REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 April 2020 |
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Central Demolition Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 April 2020 |
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for |
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Central Demolition Limited |
Central Demolition Limited (Registered number: SC172244) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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Central Demolition Limited |
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Company Information |
for the Year Ended 30 April 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
76 Dumbarton Road |
Clydebank |
Glasgow |
G81 1UG |
Central Demolition Limited (Registered number: SC172244) |
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Strategic Report |
for the Year Ended 30 April 2020 |
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The directors present their strategic report for the year ended 30 April 2020. |
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REVIEW OF BUSINESS |
The loss for the year, after taxation, amounted to £880,174 (2019 - profit of £311,912). |
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The turnover reduced by 27% to £11,515,243 due to a combination of challenging market conditions and disruption in the latter part of the year due to the Covid -19 Lockdown. The gross profit margin, after accounting for the recovery of management charges from a group company, reduced to 12.6% (2019 - 19.9%). |
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During the current and previous year the company undertook several large labour intensive / subcontractor oriented contracts. Although these contracts have now been completed and best financial outcomes at final account stage have been achieved, unfortunately these projects have had a substantial effect on the companies position to effectively carry out a lot of our mainstream works in our normal & effective manner. This has resulted in a reduction in gross margins achieved for the year. |
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The directors and senior management have addressed the above matters and refocused our estimating activities on our well proven mainstream works and we continue to seek out and win targeted tender opportunities going forward. We have also focused on reducing our debt and hire purchase obligations as well as streamlining overhead and direct labour costs within the business. |
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With the main effects of Covid-19 hopefully behind us, we currently have a balanced workload and a healthy order book with many opportunities and a confidence that this will be reflected in future trading profits. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
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Financial risk management |
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The company finances its operations through a mixture of retained profits, banking arrangements and hire purchase financing arrangements where necessary to fund capital expenditure. |
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The management's objectives are, through ongoing profitable trading, to retain sufficient funds to enable it to meet its day to day obligations as they fall due and match the repayment schedule of any external finance with the future cash flows expected to arise from trading activities and non trade debt repayments. |
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The companies credit risk is attributable to its trade debtors and other debtors arising from financing of non trade activities to related parties. In order to manage risk the directors set limits for trade customers based on a combination of payment history and third party references. Non trade other debtors can be monitored closely due to the directors involvement in such projects. |
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Covid-19 |
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The company was impacted by the Covid 19 Lockdown. While we may continue to be affected by Covid-19 in the future, it is not expected to have a significant impact unless significant restrictions were to be imposed on our industry sector.The company has put in place processes to mitigate risk and will take advantage of government support as appropriate and is confident that it will continue to trade effectively and profitably despite the underlying conditions. |
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Central Demolition Limited (Registered number: SC172244) |
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Strategic Report |
for the Year Ended 30 April 2020 |
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FUTURE OUTLOOK |
As in the wider industry the demolition market continues to be challenging and unpredictable. However the directors are optimistic about future prospects for the industry and believe that the company is well placed to take advantage of any improvement in market conditions. The company is continually maintaining links with its valued existing client base and is looking to maintain current turnover levels in its core business market of demolition, asbestos removal and recycling. |
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ON BEHALF OF THE BOARD: |
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Central Demolition Limited (Registered number: SC172244) |
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Report of the Directors |
for the Year Ended 30 April 2020 |
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The directors present their report with the financial statements of the company for the year ended 30 April 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of of a demolition contractor. |
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DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2020. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2019 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Graham & Co. (Accountants) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Central Demolition Limited |
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Opinion |
We have audited the financial statements of Central Demolition Limited (the 'company') for the year ended 30 April 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2020 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Central Demolition Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditors |
Chartered Accountants |
76 Dumbarton Road |
Clydebank |
Glasgow |
G81 1UG |
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Central Demolition Limited (Registered number: SC172244) |
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Income Statement |
for the Year Ended 30 April 2020 |
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30.4.20 | 30.4.19 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS (LOSS)/PROFIT | ( |
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Administrative expenses |
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(3,393,275 | ) | (1,889,435 | ) |
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Other operating income |
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OPERATING (LOSS)/PROFIT | 5 | ( |
