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

AUSTWEL CONSTRUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3143942

Austwel Construction Limited

Filleted Unaudited Financial Statements

30 September 2019

Austwel Construction Limited

Financial Statements

Year ended 30 September 2019

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

Austwel Construction Limited

Statement of Financial Position

30 September 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	6	308,446	160,357

Current assets

Debtors	7	12,213	–
Cash at bank and in hand		27,865	5,574
		--------	-------
		40,078	5,574

Creditors: amounts falling due within one year	8	( 275,411)	( 99,593)
		---------	--------
Net current liabilities		( 235,333)	( 94,019)
		---------	---------
Total assets less current liabilities		73,113	66,338

Creditors: amounts falling due after more than one year	9	( 50,348)	( 50,348)

Provisions

Taxation including deferred tax	10	( 1,017)	( 591)
		--------	--------
Net assets		21,748	15,399
		--------	--------

Capital and reserves

Called up share capital	12	2	2
Profit and loss account		21,746	15,397
		--------	--------
Shareholders funds		21,748	15,399
		--------	--------

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 has not been delivered.

For the year ending 30 September 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 .

Austwel Construction Limited

Statement of Financial Position (continued)

30 September 2019

These financial statements were approved by the board of directors and authorised for issue on 8 June 2020 , and are signed on behalf of the board by:

Ms JL Arnold	Mr JC Davies
Director	Director

Company registration number: 3143942

Austwel Construction Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Fir Stone House, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3EE.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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

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 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:

Freehold Property	-	2% straight line
Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 1 ).

5. Tax on profit/(loss)

Major components of tax expense/(income)

	2019	2018
	£	£

Current tax:

UK current tax expense	2,817	–

Deferred tax:

Origination and reversal of timing differences	426	( 197)
	-------	----
Tax on profit/(loss)	3,243	( 197)
	-------	----

6. Tangible assets

	Freehold Property	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
At 1 October 2018	205,825	8,765	40,212	254,802
Additions	153,024	–	4,026	157,050
	---------	-------	--------	---------
At 30 September 2019	358,849	8,765	44,238	411,852
	---------	-------	--------	---------
Depreciation
At 1 October 2018	48,577	7,515	38,353	94,445
Charge for the year	7,177	312	1,472	8,961
	---------	-------	--------	---------
At 30 September 2019	55,754	7,827	39,825	103,406
	---------	-------	--------	---------
Carrying amount
At 30 September 2019	303,095	938	4,413	308,446
	---------	-------	--------	---------
At 30 September 2018	157,248	1,250	1,859	160,357
	---------	-------	--------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	2,213	–
Other debtors	10,000	–
	--------	----
	12,213	–
	--------	----

Other debtors include an amount of £nil (2018 - £nil) falling due after more than one year.

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	32,243	4,711
Amounts owed to group undertakings and undertakings in which the company has a participating interest	153,393	89,630
Corporation tax	2,817	–
Social security and other taxes	612	196
Other creditors	86,346	5,056
	---------	--------
	275,411	99,593
	---------	--------

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

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	50,348	50,348
	--------	--------

10. Provisions

	Deferred tax (note 11)
	£
At 1 October 2018	591
Charge against provision	426
	-------
At 30 September 2019	1,017
	-------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions (note 10)	1,017	591
	-------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Accelerated capital allowances	1,017	591
	-------	----

12. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

13. Related party transactions

The company is under the control of and is a 100% subsidiary of Austwel Holdings Limited. Austwel Holdings Limited is a company registered in England and Wales and is controlled by the directors. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.