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No description of principal activities is disclosed
2016-10-01
Sage Accounts Production 18.30 - FRS
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01436611
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Company registration number:
01436611
T.A.D. Builders Limited
Unaudited filleted financial statements
30 September 2017
T.A.D. Builders Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
T.A.D. Builders Limited
Directors and other information
|
|
|
|
Directors
|
A L Jones
|
|
|
D V Jones
|
|
|
N M Jones
|
|
|
M Jones
|
|
|
|
|
|
|
|
Company number
|
01436611
|
|
|
|
|
|
|
|
Registered office
|
Llwynhendy Farm
|
|
|
Llwynhendy
|
|
|
Llanelli
|
|
|
Carmarthenshire
|
|
|
SA14 9SE
|
|
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|
|
|
|
|
Accountants
|
Rimmer & May
|
|
|
19 Murray Street
|
|
|
Llanelli
|
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|
Carmarthenshire
|
|
|
SA15 1AQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
HSBC Bank plc
|
|
|
Llanelli
|
|
|
Carmarthenshire
|
|
|
|
T.A.D. Builders Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of T.A.D. Builders 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 T.A.D. Builders Limited for the year ended 30 September 2017 which comprise the statement of financial position 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 Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of T.A.D. Builders Limited, as a body, in accordance with the terms of our engagement letter dated 5 March 2013. Our work has been undertaken solely to prepare for your approval the financial statements of T.A.D. Builders Limited and state those matters that we have agreed to state to the board of directors of T.A.D. Builders Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T.A.D. Builders Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that T.A.D. Builders 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 loss of T.A.D. Builders Limited. You consider that T.A.D. Builders 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 T.A.D. Builders 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.
Rimmer & May
Chartered Accountants
19 Murray Street
Llanelli
Carmarthenshire
SA15 1AQ
26 June 2018
T.A.D. Builders Limited
Statement of financial position
30 September 2017
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
6
|
1,611,095
|
|
|
|
1,518,690
|
|
|
Investments
|
|
7
|
21,120
|
|
|
|
21,120
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
1,632,215
|
|
|
|
1,539,810
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
743,990
|
|
|
|
663,608
|
|
|
Debtors
|
|
8
|
334,296
|
|
|
|
681,241
|
|
|
Cash at bank and in hand
|
|
|
374,389
|
|
|
|
56,451
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
1,452,675
|
|
|
|
1,401,300
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
9
|
(
1,404,956)
|
|
|
|
(
853,251)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
47,719
|
|
|
|
548,049
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
1,679,934
|
|
|
|
2,087,859
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
10
|
|
|
(
13,043)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
139,338)
|
|
|
|
(
124,242)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
1,527,553
|
|
|
|
1,963,617
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
66
|
|
|
|
66
|
Revaluation reserve
|
|
|
|
|
328,242
|
|
|
|
210,349
|
Capital redemption reserve
|
|
|
|
|
33
|
|
|
|
33
|
Profit and loss account
|
|
|
|
|
1,199,212
|
|
|
|
1,753,169
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
1,527,553
|
|
|
|
1,963,617
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
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
26 June 2018
, and are signed on behalf of the board by:
A L Jones
Director
Company registration number:
01436611
T.A.D. Builders 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 England and Wales. The address of the registered office is Llwynhendy Farm, Llwynhendy, Llanelli, Carmarthenshire, SA14 9SE.
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 14.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
|
|
|
|
|
|
Freehold property
|
-
|
2 %
|
straight line
|
|
Short leasehold property
|
-
|
4 %
|
straight line
|
|
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the year end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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.
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
44
(2016:
37
).
5.
Exceptional items
|
|
|
2017
|
2016
|
|
|
|
£
|
£
|
|
Provision for write off of group inter company account
|
|
353,637
|
-
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Included in administrative expenses is a provision for the write off of the company's loan to its subsidiary of £353,637. Whilst the subsidiary's trade has improved after the year end the directors feel it prudent to make a provision at this time.
6.
Tangible assets
|
|
Freehold property
|
Short leasehold property
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
|
Cost or valuation
|
|
|
|
|
|
|
|
|
At 1 October 2016
|
1,124,440
|
90,350
|
575,818
|
148,572
|
319,015
|
2,258,195
|
|
|
Additions
|
-
|
-
|
56,256
|
7,374
|
3,500
|
67,130
|
|
|
Revaluation
|
140,787
|
-
|
-
|
-
|
-
|
140,787
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 September 2017
|
1,265,227
|
90,350
|
632,074
|
155,946
|
322,515
|
2,466,112
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 October 2016
|
24,709
|
20,270
|
406,481
|
72,128
|
215,918
|
739,506
|
|
|
Charge for the year
|
11,404
|
2,920
|
54,868
|
20,109
|
26,210
|
115,511
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 September 2017
|
36,113
|
23,190
|
461,349
|
92,237
|
242,128
|
855,017
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 30 September 2017
|
1,229,114
|
67,160
|
170,725
|
63,709
|
80,387
|
1,611,095
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
At 30 September 2016
|
1,099,731
|
70,080
|
169,337
|
76,444
|
103,097
|
1,518,689
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Investment property
Included within the above is investment property as follows:
|
|
£
|
|
At 1 October 2016
|
479,213
|
|
Fair value adjustments
|
140,787
|
|
|
_______
|
|
At 30 September 2017
|
620,000
|
|
|
_______
|
|
|
|
The company's portfolio of domestic properties is included at market valuation as detailed above. No formal valuation has been obtained but the directors have valued the properties at each year end with the benefit of their experience within the property market. The cost of the properties to date included above at valuation is £243,626 (2016 £243,626).
