S C Contractors Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 September 2020
Company Registration No. 07184490 (England and Wales)
S C Contractors Limited
Balance Sheet
As at 30 September 2020
Page 1
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
4,818,559
2,045,640
Cash at bank and in hand
403,943
5,222,502
2,045,640
Creditors: amounts falling due within one year
4
(5,015,132)
(1,874,371)
Net current assets
207,370
171,269
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
207,369
171,268
Total equity
207,370
171,269
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 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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 member has 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 and signed by the director and authorised for issue on 28 June 2021
M R Stephenson
Director
Company Registration No. 07184490
S C Contractors Limited
Notes to the Financial Statements
For the year ended 30 September 2020
Page 2
1
Accounting policies
Company information
S C Contractors Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have assessed the impact of the worldwide COVID-19 pandemic on the company and consider any impact or delays to be short term only. As a result the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.4
Cash and cash equivalents
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.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
S C Contractors Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2020
1
Accounting policies
(Continued)
Page 3
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
2
Employees
The average monthly number of persons employed by the company during the year was 10
(2019: 10).
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,369,348
1,345,446
Other debtors
3,449,211
700,194
4,818,559
2,045,640
4
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
117,747
Trade creditors
502,514
828,594
Corporation tax
21,486
13,084
Other taxation and social security
4,318,011
268,341
Other creditors
173,121
646,605
5,015,132
1,874,371
5
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
18,681
17,258
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
S C Contractors Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2020
Page 4
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
7
Financial commitments, guarantees and contingent liabilities
The company has provided security under a multilateral cross guarantee for a bank pooling facility covering a number of companies under the control of M R Stephenson. The facility allows there to be overdrawn bank accounts across the companies involved up to a total of £15,000,000, providing there are also positive bank balances across the companies that match or exceed the overdrawn accounts. There was no overdraft facility during the year. Since the year end, the facility has been increased to £20,000,000.
8
Related party transactions
During the year the company made sales to the following companies under the control of M R Stephenson:
Stephenson Construction (North) Limited - £
2,620,484
(201
9
: £
3,965,202
).
Included within trade debtors at the year end was £
698,123
(2019:
£
346,061). Included within other debtors at the year end was £nil (2019: £285,790).
Stephenson Construction (Southern) Limited - £
5,588,520
(201
9:
£
8,721,939
).
Included within trade debtors at the year end was
£
671,224
(2019:
£
1,002,893). Included within other debtors at the year end was £nil (2019: £294,094).
Stephenson Civils Limited - £nil (2019: £224,256). Included within trade debtors at year end was £nil (2019: £424).
M R Stephenson Limited - £2,309 (2019: £nil). Included within trade debtors at year end was £nil (2019: £nil).
Included in other debtors at the year end was accrued income of £150,000 (2019: £nil) in respect of management fees due from M R Stephenson Limited. Also included
in
debtors
at the year end was a balance due
from
M R Stephenson Limited
of £
3,297,898
(201
9
: £
120,310).
During the year the company incurred management charges of £nil
(2019: £275,000) from M R Stephenson Limited. Included within other creditors at the year end was an accrual of £nil
(2019: £275,000) in respect of these charges.