Lee Sherwood Building Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

5

Intangible assets

Total
£

Cost or valuation

At 1 September 2023

10,000

At 31 August 2024

10,000

Amortisation

At 1 September 2023

6,000

Amortisation charge

2,000

At 31 August 2024

8,000

Carrying amount

At 31 August 2024

2,000

At 31 August 2023

4,000

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

16,251

17,808

34,059

Additions

458

-

458

At 31 August 2024

16,709

17,808

34,517

Depreciation

At 1 September 2023

12,252

13,094

25,346

Charge for the year

1,114

1,178

2,292

At 31 August 2024

13,366

14,272

27,638

Carrying amount

At 31 August 2024

3,343

3,536

6,879

At 31 August 2023

3,999

4,714

8,713

 

Lee Sherwood Building Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

7

Stocks

2024
£

2023
£

Work in progress

107,473

98,524

8

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

35

35

35

35

         

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £1,428.57 (2023 - £857.14) per ordinary share

 

50,000

 

30,000