7.
Investments
|
|
Shares in group undertakings and participating interests
|
Other loans
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 October 2016 and 30 September 2017
|
100
|
21,020
|
21,120
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
At 1 October 2016 and 30 September 2017
|
-
|
-
|
-
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 30 September 2017
|
100
|
21,020
|
21,120
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
At 30 September 2016
|
100
|
21,020
|
21,120
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2017
|
2016
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
222,377
|
350,821
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
|
-
|
210,560
|
|
Other debtors
|
|
111,919
|
119,860
|
|
|
|
_______
|
_______
|
|
|
|
334,296
|
681,241
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2017
|
2016
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
1,131,262
|
602,395
|
|
Social security and other taxes
|
|
38,276
|
21,108
|
|
Other creditors
|
|
235,418
|
229,748
|
|
|
|
_______
|
_______
|
|
|
|
1,404,956
|
853,251
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Creditors due within one year includes HP liabilities of £12,318 which is secured.
10.
Creditors: amounts falling due after more than one year
|
|
|
2017
|
2016
|
|
|
|
£
|
£
|
|
Other creditors
|
|
13,043
|
-
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Creditors due in more than one year includes a hire purcchase creditor of £13,043 which is secured.
11.
Events after the end of the reporting period
The company paid a dividend of £
116,471
after the year end.
12.
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
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
D V Jones
|
(
28,762)
|
(
48,407)
|
30,000
|
(
47,169)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
D V Jones
|
(
39,222)
|
(
41,055)
|
51,515
|
(
28,762)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
The amount advanced to the director was repaid after the year end.
13.
Related party transactions
The company's siubsidiary Waun Wyllt Limited trades from premises owed by TAD Builders Limited. Rent of £42,000 per annum is charged to that company.
14.
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
|
|
At 1 October 2015
|
|
|
At 30 September 2016
|
|
|
|
|
Previously stated
|
Effect of transition
|
FRS 102 (restated)
|
Previously stated
|
Effect of transition
|
FRS 102 (restated)
|
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Fixed assets
|
1,458,112
|
-
|
1,458,112
|
1,539,810
|
-
|
1,539,810
|
|
Current assets
|
1,772,032
|
-
|
1,772,032
|
1,401,300
|
-
|
1,401,300
|
|
Creditors amounts falling due within 1 year
|
(
922,147)
|
-
|
(
922,147)
|
(
853,251)
|
-
|
(
853,251)
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
Net current assets
|
849,885
|
-
|
849,885
|
548,049
|
-
|
548,049
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
Total assets less current liabilities
|
2,307,997
|
-
|
2,307,997
|
2,087,859
|
-
|
2,087,859
|
|
Provisions for liabilities
|
(
122,995)
|
(
20,649)
|
(
143,644)
|
(99,004)
|
(
25,238)
|
(124,242)
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
Net assets
|
2,185,002
|
(
20,649)
|
2,164,353
|
1,988,855
|
(
25,238)
|
1,963,617
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
Equity
|
2,185,005
|
(
20,649)
|
2,164,356
|
1,988,855
|
(
25,238)
|
1,963,617
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
Reconciliation of profit or loss for the year
|
|
|
|
|
At 30 September 2016
|
|
|
|
|
|
|
|
Previously stated
|
Effect of transition
|
FRS 102 (restated)
|
|
|
|
|
|
£
|
£
|
£
|
|
Turnover
|
|
|
|
3,392,696
|
-
|
3,392,696
|
|
Cost of sales
|
|
|
|
(
2,963,005)
|
-
|
(
2,963,005)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
Gross profit
|
|
|
|
429,691
|
-
|
429,691
|
|
Administrative expenses
|
|
|
|
(
531,918)
|
30,000
|
(
501,918)
|
|
Other operating income
|
|
|
|
66,092
|
-
|
66,092
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
Operating loss
|
|
|
|
(
36,135)
|
30,000
|
(
6,135)
|
|
Other interest receivable and similar income
|
|
|
|
2,494
|
-
|
2,494
|
|
Tax on Loss
|
|
|
|
7,494
|
(
4,589)
|
2,905
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
Loss after taxation
|
|
|
|
(
26,147)
|
25,411
|
(
736)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
Loss for the financial year
|
|
|
|
(
26,147)
|
25,411
|
(
736)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
The transitional adjustments relate to the provision of deferred tax on the investment property revaluation surplus and the recognition of the surplus on revaluation arising in the year to September 2016 through the profit and loss account.