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

REGISTERED NUMBER: 01041277

Unaudited Financial Statements

for the Period 1st January 2019 to 31st March 2020

for

Trustland Construction Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Bagley

D Leatt

S Foran

SECRETARY:

S Foran

REGISTERED OFFICE:

Unit 4 Hawkshead Road

Greenfields Technology Park

Bromborough

Merseyside

CH62 3RJ

REGISTERED NUMBER:

01041277

ACCOUNTANTS:

Hammond McNulty LLP

Bank House

Market Square

Congleton

Cheshire

CW12 1ET

FIXED ASSETS

Tangible assets

4

582,678

520,478

Investments

5

1,202

1,202

583,880

521,680

CURRENT ASSETS

Stocks

64,520

221,273

Debtors

3,168,651

3,346,826

Cash at bank and in hand

944,350

11,547

4,177,521

3,579,646

CREDITORS

Amounts falling due within one year

2,514,578

2,692,579

NET CURRENT ASSETS

1,662,943

887,067

TOTAL ASSETS LESS CURRENT LIABILITIES

2,246,823

1,408,747

CREDITORS

Amounts falling due after more than one year

(47,852

)

(82,908

)

PROVISIONS FOR LIABILITIES

(38,151

)

(19,906

)

NET ASSETS

2,160,820

1,305,933

CAPITAL AND RESERVES

Called up share capital

5,336

5,336

Share premium

109,500

109,500

Capital redemption reserve

2,664

2,664

Retained earnings

2,043,320

1,188,433

2,160,820

1,305,933

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st March 2020 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31st March 2020 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 and authorised for issue on 10th November 2020 and were signed on its behalf by:

S Foran - Director

1.	STATUTORY INFORMATION

Trustland Construction Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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.

Going Concern

The directors have considered the potential impact of COVID-19 on the principal activities of the business and they believe that they have sufficient resources in place to operate for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period 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 period 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 54 (2018 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st January 2019

818,395

Additions

125,909

Disposals

(25,268

)

At 31st March 2020

919,036

DEPRECIATION

At 1st January 2019

297,917

Charge for period

57,594

Eliminated on disposal

(19,153

)

At 31st March 2020

336,358

NET BOOK VALUE

At 31st March 2020

582,678

At 31st December 2018

520,478

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1st January 2019

and 31st March 2020

1,202

NET BOOK VALUE

At 31st March 2020

1,202

At 31st December 2018

1,202

6.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/3/20

31/12/18

£

£

Net obligations repayable:

Within one year

25,027

22,014

Between one and five years

32,798

42,908

57,825

64,922

7.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/20

31/12/18

£

£

Bank overdrafts

304,545

357,689

Bank loans

36,861

66,517

Hire purchase contracts

57,825

64,922

399,231

489,128

8.	POST BALANCE SHEET EVENTS

In March 2020, the UK was impacted by the outbreak of COVID-19. In order to manage the spread of the virus the Government has imposed significant restrictions on the movement of people and the ability of businesses to continue to trade. This event occurred before the company’s reporting period and so is considered to be an adjusting event. Accordingly, the balance sheet and profit and loss for the year end 31 March 2020 have been adjusted to reflect their impact.

The Directors acknowledge the increasing risk from COVID-19 and have sought to mitigate their risk by carrying out a thorough review of the business as discussed below:

Government assistance

The business has taken advantage of the government grants and furloughing scheme whereby the company has furloughed a number of staff members which has resulted in the reduction of the wage cost.