Registration number:
Derwent Valley Construction Limited
for the Year Ended 31 December 2024
Derwent Valley Construction Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Derwent Valley Construction Limited
(Registration number:
01089587
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Balance Sheet
as at
31 December 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Derwent Valley Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a company limited by shares incorporated in England. The address of the registered office is 29 Bridge Street, Belper, Derby, DE56 1AY.
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Accounting policies |
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS102) 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 FRS102 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 historic cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of construction services in the ordinary course of the company’s activities.
When the outcome of a construction contract can be measured reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date.
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that is probable will be recoverable.
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.
Tax
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date.
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.
Derwent Valley Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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 over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
10% - 20% straight line |
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Motor vehicles |
20% straight line |
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.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable/payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at cost plus attributable profits where appropriate, less foreseeable losses. This is the value of work done as reflected in turnover. For contracts where the value of work done exceeds progress payments, the excess is included in debtors as amounts recoverable on contracts. For contracts where progress payments exceed the value of work done, the excess is included in creditors as payments on account.
Borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
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.
Pensions
The company operates a defined contribution scheme. Contributions payable for the year are charged in the profit and loss account.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Derwent Valley Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Disposals |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Stocks |
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2024 |
2023 |
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Work in progress |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Amounts recoverable on contracts |
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Derwent Valley Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Parent and ultimate parent undertaking |
The company's immediate parent is