Registration number:
Fussey Piling Limited
for the Year Ended 31 August 2021
Fussey Piling Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fussey Piling Limited
(Registration number: 01796291)
Balance Sheet as at 31 August 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
753,607 |
1,005,721 |
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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 assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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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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Shareholders' funds |
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Fussey Piling Limited
(Registration number: 01796291)
Balance Sheet as at 31 August 2021
For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 to not file a Profit and Loss Account has been taken.
Approved and authorised by the
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Fussey Piling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
General information |
The company is a private company limited by share capital incorporated in England and the company registration number is 01796291.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
These financial statements cover the indvidual entity, Fussey Piling Limited.
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.
The financial statements are presented in sterling and are rounded to the nearest pound.
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
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.
Fussey Piling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Government grants
Government grants which become 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 as income in the period in which they become receivable
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
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:
Asset class |
Depreciation method and rate |
Land and buildings freehold |
Nil |
Plant and machinery |
5 & 15 years, 7 years with 10% and 25% residual value |
Fixtures, fittings and equipment |
3-5 years |
Motor vehicles |
5 years |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Fussey Piling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Investments
Investments are included at fair value where they can be measured reliably, with the changes in fair value recognised in profit or loss. Investments which cannot be measured reliably at fair value are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Stock and long term contracts
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.
In the case of long term contracts, where the outcome of individual contracts can be estimated reliably and it is probable that the contract will be profitable, revenue and costs are recognised be reference to the stage of completion of the contract activity at the reporting date. The stage of completion is assessed by reference to the proportion of work done relative to the total value of work under the contract. Provision is made for all known or expected losses on individual contracts in the year in which such losses are foreseen.
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.
Borrowings
Fussey Piling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fussey Piling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
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Cost or valuation |
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At 1 September 2020 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
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At 31 August 2021 |
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Depreciation |
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At 1 September 2020 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
( |
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At 31 August 2021 |
- |
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Carrying amount |
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At 31 August 2021 |
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At 31 August 2020 |
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Total |
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Cost or valuation |
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At 1 September 2020 |
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Additions |
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Disposals |
( |
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At 31 August 2021 |
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Depreciation |
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At 1 September 2020 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 August 2021 |
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Carrying amount |
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At 31 August 2021 |
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At 31 August 2020 |
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Included within the net book value of land and buildings above is £68,378 (2020 - £68,378) in respect of freehold land and buildings.
Fussey Piling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 September 2020 |
1,005,721 |
1,005,721 |
Fair value adjustments |
127,146 |
127,146 |
Disposals |
(379,260) |
(379,260) |
At 31 August 2021 |
753,607 |
753,607 |
Impairment |
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Carrying amount |
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At 31 August 2021 |
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753,607 |
Stocks |
2021 |
2020 |
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Raw materials and consumables |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Amounts recoverable on contracts |
629,571 |
790,264 |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Fussey Piling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
98,178 |
83,289 |
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Due after one year |
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Loans and borrowings |
- |
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Included in bank loans and overdrafts is an amount of £87,500 (2020: £262,500) due within and over one year relating to hire purchases. The hire purchase is secured by a fixed charge on the assets concerned.
The aggregate amount of secured liabilities is £87,500 (2020: £262,500).
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
- |
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Related party transactions |
Directors' remuneration and key management compensation
The remuneration for the year was as follows:
2021 |
2020 |
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Remuneration |
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Contributions paid to money purchase schemes |
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293,036 |
262,923 |