Concrete Solutions Accrington Limited - Period Ending 2020-07-31
Concrete Solutions Accrington Limited - Period Ending 2020-07-31
Registration number:
Concrete Solutions Accrington Limited
for the Year Ended 31 July 2020
Concrete Solutions Accrington Limited
Contents
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Company Information |
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Director's Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Concrete Solutions Accrington Limited
Company Information
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Director |
Mr Imran Mirza |
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Company secretary |
Mr Sannah Ullah |
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Registered office |
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Accountants |
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Concrete Solutions Accrington Limited
Director's Report for the Year Ended 31 July 2020
The director presents his report and the financial statements for the year ended 31 July 2020.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Manufacture of ready mixed concrete
Going concern
The Company is reliant on the continued support of its Directors, shareholders and key lenders. All parties have agreed to continue support for the Company
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 by the
.........................................
Director
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Concrete Solutions Accrington Limited
for the Year Ended 31 July 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Concrete Solutions Accrington Limited for the year ended 31 July 2020 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Concrete Solutions Accrington Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Concrete Solutions Accrington Limited and state those matters that we have agreed to state to the Board of Directors of Concrete Solutions Accrington Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Concrete Solutions Accrington Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Concrete Solutions Accrington Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Concrete Solutions Accrington Limited. You consider that Concrete Solutions Accrington Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Concrete Solutions Accrington Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountant
Vantage Court
Riverside Business Park
Barrowford
Lancashire
BB9 6BP
Concrete Solutions Accrington Limited
(Registration number: 06970205)
Balance Sheet as at 31 July 2020
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Note |
2020 |
2019 |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 July 2020 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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• |
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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. |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Concrete Solutions Accrington Limited
(Registration number: 06970205)
Balance Sheet as at 31 July 2020
Approved and authorised by the
.........................................
Director
Concrete Solutions Accrington Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit 9
Moorfield Ind Est
Altham
Accrington
Lancashire
BB5 5WE
United Kingdom
These financial statements were authorised for issue by the
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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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Concrete Solutions Accrington Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
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:
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Asset class |
Depreciation method and rate |
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Plant and Machinery |
25% Straight line |
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Furniture, fittings, tools and equipment |
10% 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.
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.
Concrete Solutions Accrington Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
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.
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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Concrete Solutions Accrington Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 August 2019 |
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Additions |
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- |
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At 31 July 2020 |
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Depreciation |
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At 1 August 2019 |
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Charge for the year |
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At 31 July 2020 |
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Carrying amount |
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At 31 July 2020 |
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At 31 July 2019 |
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Stocks |
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2020 |
2019 |
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Other inventories |
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Debtors |
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2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Concrete Solutions Accrington Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
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Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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- |
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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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Creditors: amounts falling due after more than one year
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Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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- |
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Share capital |
Allotted, called up and fully paid shares
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Loans and borrowings |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Concrete Solutions Accrington Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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- |
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Other borrowings |
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- |
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- |
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Related party transactions |
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Transactions with directors |
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2020 |
At 1 August 2019 |
Repayments by director |
At 31 July 2020 |
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Mr Imran Mirza |
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Directors Loan Account - Mr Imran Mirza |
53,416 |
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2019 |
At 1 August 2018 |
Repayments by director |
At 31 July 2019 |
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Mr Imran Mirza |
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Directors Loan Account - Mr Imran Mirza |
17,965 |
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Summary of transactions with parent
Interest free
Summary of transactions with other related parties
2) 1st Choice Car Spares Ltd
2) 1st Choice Car Spare Limited advanced £66,100 to the company as an interest free loan.
1) The loan from Mrs Mirza is interest free and repayable on demand.
2) The loan from 1st Choice Car Spares Ltd is interest free and repayable on demand.
