Dry Construction Limited - Accounts to registrar (filleted) - small 18.2

DRY CONSTRUCTION LIMITED - Company Information

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REGISTERED NUMBER: 03546369 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2018

FOR

DRY CONSTRUCTION LIMITED

Page

Company Information

Abridged Balance Sheet

Notes to the Financial Statements

DIRECTORS:

J S Rivett

Ms C A Lawrence

REGISTERED OFFICE:

Unit 7, The Oaks

Manston Business Park

Invicta Way

Ramsgate

Kent

CT12 5FN

REGISTERED NUMBER:

03546369 (England and Wales)

ACCOUNTANTS:

Spain Brothers & Co

Chartered Accountants

Westgate House

87 St Dunstans Street

Canterbury

Kent

CT2 8AE

FIXED ASSETS

Tangible assets

214,281

132,429

Investment property

611,000

825,281

743,429

CURRENT ASSETS

Stocks

2,500

Debtors

248,866

201,002

Cash at bank and in hand

(666

)

3,425

250,700

206,927

CREDITORS

Amounts falling due within one year

482,578

471,415

NET CURRENT LIABILITIES

(231,878

)

(264,488

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

593,403

478,941

CREDITORS

Amounts falling due after more than one
year

(114,333

)

(58,199

)

PROVISIONS FOR LIABILITIES

(32,285

)

(10,601

)

NET ASSETS

446,785

410,141

CAPITAL AND RESERVES

Called up share capital

Revaluation reserve

28,230

Retained earnings

418,553

381,909

SHAREHOLDERS' FUNDS

446,785

410,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30th September 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26th June 2019 and were signed on its behalf by:

Ms C A Lawrence - Director

J S Rivett - Director

1.	STATUTORY INFORMATION

Dry Construction Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's functional currency is the Pound Sterling (£).

The principal activity of the company is specialist dry lining contractors.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

When the outcome of a construction contract can be estimated reliably, turnover is recognised by reference to the

stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in

which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will

be recovered.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as

an expense immediately, with a corresponding provision.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

Straight line over life of lease

Plant and machinery

25% reducing balance and 33 1/3% on cost

Fixtures and fittings

20% on cost

Computer equipment

25% on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment

losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at

fair value at each reporting date with changes in fair value recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost ad estimated selling price less costs to complete and sell. Cost includes all

costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula, Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Other operating income

The company receives rental income from letting properties. This income is shown under other operating

income, and is credited to the profit and loss account as it falls due.

3.	TANGIBLE FIXED ASSETS

Totals

COST

At 1st October 2017

164,018

Additions

131,252

At 30th September 2018

295,270

DEPRECIATION

At 1st October 2017

31,589

Charge for year

49,400

At 30th September 2018

80,989

NET BOOK VALUE

At 30th September 2018

214,281

At 30th September 2017

132,429

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

COST

At 1st October 2017

85,495

Additions

107,437

At 30th September 2018

192,932

DEPRECIATION

At 1st October 2017

792

Charge for year

27,275

At 30th September 2018

28,067

NET BOOK VALUE

At 30th September 2018

164,865

At 30th September 2017

84,703

4.	INVESTMENT PROPERTY

Total

FAIR VALUE

At 1st October 2017

and 30th September 2018

611,000

NET BOOK VALUE

At 30th September 2018

611,000

At 30th September 2017

611,000

Fair value at 30th September 2018 is represented by:

Valuation in 2017

28,230

Cost

582,770

611,000

Investment Property was valued on an open market basis on 18th June 2018 by David Clarke Estate Agents Ltd .

The methods and significant assumptions used to ascertain the fair values were with vacant possession and that

all required planning permissions and statutory approvals for the buildings and for their use had been obtained

and complied with.

Investment properties are all held for use in operating leases.

5.	SECURED DEBTS

The Bank overdraft is secured by means of a fixed and floating charge over the assets of the company. It contains

a negative pledge.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

Ordinary

RESERVES

Retained

Revaluation

earnings

reserve

Totals

At 1st October 2017

381,909

28,230

410,139

Profit for the year

128,644

Dividends

(92,000

)

(92,000

)

At 30th September 2018

418,553

28,230

446,783

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th September 2018 and

30th September 2017:

2018

2017

J S Rivett

Balance outstanding at start of year

91,017

58,252

Amounts advanced

73,222

91,515

Amounts repaid

(92,000

)

(58,750

)

Amounts written off

Amounts waived

Balance outstanding at end of year

72,239

91,017

The Director's loan account was repaid after the year end.

9.	RELATED PARTY DISCLOSURES

The Company occupies leased premised owned by one of the company directors. Rental payments are paid on an

arms length basis at full market rates.

During the year the Company provided goods and services totalling £124,045 (2017 £Nil) to JSR Drywall

Limited and received loans from JSR Drywall Limited of £75,035.

The Director, Mr J Rivett has a majority shareholding in this Company.

At the year end the Company owed £75,035 (2017 £Nil) to JSR Drywall Limited and was owed £12,283 (2017

£Nil) by JSR Drywall Limited.

All transactions have been carried out on an arms length basis.