D.S. Building Projects Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05341539 (England and Wales)

D.S. BUILDING PROJECTS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S Kennedy

D Waugh

SECRETARY:

S Kennedy

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

Lancashire

BL9 0DN

REGISTERED NUMBER:

05341539 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Property, plant and equipment

4

108,131

73,086

CURRENT ASSETS

Debtors

5

1,242,527

881,340

Cash at bank and in hand

838,138

344,410

2,080,665

1,225,750

CREDITORS

Amounts falling due within one year

6

(1,327,847

)

(536,366

)

NET CURRENT ASSETS

752,818

689,384

TOTAL ASSETS LESS CURRENT LIABILITIES

860,949

762,470

CREDITORS

Amounts falling due after more than one year

7

(537

)

(2,685

)

PROVISIONS FOR LIABILITIES

(18,382

)

(13,886

)

NET ASSETS

842,030

745,899

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

841,830

745,699

SHAREHOLDERS' FUNDS

842,030

745,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 2 September 2019 and were signed on its behalf by:

S Kennedy - Director

1.	STATUTORY INFORMATION

D.S. Building Projects Ltd is a private company, limited by shares, registered in England and Wales. The

company's registered number is 05341539 and its registered office address is The Exchange, 5 Bank Street,

Bury, Lancashire, BL9 0DN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make estimates and

judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ

from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which

the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are outlined below:-

i) Determining the expected outcome of long-term building contracts prior to their conclusion and calculating the

attributable profit that should be recognised in a manner appropriate to the stage of completion.

Revenue

Revenue represents amounts chargeable to customers for the provision of goods and services, excluding value

added tax and adjusted for changes in the levels of work in progress.

Revenue is recognised when a right to consideration has been obtained through performance under each contract.

Consideration accrues as contract activity progresses by reference to the value of work performed. The revenue

recognised is included at the fair value of consideration expected to be received on contracts after taking into

account retentions and anticipated variations. Costs of post year end rectification work are provided as part of

costs of sales.

Unbilled revenue is included in current year assets as 'Amounts recoverable on contracts'.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance

The directors are of the opinion that the residual value of land and buildings is at least equal to net book value

and any depreciation charges would be immaterial, and as such no depreciation has been charged.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. Those held under hire purchase contracts are depreciated over their estimated useful lives.Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Government grants

Grant income is credited to the income statement in the same period as the related expenditure.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 6 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 February 2018

134,242

Additions

71,024

Disposals

(27,300

)

At 31 January 2019

177,966

DEPRECIATION

At 1 February 2018

61,156

Charge for year

27,033

Eliminated on disposal

(18,354

)

At 31 January 2019

69,835

NET BOOK VALUE

At 31 January 2019

108,131

At 31 January 2018

73,086

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 February 2018

and 31 January 2019

8,356

DEPRECIATION

At 1 February 2018

1,671

Charge for year

1,337

At 31 January 2019

3,008

NET BOOK VALUE

At 31 January 2019

5,348

At 31 January 2018

6,685

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,768

65,441

Amounts recoverable on contracts

1,022,152

478,747

Other debtors

217,607

337,152

1,242,527

881,340

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

2,148

2,148

Trade creditors

820,262

424,719

Taxation and social security

156,397

90,212

Other creditors

349,040

19,287

1,327,847

536,366

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

537

2,685

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

2,685

4,833

The hire purchase contracts are secured on the respective fixed assets.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within debtors falling due within one year are directors' current account balances of £44,860 (2018 -

£96,503) and £40,657 (2018 - £99,944) owed by S Kennedy and D Waugh respectively. During the year, the

maximum overdrawn balances owed from S Kennedy and D Waugh amounted to £291,305 (2018 - £171,779)

and £160,585 (2018 - £113,452) respectively.

These advances are unsecured, interest free and repayable upon demand. Following the year end, these

outstanding amounts have been repaid in full.

10.	SUBSEQUENT EVENTS

Subsequent to the year end date, interim dividends totalling £500,000 have been voted and paid.