Loans from related parties
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2020 |
Parent |
Key management |
Other related parties |
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At start of period |
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Advanced |
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- |
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Repaid |
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- |
( |
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At end of period |
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Concrete Solutions Accrington Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
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2019 |
Key management |
Other related parties |
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At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties
1st Choice Car Spares Ltd - Mr Imran Mirza is a Director of - Loaned monies to this company. The loan is interest free and repayable on demand.
Concrete Solutions Accrington Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2020
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2020 |
2019 |
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Turnover (analysed below) |
314,045 |
383,733 |
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Cost of sales (analysed below) |
(233,921) |
(280,379) |
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Gross profit |
80,124 |
103,354 |
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Gross profit (%) |
25.51% |
26.93% |
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Administrative expenses |
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Employment costs (analysed below) |
(36,521) |
(36,912) |
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Establishment costs (analysed below) |
(89,494) |
(82,810) |
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General administrative expenses (analysed below) |
(48,423) |
(51,870) |
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Finance charges (analysed below) |
(976) |
(1,603) |
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Depreciation costs (analysed below) |
(49,308) |
(42,925) |
|
(224,722) |
(216,120) |
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Other operating income (analysed below) |
17,500 |
50,000 |
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Operating loss |
(127,098) |
(62,766) |
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Interest payable and similar expenses (analysed below) |
(188) |
- |
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Loss before tax |
(127,286) |
(62,766) |
Concrete Solutions Accrington Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2020
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2020 |
2019 |
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Turnover |
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Sale of goods, UK |
309,237 |
352,003 |
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Other revenue |
- |
31,730 |
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Grants and subsidies receivable |
4,808 |
- |
|
314,045 |
383,733 |
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Cost of sales |
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Purchases |
(233,021) |
(280,379) |
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Direct costs |
(900) |
- |
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(233,921) |
(280,379) |
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Employment costs |
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Wages and salaries (excluding directors) |
(34,745) |
(36,423) |
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Staff NIC (Employers) |
(27) |
(64) |
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Staff pensions (Defined contribution) |
(38) |
(315) |
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Staff training |
(1,711) |
(110) |
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(36,521) |
(36,912) |
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Establishment costs |
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Rent |
(50,000) |
(45,833) |
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Rates |
(24,812) |
(22,373) |
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Light, heat and power |
(3,904) |
(6,874) |
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Insurance |
(7,752) |
(6,867) |
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Repairs and maintenance |
(1,864) |
(214) |
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Equipment repairs and renewals |
(1,162) |
(649) |
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(89,494) |
(82,810) |
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General administrative expenses |
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Telephone and fax |
(805) |
(815) |
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Office expenses |
- |
(1,046) |
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Printing, postage and stationery |
- |
(245) |
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Trade subscriptions |
(231) |
(3,491) |
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Charitable donations |
(7,950) |
(2,450) |
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Sundry expenses |
(153) |
- |
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Motor expenses |
(35,942) |
(40,013) |
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Travel and subsistence |
- |
(160) |
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Advertising |
(21) |
(929) |
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Accountancy fees |
(3,281) |
(2,721) |
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Legal and professional fees |
(40) |
- |
|
(48,423) |
(51,870) |
Concrete Solutions Accrington Limited
Detailed Profit and Loss Account for the Year Ended 31 July 2020
|
2020 |
2019 |
|
Finance charges |
||
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Bank charges |
(259) |
(899) |
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Credit card charges |
(717) |
(704) |
|
(976) |
(1,603) |
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Depreciation costs |
||
|
Depreciation of plant and machinery (owned) |
(6,437) |
(6,437) |
|
Depreciation of fixtures and fittings (owned) |
(4,411) |
(4,028) |
|
Depreciation of motor vehicles (owned) |
(38,460) |
(32,460) |
|
(49,308) |
(42,925) |
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Other operating income |
||
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Management charges receivable |
- |
50,000 |
|
Other operating income |
17,500 |
- |
|
17,500 |
50,000 |
|
Interest payable and similar expenses |
||
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Other loan interest |
(188) |
- |