General Information
Catalyst Contracting Ltd is a company limited by shares and is incorporated in England and Wales. The address of the registered office is Crown House, 123 Hagley Road, Birmingham, B16 8LD. The nature of the company's operations and its principal activity was that of property development and construction works.
The financial statements comprise the unaudited financial statements of the company up to 31 March each year, and are stated in pound sterling, the company's functional and presentational currency.
| 1. |
Accounting Policies
Basis of accounting
The company's financial statements have been prepared in compliance with FRS 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention and on a going concern basis. The principal accounting policies applied in the preparation of these financial statements are set out below, these policies have been applied consistently to all the years presented, unless otherwise stated.
Small company exemption
The company meets the definition of a small entity under FRS 102 and has therefore taken advantage of the disclosure exemption available to it in respect of the requirements to prepare a Statement of Cash Flows in accordance with Section 7.
Turnover
Revenue comprises the value of services supplied during the period, to the extent that there is a right to receive consideration and is recorded at the fair value of consideration received or receivable, excluding value added tax.
Revenue for construction contracts is recognised when the outcome of a contract can be reliably measured. Revenue and costs associated with the contract are recognised by reference to the stage of completion of the contract activity at the reporting date. This is normally measured by reference to contract milestones completed to date.
Where the outcome of a construction contract cannot be reliably measured, contract revenue is recognised to the extent of contract costs incurred to date, where it is probably they will be recoverable. Contract costs are recognised as an expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately with a corresponding provision for an onerous
Taxation
Taxation expense for the period comprises current tax recognised in the period. Current tax is the amount of UK corporation tax payable in respect of the taxable profit for the year or prior years calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
- Plant and Machinery - 25% Straight line
- Fixtures & Fittings - 25% Straight line
- Computer Equipment - 25% straight line
|
| 2. |
Tangible fixed assets
| Cost |
Plant and Machinery |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2018 |
1,500 |
|
8,814 |
|
5,455 |
|
15,769 |
| Additions |
- |
|
416 |
|
- |
|
416 |
| Disposals |
(1,500) |
|
(9,230) |
|
(5,455) |
|
(16,185) |
| At 31 March 2019 |
- |
|
- |
|
- |
|
- |
| Depreciation |
| At 01 April 2018 |
1,500 |
|
7,501 |
|
4,996 |
|
13,997 |
| Charge for year |
- |
|
542 |
|
459 |
|
1,001 |
| On disposals |
(1,500) |
|
(8,043) |
|
(5,455) |
|
(14,998) |
| At 31 March 2019 |
- |
|
- |
|
- |
|
- |
| Net book values |
| Closing balance as at 31 March 2019 |
- |
|
- |
|
- |
|
- |
| Opening balance as at 01 April 2018 |
- |
|
1,313 |
|
459 |
|
1,772 |
|
| 3. |
Share Capital
Allotted
|
2019
£ |
|
2018
£ |
|
100
Ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
2
|
