Emerald Construction (IW) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03777619 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

EMERALD CONSTRUCTION (IW) LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

E A McMahon

SECRETARY:

Mrs I McMahon

REGISTERED OFFICE:

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

REGISTERED NUMBER:

03777619 (England and Wales)

ACCOUNTANTS:

Bright Brown Limited

Chartered Accountants

Exchange House

St. Cross Lane

Newport

Isle of Wight

PO30 5BZ

FIXED ASSETS

Tangible assets

4

163,404

191,021

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

5

310,525

276,898

Cash at bank

3,611

3,882

315,136

281,780

CREDITORS

Amounts falling due within one year

6

227,561

205,367

NET CURRENT ASSETS

87,575

76,413

TOTAL ASSETS LESS CURRENT LIABILITIES

250,979

267,434

CREDITORS

Amounts falling due after more than one year

7

(47,127

)

(53,407

)

PROVISIONS FOR LIABILITIES

(30,397

)

(35,603

)

NET ASSETS

173,455

178,424

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

173,453

178,422

SHAREHOLDERS' FUNDS

173,455

178,424

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 February 2021 and were signed by:

E A McMahon - Director

1.	STATUTORY INFORMATION

Emerald Construction (IW) Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 year 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 year was 22 (2019 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

708,114

Additions

14,995

At 31 March 2020

723,109

DEPRECIATION

At 1 April 2019

517,093

Charge for year

42,612

At 31 March 2020

559,705

NET BOOK VALUE

At 31 March 2020

163,404

At 31 March 2019

191,021

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2019

204,124

Additions

14,995

Transfer to ownership

(149,399

)

At 31 March 2020

69,720

DEPRECIATION

At 1 April 2019

84,554

Charge for year

11,485

Transfer to ownership

(66,206

)

At 31 March 2020

29,833

NET BOOK VALUE

At 31 March 2020

39,887

At 31 March 2019

119,570

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

279,447

249,480

Other debtors

31,078

27,418

310,525

276,898

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

77,357

79,425

Hire purchase contracts

15,209

43,189

Trade creditors

70,345

44,129

Taxation and social security

56,389

10,861

Other creditors

8,261

27,763

227,561

205,367

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

37,186

43,528

Hire purchase contracts

9,941

9,879

47,127

53,407

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

7,848

15,825