Company Registration No. 09278360 (England and Wales)
CHARLES ROSS CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
CHARLES ROSS CONSTRUCTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
CHARLES ROSS CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,091
36,037
Current assets
Stocks
2,000
41,712
Debtors
5
106,220
58,985
Cash at bank and in hand
229
22,091
108,449
122,788
Creditors: amounts falling due within one year
6
(144,104)
(115,584)
Net current (liabilities)/assets
(35,655)
7,204
Total assets less current liabilities
(19,564)
43,241
Provisions for liabilities
(3,057)
(7,207)
Net (liabilities)/assets
(22,621)
36,034
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(22,721)
35,934
Total equity
(22,621)
36,034
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 31 October 2017 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.
CHARLES ROSS CONSTRUCTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2018 and are signed on its behalf by:
Mr R Leigh
Director
Company Registration No. 09278360
CHARLES ROSS CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2015
100
21
121
Year ended 31 October 2016:
Profit and total comprehensive income for the year
-
75,492
75,492
Issue of share capital
7
100
-
100
Dividends
-
(39,579)
(39,579)
Balance at 31 October 2016
100
35,934
36,034
Year ended 31 October 2017:
Loss and total comprehensive income for the year
-
(58,655)
(58,655)
Balance at 31 October 2017
100
(22,721)
(22,621)
CHARLES ROSS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 4 -
1
Accounting policies
Company information
Charles Ross Construction Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Atlas Wynd, Yarm, TS15 9AD.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Per note 2, during the year the company was involved in a dispute with it's main customer. This resulted in time and resources being diverted from the main trade of the company. Therefore at the balance sheet date the company was insolvent and dependent on the support of its directors. The directors have confirmed that this support will continue and therefore the accounts have been prepared on a going concern basis.
1.3
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.
1.4
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% straight line
Motor vehicles
20% straight line
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
.
1.5
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.
CHARLES ROSS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 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.
1.6
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.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are
recorded
at transaction price
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are recognised at transaction price
.
1.8
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.
1.9
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
.
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.
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.
1.10
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.
CHARLES ROSS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 6 -
2
Exceptional costs
2017
2016
£
£
Legal expenses
45,000
-
During the year the company was involved in a dispute with it's main customer. This was settled in the company's favour post year end. However, the company incurred a significant, one-off legal cost of £45,000.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 2).
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2016
51,864
Additions
1,400
Disposals
(18,400)
At 31 October 2017
34,864
Depreciation and impairment
At 1 November 2016
15,828
Depreciation charged in the year
8,812
Eliminated in respect of disposals
(5,867)
At 31 October 2017
18,773
Carrying amount
At 31 October 2017
16,091
At 31 October 2016
36,037
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
45,524
Corporation tax recoverable
11,112
-
Other debtors
95,108
13,461
106,220
58,985
CHARLES ROSS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 7 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
4,924
38,752
Corporation tax
-
19,580
Other taxation and social security
771
899
Other creditors
91,129
53,734
Accruals and deferred income
47,280
2,619
144,104
115,584
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
At the beginning of the year Mr R Leigh, a director, was owed £49,525 by the company. At the end of the year Mr R Leigh was owed £81,270.
At the beginning of the year Mr D Earl, a director, owed the company £Nil. At the end of the year Mr D Earl owed the company £669.