Celtic Construction (Cornwall) Ltd 31/08/2019 iXBRL

CELTIC CONSTRUCTION (CORNWALL) LIMITED - Company Information

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Company registration number: 03234057

Celtic Construction (Cornwall) Ltd

Unaudited filleted financial statements

31 August 2019

Celtic Construction (Cornwall) Ltd

Contents

Statement of financial position

Notes to the financial statements

Celtic Construction (Cornwall) Ltd

Statement of financial position

31 August 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	4	592,301		417,413
		_______		_______
			592,301		417,413

Current assets
Stocks		30,000		552,616
Debtors	5	1,037,571		290,344
Cash at bank and in hand		292,471		144,460
		_______		_______
		1,360,042		987,420
Creditors: amounts falling due
within one year	6	( 888,946)		( 729,417)
		_______		_______
Net current assets			471,096		258,003
			_______		_______
Total assets less current liabilities			1,063,397		675,416

Creditors: amounts falling due
after more than one year	7		( 454,122)		( 180,713)

Provisions for liabilities	8		( 98,517)		( 76,783)

			_______		_______
Net assets			510,758		417,920
			_______		_______

Capital and reserves
Called up share capital			1,200		1,000
Profit and loss account			509,558		416,920
			_______		_______
Shareholders funds			510,758		417,920
			_______		_______

For the year ending 31 August 2019 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.

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 11 November 2019 , and are signed on behalf of the board by:

Mr AG Berry

Director

Company registration number: 03234057

Celtic Construction (Cornwall) Ltd

Notes to the financial statements

Year ended 31 August 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Unit 3, Astwood Developments, Widegates, Looe, Cornwall, PL13 1QB.

2. Statement of compliance

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 and machinery	-	10 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	15 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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 stocks to their present location and condition.

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 statement of financial position 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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 September 2018	366,309	13,706	223,214	603,229
Additions	243,298	2,831	43,285	289,414
Disposals	( 38,000)	-	-	( 38,000)
	_______	_______	_______	_______
At 31 August 2019	571,607	16,537	266,499	854,643
	_______	_______	_______	_______
Depreciation
At 1 September 2018	95,663	6,279	83,874	185,816
Charge for the year	47,594	1,538	27,394	76,526
	_______	_______	_______	_______
At 31 August 2019	143,257	7,817	111,268	262,342
	_______	_______	_______	_______
Carrying amount
At 31 August 2019	428,350	8,720	155,231	592,301
	_______	_______	_______	_______
At 31 August 2018	270,646	7,427	139,340	417,413
	_______	_______	_______	_______

5. Debtors

	2019	2018
	£	£
Trade debtors	976,965	284,701
Other debtors	60,606	5,643
	_______	_______
	1,037,571	290,344
	_______	_______

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	76,429	147,795
Trade creditors	666,094	448,653
Corporation tax	-	4,635
Social security and other taxes	4,755	13,266
Other creditors	141,668	115,068
	_______	_______
	888,946	729,417
	_______	_______

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

	2019	2018
	£	£
Other creditors	454,122	180,713
	_______	_______

8. Provisions

	Deferred tax	Total
	£	£
At 1 September 2018	76,783	76,783
Additions	21,734	21,734
	_______	_______
At 31 August 2019	98,517	98,517
	_______	_______

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2019
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr AG Berry	( 251)	1,110	859
		_______	_______	_______

2018
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr AG Berry	( 68)	( 183)	( 251)
		_______	_______	_______

10. Controlling party

Throughout the current and preceding year the Company remained under the control of Mr AG and Mrs J Berry, who are the only directors and majority shareholders.