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Interest receivable and similar income |
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(1,112,552 | ) | 511,379 |
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Interest payable and similar expenses | 6 |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 7 | ( |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
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Central Demolition Limited (Registered number: SC172244) |
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Other Comprehensive Income |
for the Year Ended 30 April 2020 |
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30.4.20 | 30.4.19 |
Notes | £ | £ |
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(LOSS)/PROFIT FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
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Central Demolition Limited (Registered number: SC172244) |
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Balance Sheet |
30 April 2020 |
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30.4.20 | 30.4.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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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 | 11 | ( |
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PROVISIONS FOR LIABILITIES | 14 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings | 16 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Central Demolition Limited (Registered number: SC172244) |
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Statement of Changes in Equity |
for the Year Ended 30 April 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 May 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 30 April 2019 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 30 April 2020 |
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Central Demolition Limited (Registered number: SC172244) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2020 |
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1. | STATUTORY INFORMATION |
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Central Demolition Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in Sterling (£). |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
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Significant judgements and estimates |
Tangible fixed assets |
Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values, where appropriate. The actual lives and residual values are assessed annually. In re-assessing asset lives, factors such as technological innovation, asset life cycle, wear and tear and maintenance programmes are taken into account. Residual value assessment consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
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Going concern forecasts |
The directors have used significant judgement in preparing forecasts for the period of 12 months following the signing of the financial statements. These forecasts have been used by the directors in making their assessment of going concern. |
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Turnover |
Turnover represents net invoiced sales and work completed on long term contracts, excluding value added tax. |
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Turnover on demolition contracts is recognised according to the stage reached in the contract by reference to work completed. Turnover from sales of scrap and other materials is recognised when ownership of goods has passed to the buyer on dispatch of the goods. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Government grants |
Grants received in respect of the Job Retention Scheme are accounted for on an accruals basis and are netted against the wages cost to which they relate. |
Central Demolition Limited (Registered number: SC172244) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include debtors and bank balances are initially measured at transaction price 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. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year. 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. |
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Derecognition of financial liabilities |
Central Demolition Limited (Registered number: SC172244) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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2. | ACCOUNTING POLICIES - continued |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Long term contracts |
The contracts undertaken by the company are deemed to be of a long term nature. Long term contract work in progress shown at net cost after deducting foreseeable losses and payments on account. Turnover on long term contracts is determined on the basis of certified valuations representing measured work on contracts. Operating profit includes attributable profit on long term contracts complete and amounts recoverable on contracts incomplete, the latter also being included under debtors due within one year. |
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Central Demolition Limited (Registered number: SC172244) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
In light of recent events surrounding the Covid-19 pandemic, in common with most businesses it is difficult to predict what impact this may have on the economy as a whole and the company's business in particular. |
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Having considered these events, the directors are satisfied as to the company's ability to continue as a going concern for the foreseeable future. In coming to this conclusion, the directors have reviewed both the company's current financial position and the projected profit and cash flow forecasts for a period in excess of one year from the date of approval. The directors therefore consider it appropriate to adopt the going concern basis in preparing its financial statements. |
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3. | TURNOVER |
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The turnover and loss (2019 - profit) before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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30.4.20 | 30.4.19 |
£ | £ |
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An analysis of turnover by geographical market is given below: |
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30.4.20 | 30.4.19 |
£ | £ |
United Kingdom |
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Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. |
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Turnover is attributable to one continuing activity, that of demolition, dismantling and associated scrap sales. |
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4. | EMPLOYEES AND DIRECTORS |
30.4.20 | 30.4.19 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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Central Demolition Limited (Registered number: SC172244) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
30.4.20 | 30.4.19 |
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Administration | 20 | 26 |
Demolition | 150 | 157 |
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30.4.20 | 30.4.19 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Information regarding the highest paid director is as follows: |
30.4.20 | 30.4.19 |
£ | £ |
Emoluments etc |
