Abbotsbury Contractors Ltd 31/05/2020 iXBRL

Abbotsbury Contractors Ltd 31/05/2020 iXBRL

ABBOTSBURY CONTRACTORS LIMITED - Company Information

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Company registration number: 04948325
Abbotsbury Contractors Ltd
Unaudited filleted financial statements
31 May 2020
Abbotsbury Contractors Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Abbotsbury Contractors Ltd
Directors and other information
Directors Mr. David Wood
Mr Martin Bruno
Mrs Claire Wood
Company number 04948325
Registered office 2 Midland Court
Midland Way
Barlborough
Chesterfield
S43 4UL
Business address 2 Midland Court
Midland Way
Barlborough
Chesterfield
S43 4UL
Accountant Williamsons
The Old School House
Matlock Road
Chesterfield
S42 7LG
Bankers HSBC
58 High Street
Hucknall
Notts
NG15 7BA
Abbotsbury Contractors Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Abbotsbury Contractors Ltd
Year ended 31 May 2020
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Abbotsbury Contractors Ltd for the year ended 31 May 2020 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
My work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf.
Williamsons
Chartered Certified Accountants
The Old School House
Matlock Road
Chesterfield
S42 7LG
22 August 2020
Abbotsbury Contractors Ltd
Statement of financial position
31 May 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 767,431 682,792
_______ _______
767,431 682,792
Current assets
Stocks 125,438 -
Debtors 6 4,774,910 4,060,545
Cash at bank and in hand 25,505 125,766
_______ _______
4,925,853 4,186,311
Creditors: amounts falling due
within one year 7 ( 2,112,745) ( 2,260,045)
_______ _______
Net current assets 2,813,108 1,926,266
_______ _______
Total assets less current liabilities 3,580,539 2,609,058
Creditors: amounts falling due
after more than one year 8 ( 146,545) ( 71,245)
_______ _______
Net assets 3,433,994 2,537,813
_______ _______
Capital and reserves
Called up share capital 50 50
Profit and loss account 3,433,944 2,537,763
_______ _______
Shareholders funds 3,433,994 2,537,813
_______ _______
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 August 2020 , and are signed on behalf of the board by:
Mr. David Wood
Director
Company registration number: 04948325
Abbotsbury Contractors Ltd
Statement of changes in equity
Year ended 31 May 2020
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2018 50 1,611,034 1,611,084
Profit for the year 1,013,729 1,013,729
_______ _______ _______
Total comprehensive income for the year - 1,013,729 1,013,729
Dividends paid and payable ( 87,000) ( 87,000)
_______ _______ _______
Total investments by and distributions to owners - ( 87,000) ( 87,000)
_______ _______ _______
At 31 May 2019 and 1 June 2019 50 2,537,763 2,537,813
Profit for the year 1,021,181 1,021,181
_______ _______ _______
Total comprehensive income for the year - 1,021,181 1,021,181
Dividends paid and payable ( 125,000) ( 125,000)
_______ _______ _______
Total investments by and distributions to owners - ( 125,000) ( 125,000)
_______ _______ _______
At 31 May 2020 50 3,433,944 3,433,994
_______ _______ _______
Abbotsbury Contractors Ltd
Notes to the financial statements
Year ended 31 May 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Midland Court, Midland Way, Barlborough, Chesterfield, S43 4UL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2019: 32 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2019 230,388 454,375 48,905 158,966 892,634
Additions - 62,282 450 145,661 208,393
Disposals - ( 53,625) - - ( 53,625)
_______ _______ _______ _______ _______
At 31 May 2020 230,388 463,032 49,355 304,627 1,047,402
_______ _______ _______ _______ _______
Depreciation
At 1 June 2019 - 137,513 17,411 54,917 209,841
Charge for the year - 49,145 4,616 46,871 100,632
Disposals - ( 30,502) - - ( 30,502)
_______ _______ _______ _______ _______
At 31 May 2020 - 156,156 22,027 101,788 279,971
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2020 230,388 306,876 27,328 202,839 767,431
_______ _______ _______ _______ _______
At 31 May 2019 230,388 316,862 31,494 104,049 682,793
_______ _______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 4,575,010 3,118,887
Other debtors 199,900 941,658
_______ _______
4,774,910 4,060,545
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 380,000 500,000
Trade creditors 1,157,969 1,315,377
Corporation tax 308,607 211,552
Social security and other taxes 129,263 93,205
Other creditors 136,906 139,911
_______ _______
2,112,745 2,260,045
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 146,545 71,245
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2020 2019 2020 2019
£ £ £ £
Woodall Homes Ltd 7,697,847 7,092,466 2,907,861 1,794,147
_______ _______ _______ _______