| Prosser Carpentry & Building Ltd |
| Notes to the Accounts |
| for the year ended 31 August 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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The directors have a reasonable expectation that the company has adequate resources, liquidity and bank facilities to continue in operational existence for the foreseeable future. They are thus continuing to prepare these financial statements on the basis of the company being a going concern. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Plant and machinery |
over 4 years |
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Motor vehicles |
25% reducing balance |
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Stocks |
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Stocks are raw materials held to be used on future projects measured at cost less any impairments and work in progress reflecting the value of work completed but remains unbilled on all contracts at the balance sheet date. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
12 |
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11 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 September 2024 |
523,540 |
|
50,428 |
|
126,948 |
|
700,916 |
|
Additions |
- |
|
4,458 |
|
114,551 |
|
119,009 |
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Disposals |
- |
|
(2,877) |
|
(22,832) |
|
(25,709) |
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At 31 August 2025 |
523,540 |
|
52,009 |
|
218,667 |
|
794,216 |
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Depreciation |
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At 1 September 2024 |
26,134 |
|
31,677 |
|
33,970 |
|
91,781 |
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Charge for the year |
10,471 |
|
10,281 |
|
43,425 |
|
64,177 |
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On disposals |
- |
|
(2,540) |
|
(8,562) |
|
(11,102) |
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At 31 August 2025 |
36,605 |
|
39,418 |
|
68,833 |
|
144,856 |
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Net book value |
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At 31 August 2025 |
486,935 |
|
12,591 |
|
149,834 |
|
649,360 |
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At 31 August 2024 |
497,406 |
|
18,751 |
|
92,978 |
|
609,135 |
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
49,896 |
|
116,996 |
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Other debtors |
86,783 |
|
46,241 |
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|
136,679 |
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163,237 |
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Included in other debtors are prepayments and accrued income of £8,441 (2024: £2,909). |
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| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Bank and other loans |
178,636 |
|
218,955 |
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Obligations under finance lease and hire purchase contracts |
25,776 |
|
8,475 |
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Trade creditors |
57,900 |
|
98,645 |
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Taxation and social security costs |
154,881 |
|
140,641 |
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Other creditors |
74,257 |
|
21,418 |
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|
491,450 |
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488,134 |
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Included in other creditors are accruals of £68,491 (2024: £16,054) |
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| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Bank and other loans |
- |
|
23,395 |
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Obligations under finance lease and hire purchase contracts |
137,141 |
|
79,300 |
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137,141 |
|
102,695 |
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| 7 |
Secured creditors |
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The facilities granted to the company by its bankers, National Westminster Bank PLC, are secured by a fixed charge over the company’s land, property, and plant and machinery, and by a floating charge over all other assets, property, and rights of the company, present and future, that are not subject to a fixed charge.
Included within other loans within one year is a loan of £150,000 (2024: £150,000) from R Burnell, which is secured by a charge over Unit 3E, Apollo Office Park, OX15 6AY.
Included within creditors are hire purchase agreements totalling £162,917 (2024: £87,775), which are secured on the related assets. |
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| 8 |
Share capital |
2025 |
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2024 |
| £ |
£ |
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Allotted, called up and paid up share capital |
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75 A ordinary shares of £0.01 each |
1 |
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1 |
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50 B ordinary shares of £0.01 each |
1 |
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1 |
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25 C ordinary shares of £0.01 each |
- |
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- |
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50 D ordinary shares of £0.01 each |
- |
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- |
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2 |
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2 |
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| 9 |
Events after the reporting date |
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On 22nd October 2025, the company completed on the purchase of 3 industrial units for a consideration of £365,000, financed in part by a bank loan of £250,000. |
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| 10 |
Other financial commitments |
2025 |
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2024 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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58,905 |
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54,339 |
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| 11 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
|
Director |
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Loan 1 |
26,908 |
|
- |
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(26,908) |
|
- |
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Loan 2 |
- |
|
54,242 |
|
(11,104) |
|
43,138 |
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Director |
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Loan 1 |
15,208 |
|
- |
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(15,208) |
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- |
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Loan 2 |
- |
|
56,505 |
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(22,804) |
|
33,701 |
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|
42,116 |
|
110,747 |
|
(76,024) |
|
76,839 |
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During the year, the company advanced loans to two directors. The maximum amounts outstanding during the year were £52,626 (2024: £44,433) and £43,189 (2024: £32,733), respectively. Interest has been charged on these loans at the HM Revenue & Customs authorised rates for beneficial loans.
There are no fixed terms of repayment. The amounts outstanding at the balance sheet date are included within other debtors. |
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| 12 |
Other information |
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Prosser Carpentry & Building Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 3e Apollo Office Park |
|
Ironstone Lane |
|
Banbury |
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Oxfordshire |
|
OX15 6AY |