Casey Construction Limited 30/09/2017 iXBRL

CASEY CONSTRUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC082508

CASEY CONSTRUCTION LIMITED

UNAUDITED FILLETED FINANCIAL STATEMENTS

30 September 2017

Casey Construction Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Casey Construction Limited

Directors and other information


	Directors	Mr P J Casey
		Mrs A M Casey


	Secretary	A M Casey


	Company number	SC082508


	Registered office	Gaitnip Farm
		St Ola
		Kirkwall
		Orkney
		KW15 1SX


	Accountants	PFS & Partners
		16 Main Street
		Limavady
		Co L'Derry
		BT49 0EU




	Bankers	Bank of Scotland
		9 High Street
		Inverness
		IV1 1JB

Casey Construction Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Casey Construction Limited

Year ended 30 September 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Casey Construction Limited for the year ended 30 September 2017 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 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/en/member/prof essional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Casey Construction 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 financial statements of Casey Construction Limited and state those matters that we have agreed to state to the board of directors of Casey Construction 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/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Casey Construction Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Casey Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Casey Construction Limited. You consider that Casey Construction 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 financial statements of Casey Construction 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 financial statements.

PFS & Partners

Chartered Certified Accountants

16 Main Street

Limavady

Co L'Derry

BT49 0EU

20 June 2018

Casey Construction Limited

Statement of financial position

30 September 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,760,711		1,739,814
Investments	6	695,000		695,000
		_________		_________
			2,455,711		2,434,814

Current assets
Stocks		540,717		716,331
Debtors	7	1,048,709		927,725
Cash at bank and in hand		1,969		1,678
		_________		_________
		1,591,395		1,645,734
Creditors: amounts falling due
within one year	8	( 1,844,924)		( 2,001,025)
		_________		_________
Net current liabilities			( 253,529)		( 355,291)
			_________		_________
Total assets less current liabilities			2,202,182		2,079,523

Creditors: amounts falling due
after more than one year	9		( 129,795)		( 175,747)

Provisions for liabilities			( 177,771)		( 184,802)

			_________		_________
Net assets			1,894,616		1,718,974
			_________		_________

Capital and reserves
Called up share capital			100		100
Fair value reserve			157,350		253,559
Profit and loss account			1,737,166		1,465,315
			_________		_________
Shareholders funds			1,894,616		1,718,974
			_________		_________

For the year ending 30 September 2017 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 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 20 June 2018 , and are signed on behalf of the board by:

Mr P J Casey Mrs A M Casey

Director Director

Company registration number: SC082508

Casey Construction Limited

Statement of changes in equity

Year ended 30 September 2017

	Called up share capital	Fair value reserve	Profit and loss account	Total
	£	£	£	£


At 1 October 2015	100	253,559	1,495,554	1,749,213

Profit for the year			129,970	129,970
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account			( 96,209)	( 96,209)
	_________	_________	_________	_________
Total comprehensive income for the year	-	-	33,761	33,761

Dividends paid and payable			( 64,000)	( 64,000)
	_________	_________	_________	_________
Total investments by and distributions to owners	-	-	( 64,000)	( 64,000)

	_________	_________	_________	_________
At 30 September 2016 and 1 October 2016	100	157,350	1,561,523	1,718,973

Profit for the year			185,643	185,643
	_________	_________	_________	_________
Total comprehensive income for the year	-	-	185,643	185,643

Dividends paid and payable			( 10,000)	( 10,000)
	_________	_________	_________	_________
Total investments by and distributions to owners	-	-	( 10,000)	( 10,000)

	_________	_________	_________	_________
At 30 September 2017	100	157,350	1,737,166	1,894,616
	_________	_________	_________	_________

Casey Construction Limited

Notes to the financial statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Gaitnip Farm, St Ola, Kirkwall, Orkney, KW15 1SX.

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'.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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:

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 33 (2016: 35 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 October 2016	1,171,694	1,681,828	67,222	178,734	3,099,478
Additions	33,379	180,350	-	23,600	237,329
Disposals	-	( 123,985)	-	-	( 123,985)
	_________	_________	_________	_________	_________
At 30 September 2017	1,205,073	1,738,193	67,222	202,334	3,212,822
	_________	_________	_________	_________	_________
Depreciation
At 1 October 2016	224,936	966,082	64,264	104,382	1,359,664
Charge for the year	24,101	134,803	1,377	25,355	185,636
Disposals	-	( 93,189)	-	-	( 93,189)
	_________	_________	_________	_________	_________
At 30 September 2017	249,037	1,007,696	65,641	129,737	1,452,111
	_________	_________	_________	_________	_________
Carrying amount
At 30 September 2017	956,036	730,497	1,581	72,597	1,760,711
	_________	_________	_________	_________	_________
At 30 September 2016	946,758	715,746	2,958	74,352	1,739,814
	_________	_________	_________	_________	_________

6. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 October 2016 and 30 September 2017	695,000	695,000
	_________	_________
Impairment
At 1 October 2016 and 30 September 2017	-	-
	_________	_________
Carrying amount
At 30 September 2017	695,000	695,000
	_________	_________
At 30 September 2016	695,000	695,000
	_________	_________

7. Debtors

	2017	2016
	£	£
Trade debtors	64,265	185,069
Other debtors	984,444	742,656
	_________	_________
	1,048,709	927,725
	_________	_________

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	810,647	832,857
Trade creditors	594,811	558,067
Corporation tax	42,177	15,013
Social security and other taxes	23,304	110,015
Other creditors	373,985	485,073
	_________	_________
	1,844,924	2,001,025
	_________	_________

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	129,795	175,747
	_________	_________

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2017
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr P J Casey	( 218,819)	102,546	( 116,273)
		_________	_________	_________

2016
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr P J Casey	( 272,122)	53,303	( 218,819)
		_________	_________	_________

11. Controlling party

The directors are considered to be the controlling party by virtue of their shareholding in the company.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.