PKS (Construction) Limited Filleted accounts for Companies House (small and micro)

P.K.S. (CONSTRUCTION) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01190065

PKS (Construction) Limited

Filleted Unaudited Financial Statements

30 November 2018

PKS (Construction) Limited

Financial Statements

Year ended 30 November 2018

Contents	Page

Officers and professional advisers	1

Balance sheet	2

Notes to the financial statements	4

PKS (Construction) Limited

Officers and Professional Advisers

The board of directors	Mr P K Rowe
	Mr J P Rowe

Company secretary	Mr P K Rowe

Registered office	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Accountants	Stephenson Smart (East Anglia) Limited
	Chartered Accountants
	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Bankers	Barclays Bank plc
	91-92 High Street
	King's Lynn
	Norfolk
	PE30 1BL

PKS (Construction) Limited

Balance Sheet

30 November 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		115,717	130,135

Current assets

Stocks		213,365	328,365
Debtors	6	184,622	106,475
Cash at bank and in hand		104,407	137,651
		---------	---------
		502,394	572,491

Creditors: amounts falling due within one year	7	354,465		433,141
		---------		---------
Net current assets			147,929	139,350
			---------	---------
Total assets less current liabilities			263,646	269,485

Creditors: amounts falling due after more than one year	8		12,383	21,416

Provisions

Taxation including deferred tax	19,248	24,148
	---------	---------
Net assets	232,015	223,921
	---------	---------

Capital and reserves

Called up share capital	4,003	4,003
Profit and loss account	228,012	219,918
	---------	---------
Shareholders funds	232,015	223,921
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings (including profit and loss account) has not been delivered.

For the year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PKS (Construction) Limited

Balance Sheet (continued)

30 November 2018

These financial statements were approved by the board of directors and authorised for issue on 29 August 2019 , and are signed on behalf of the board by:

Mr P K Rowe

Director

Company registration number: 01190065

PKS (Construction) Limited

Notes to the Financial Statements

Year ended 30 November 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22-26 King Street, King's Lynn, Norfolk, PE30 1HJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced and accrued during the year excluding VAT.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	15% reducing balance
Office Equipment	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 December 2017	98,452	10,562	152,116	261,130
Additions	–	2,606	13,047	15,653
	--------	--------	---------	---------
At 30 November 2018	98,452	13,168	165,163	276,783
	--------	--------	---------	---------
Depreciation
At 1 December 2017	55,638	5,997	69,360	130,995
Charge for the year	6,422	922	22,727	30,071
	--------	--------	---------	---------
At 30 November 2018	62,060	6,919	92,087	161,066
	--------	--------	---------	---------
Carrying amount
At 30 November 2018	36,392	6,249	73,076	115,717
	--------	--------	---------	---------
At 30 November 2017	42,814	4,565	82,756	130,135
	--------	--------	---------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	51,488	100,660
Other debtors	133,134	5,815
	---------	---------
	184,622	106,475
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	25,000
Trade creditors	38,833	132,230
Corporation tax	14,586	11,028
Social security and other taxes	246	5,492
Other creditors	300,800	259,391
	---------	---------
	354,465	433,141
	---------	---------

Included in other creditors is £17,996 (2017: £15,260) relating to hire purchase agreements. These balances are secured over the assets to which they relate. Lloyds Bank plc hold a legal charge over the development of 49 Sluice Road, Denver, Norfolk, PE38 0DY. There are both fixed and floating charges held by the bank to include all property or undertakings of the company, both present and future dated 26 May 2017.

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	12,383	21,416
	--------	--------

Included in other creditors is £12,383 (2017: £21,416) relating to hire purchase agreements. These balances are secured over the assets to which they relate.

9. Related party transactions

During the year there were net transactions with the directors amounting to £ 36,092 (2017: £ 53,313 ), leaving a balance at the year end of £ 264,531 (2017: £ 228,439 ) due to the company. Mr P Rowe and J Rowe have a controlling interest in Cedar Projects (Downham Market) Limited. During the year the company loaned Cedar Projects (Downham Market) Limited £ 104,687 , leaving a balance owed to the company at the year end of £ 104,687 . The loan is not subject to any interest charges. No other transactions were undertaken requiring disclosure under FRS 102 Section 1A.