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Pension contributions to money purchase schemes |
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5. | OPERATING (LOSS)/PROFIT |
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The operating loss (2019 - operating profit) is stated after charging/(crediting): |
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30.4.20 | 30.4.19 |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Loss/(profit) on disposal of fixed assets |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.20 | 30.4.19 |
£ | £ |
Hire purchase |
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Central Demolition Limited (Registered number: SC172244) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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7. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
30.4.20 | 30.4.19 |
£ | £ |
Current tax: |
UK corporation tax | ( |
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Adjustment to previous year | (95,573 | ) | - |
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Tax on (loss)/profit | ( |
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UK corporation tax was charged at 19%) in 2019. |
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Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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30.4.20 | 30.4.19 |
£ | £ |
(Loss)/profit before tax | ( |
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(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
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( |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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Depreciation in excess of capital allowances | - |
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Utilisation of tax losses |
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R&D enhanced expenditure at tax credit rate | (160,412 | ) | - |
Total tax (credit)/charge | (295,046 | ) | 95,573 |
Central Demolition Limited (Registered number: SC172244) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
|
8. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 May 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
|
( |
) |
At 30 April 2020 |
|
|
|
DEPRECIATION |
At 1 May 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
|
( |
) |
At 30 April 2020 |
|
|
|
NET BOOK VALUE |
At 30 April 2020 |
|
|
|
At 30 April 2019 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2019 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 30 April 2020 |
|
|
|
DEPRECIATION |
At 1 May 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 30 April 2020 |
|
|
|
NET BOOK VALUE |
At 30 April 2020 |
|
|
|
At 30 April 2019 |
|
|
|
Central Demolition Limited (Registered number: SC172244) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
|
8. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 May 2019 |
|
|
|
Additions |
|
|
|
Transfer to ownership | (1,172,580 | ) | (284,010 | ) | (1,456,590 | ) |
At 30 April 2020 |
|
|
|
DEPRECIATION |
At 1 May 2019 |
|
|
|
Charge for year |
|
|
|
Transfer to ownership | (589,862 | ) | (100,615 | ) | (690,477 | ) |
At 30 April 2020 |
|
|
|
NET BOOK VALUE |
At 30 April 2020 |
|
|
|
At 30 April 2019 |
|
|
|
|
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.20 | 30.4.19 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Amounts recoverable on contract |
|
|
Other debtors |
|
|
Chieftain Contracts Limited | 48,039 | 47,923 |
Broomside Developments | 517,584 | 827,580 |
Clydeside Property Services Limited | 1,770,191 | 1,581,292 |
Directors' current accounts | 377,859 | - |
Prepayments and accrued income |
|
|
|
|
|
Debtors includes amounts with no fixed repayment terms and as such they are treated as being due within one year. The amount of £1,770,191 due from Clydeside Properties Ltd is related to a long term property development and is therefore unlikely to be repaid within one year. |
Central Demolition Limited (Registered number: SC172244) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
|
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.20 | 30.4.19 |
£ | £ |
Hire purchase contracts (see note 12) |
|
|
Trade creditors |
|
|
Tax | ( |
) |
|
Social security and other taxes |
|
|
VAT | 332,640 | 271,355 |
Other creditors |
|
|
Directors' current accounts | - | 419 |
Accrued expenses |
|
|
|
|
|
11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.4.20 | 30.4.19 |
£ | £ |
Hire purchase contracts (see note 12) |
|
|
|
12. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
30.4.20 | 30.4.19 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
13. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
30.4.20 | 30.4.19 |
£ | £ |
Hire purchase contracts | 1,209,500 | 1,664,340 |
|
Bank borrowings are secured by way of a bond and floating charge over the assets of the company. |
|
An unlimited inter company guarantee also exists in favour of Central Recycling Limited. |
|
14. | PROVISIONS FOR LIABILITIES |
30.4.20 | 30.4.19 |
£ | £ |
Deferred tax | 65,000 | 65,000 |
Central Demolition Limited (Registered number: SC172244) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
|
14. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 May 2019 |
|
Charged to the Profit & Loss |
Balance at 30 April 2020 |
|
|
15. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.20 | 30.4.19 |
value: | £ | £ |
|
Ordinary | £1 | 50,000 | 50,000 |
|
16. | RESERVES |
Retained |
earnings |
£ |
|
At 1 May 2019 |
|
Deficit for the year | ( |
) |
At 30 April 2020 |
|
|
17. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme for the director and it's senior staff. The contributions paid into the scheme during the year amounted to £132,202 (2019 - £115,236). |
|
18. | ULTIMATE PARENT COMPANY |
|
Central Group Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
|
19. | CONTINGENT LIABILITIES |
|
An unlimited inter company guarantee exists in favour of Central Recycling Limited. |
|
A third party company guarantee exists in favour of The Royal Bank of Scotland Plc (to a limit of £2,113,621). This relates to loan finance provided to Clydeside Property Services Ltd ; supported by a bond and floating charge. The balance of the finance serviced by Central Demolition Ltd in this regard was £1,357,265 at 30 April 2020. |
Central Demolition Limited (Registered number: SC172244) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
|
20. | RELATED PARTY DISCLOSURES |
|
Other operating income includes £2,200,000 for the provision of management services to Central Recycling Ltd and £80,000 for management services to Central Demolition (Recycling) Ltd. Cost of sales includes |
£163,167 for services provided by Central Demolition Recycling Ltd. Other debtors includes £377,859 due by the directors. |
|
Included within trade and other debtors / (trade creditors) are: |
30.4.20 | 30.4.19 |
£ | £ |
Chieftain Contracts Limited | 344,352 | 344,237 |
(a company controlled by the directors) |
Central Demolition Recycling Limited | (257,404 | ) | (223,047 | ) |
(a company controlled by a director)) |
Broomside Property Developments | 517,584 | 827,580 |
(an entity in which the directors are partners) |
Clydeside Property Services Limited | 1,770,191 | 1,581,292 |
(a company controlled by the directors) |
Central Recycling Ltd | 43,832 | 1,008,289 |
(a company controlled by the directors) |
|
|
|
21. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|