Company registration number 03207460 (England and Wales)
C BASTOCK (CONTRACTS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
C BASTOCK (CONTRACTS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
C BASTOCK (CONTRACTS) LTD
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,136,914
1,238,070
Investments
5
50
50
1,136,964
1,238,120
Current assets
Stocks
19,758
20,255
Debtors
6
327,560
336,674
Cash at bank and in hand
847,701
783,361
1,195,019
1,140,290
Creditors: amounts falling due within one year
7
(517,961)
(553,120)
Net current assets
677,058
587,170
Total assets less current liabilities
1,814,022
1,825,290
Creditors: amounts falling due after more than one year
8
(282,567)
(378,081)
Provisions for liabilities
(13,495)
(20,625)
Net assets
1,517,960
1,426,584
Capital and reserves
Called up share capital
90
90
Profit and loss reserves
1,517,870
1,426,494
Total equity
1,517,960
1,426,584
C BASTOCK (CONTRACTS) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2022
30 June 2022
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2023 and are signed on its behalf by:
Mr D Bastock
Director
Company Registration No. 03207460
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
C Bastock (Contracts) Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
67-71 Warwick Road, Olton, Solihull, West Midlands, B92 7HP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services provided during the year.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings Freehold
2% straight line excluding freehold land
Leasehold improvements
Period of lease
Plant and machinery
10% straight line
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
12.5% straight line/25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Interests in
unlisted companies
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Any impairment loss is recognised immediately in the profit and loss account.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price
.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
22
23
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2021
1,105,653
1,166,490
2,272,143
Additions
68,106
68,106
Disposals
(3,179)
(3,179)
At 30 June 2022
1,105,653
1,231,417
2,337,070
Depreciation and impairment
At 1 July 2021
303,451
730,622
1,034,073
Depreciation charged in the year
28,533
139,794
168,327
Eliminated in respect of disposals
(2,244)
(2,244)
At 30 June 2022
331,984
868,172
1,200,156
Carrying amount
At 30 June 2022
773,669
363,245
1,136,914
At 30 June 2021
802,202
435,868
1,238,070
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
50
50
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
250,996
248,618
Other debtors
76,564
88,056
327,560
336,674
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 9 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
73,664
51,915
Trade creditors
265,892
252,825
Corporation tax
84,961
105,922
Other taxation and social security
16,016
13,469
Other creditors
77,428
128,989
517,961
553,120
Bank
loans
include
£
23,664
(202
1
: £
22,748
)
which is secured by a fixed and floating charge over the assets of the company. Hire
purchase agreements of £
22,135
(202
1
: £
71,272
) included within other creditors are secured by a fixed and floating charge over the assets of the company.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
271,348
344,728
Other creditors
11,219
33,353
282,567
378,081
B
ank loans
include
£1
00,515
(202
1
: £
123,895
)
which is secured by a fixed and floating charge of the assets of the company. H
ire purchase agreements of £
11,219
(202
1
£
33,353
) included within other creditors are secured by a fixed and floating charge over the assets of the company.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
44,087
C BASTOCK (CONTRACTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 10 -
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
592,000
676,000
2022-06-30
2021-07-01
false
31 January 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
Mr T Bastock
Mrs W Bastock
Mr D Bastock
Mr D Bastock
03207460
2021-07-01
2022-06-30
03207460
2022-06-30
03207460
2021-06-30
03207460
core:LandBuildings
2022-06-30
03207460
core:OtherPropertyPlantEquipment
2022-06-30
03207460
core:LandBuildings
2021-06-30
03207460
core:OtherPropertyPlantEquipment
2021-06-30
03207460
core:CurrentFinancialInstruments
core:WithinOneYear
2022-06-30
03207460
core:CurrentFinancialInstruments
core:WithinOneYear
2021-06-30
03207460
core:Non-currentFinancialInstruments
core:AfterOneYear
2022-06-30
03207460
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-06-30
03207460
core:CurrentFinancialInstruments
2022-06-30
03207460
core:CurrentFinancialInstruments
2021-06-30
03207460
core:Non-currentFinancialInstruments
2022-06-30
03207460
core:Non-currentFinancialInstruments
2021-06-30
03207460
core:ShareCapital
2022-06-30
03207460
core:ShareCapital
2021-06-30
03207460
core:RetainedEarningsAccumulatedLosses
2022-06-30
03207460
core:RetainedEarningsAccumulatedLosses
2021-06-30
03207460
bus:CompanySecretaryDirector1
2021-07-01
2022-06-30
03207460
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-07-01
2022-06-30
03207460
core:LeaseholdImprovements
2021-07-01
2022-06-30
03207460
core:PlantMachinery
2021-07-01
2022-06-30
03207460
core:FurnitureFittings
2021-07-01
2022-06-30
03207460
core:MotorVehicles
2021-07-01
2022-06-30
03207460
2020-07-01
2021-06-30
03207460
core:LandBuildings
2021-06-30
03207460
core:OtherPropertyPlantEquipment
2021-06-30
03207460
2021-06-30
03207460
core:LandBuildings
2021-07-01
2022-06-30
03207460
core:OtherPropertyPlantEquipment
2021-07-01
2022-06-30
03207460
core:WithinOneYear
2022-06-30
03207460
core:WithinOneYear
2021-06-30
03207460
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
03207460
bus:SmallCompaniesRegimeForAccounts
2021-07-01
2022-06-30
03207460
bus:FRS102
2021-07-01
2022-06-30
03207460
bus:AuditExemptWithAccountantsReport
2021-07-01
2022-06-30
03207460
bus:Director1
2021-07-01
2022-06-30
03207460
bus:Director2
2021-07-01
2022-06-30
03207460
bus:Director3
2021-07-01
2022-06-30
03207460
bus:CompanySecretary1
2021-07-01
2022-06-30
03207460
bus:FullAccounts
2021-07-01
2022-06-30
xbrli:pure
xbrli:shares
iso4217:GBP