Company Registration No. 03454814 (England and Wales)
CROWN CONSTRUCTION (CONTRACTING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
CROWN CONSTRUCTION (CONTRACTING) LIMITED
COMPANY INFORMATION
Director
Mr M L Hitchcock
Company number
03454814
Registered office
St.Helens House
King Street
Derby
DE1 3EE
Accountants
Smith Cooper Limited
St.Helens House
King Street
Derby
DE1 3EE
CROWN CONSTRUCTION (CONTRACTING) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CROWN CONSTRUCTION (CONTRACTING) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
91,405
76,225
Current assets
Stocks
64,737
1,747
Debtors
5
1,192,807
822,127
Cash at bank and in hand
661
4,752
1,258,205
828,626
Creditors: amounts falling due within one year
6
(796,196)
(488,504)
Net current assets
462,009
340,122
Total assets less current liabilities
553,414
416,347
Creditors: amounts falling due after more than one year
7
(27,699)
(17,545)
Provisions for liabilities
(16,151)
(13,683)
Net assets
509,564
385,119
Capital and reserves
Called up share capital
8
42,000
42,000
Profit and loss reserves
467,564
343,119
Total equity
509,564
385,119
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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.
CROWN CONSTRUCTION (CONTRACTING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 August 2018
Mr M L Hitchcock
Director
Company Registration No. 03454814
CROWN CONSTRUCTION (CONTRACTING) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2015
42,000
379,780
421,780
Year ended 30 November 2016:
Profit and total comprehensive income for the year
-
12,523
12,523
Dividends
-
(49,184)
(49,184)
Balance at 30 November 2016
42,000
343,119
385,119
Year ended 30 November 2017:
Profit and total comprehensive income for the year
-
164,629
164,629
Dividends
-
(40,184)
(40,184)
Balance at 30 November 2017
42,000
467,564
509,564
CROWN CONSTRUCTION (CONTRACTING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 4 -
1
Accounting policies
Company information
Crown Construction (Contracting) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
St.Helens House, King Street, Derby, DE1 3EE.
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.
These financial statements for the year ended 30 November 2017
are the
first
financial statements of Crown Construction (Contracting) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when sites are practically complete.
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:
Plant and machinery
20% on reducing balance
Fixtures, fittings & equipment
15% on reducing balance
Motor vehicles
25% on 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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
CROWN CONSTRUCTION (CONTRACTING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand
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.
1.6
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term creditors are measured at the transaction price.
1.7
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CROWN CONSTRUCTION (CONTRACTING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 14 (2016 - 12).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2016 and 30 November 2017
6,000
Amortisation and impairment
At 1 December 2016 and 30 November 2017
6,000
Carrying amount
At 30 November 2017
-
At 30 November 2016
-
CROWN CONSTRUCTION (CONTRACTING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2016
212,115
3,231
29,503
244,849
Additions
42,439
-
-
42,439
At 30 November 2017
254,554
3,231
29,503
287,288
Depreciation and impairment
At 1 December 2016
138,026
2,376
28,224
168,626
Depreciation charged in the year
26,808
129
320
27,257
At 30 November 2017
164,834
2,505
28,544
195,883
Carrying amount
At 30 November 2017
89,720
726
959
91,405
At 30 November 2016
74,090
856
1,279
76,225
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
699,544
237,911
Other debtors
493,263
584,216
1,192,807
822,127
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
28,414
-
Trade creditors
224,828
169,069
Corporation tax
35,558
-
Other taxation and social security
7,900
39,477
Other creditors
499,496
279,958
796,196
488,504
CROWN CONSTRUCTION (CONTRACTING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 8 -
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
27,699
17,545
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
42,000 Ordinary of £1 each
42,000
42,000
42,000
42,000
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:
2017
2016
£
£
620
620
10
Related party transactions
Transactions with related parties
Mr M L Hitchcock also has control over Crown Construction (Developments) Limited (CCD) and Crown Home Assist Limited (CHA). During the year the following transactions occurred with these companies:
Sales to CCD £429,671 (2016: £134,808) with balances due at the year end of £531,553 (2016: £34,863).
Sales to CHA £46,551 (2016: £44,521) with balances due at the yea end of £20,732 (2016: £22,670).
Purchases from CHA £13,342 (2016: £12,252) with balances outstanding at the year end of £6,240 (2016: £8,293).
Loan due from CCD £485,850 (2016: £450,850).
Loan owed to CHA £242,999 (2016: £242,999).
CROWN CONSTRUCTION (CONTRACTING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 9 -
11
Directors' transactions
Dividends totalling £40,184 (2016 - £49,184) were paid in the year in respect of shares held by the company's directors.
12
Controlling party
The company is controlled by Mr M L Hitchcock, director and majority shareholder.
2017-11-30
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CCH Software
CCH Accounts Production 2018.200
No description of principal activity
06 August 2018
Mr M L Hitchcock
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