Elements Construction Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06265324 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

FOR

ELEMENTS CONSTRUCTION LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

C J S Houghton

T Woods

SECRETARY:

T Woods

REGISTERED OFFICE:

Unit 1 Norman Court

Albion Road

Carlton Industrial Estate

Barnsley

S71 3TE

REGISTERED NUMBER:

06265324 (England and Wales)

ACCOUNTANTS:

Musker & Garrett Limited

Chartered Accountants

Edward House

North Mersey Business Centre

Knowsley Industrial Park

Liverpool

Merseyside

L33 7UY

FIXED ASSETS

Tangible assets

4

444

15,087

CURRENT ASSETS

Stocks

50,000

53,000

Debtors

5

771,741

1,590,576

Cash at bank

5,281

18,483

827,022

1,662,059

CREDITORS

Amounts falling due within one year

6

368,494

390,452

NET CURRENT ASSETS

458,528

1,271,607

TOTAL ASSETS LESS CURRENT LIABILITIES

458,972

1,286,694

CREDITORS

Amounts falling due after more than one year

7

677,594

1,499,494

NET LIABILITIES

(218,622

)

(212,800

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(218,722

)

(212,900

)

(218,622

)

(212,800

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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.

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 27 June 2022 and were signed on its behalf by:

T Woods - Director

1.	STATUTORY INFORMATION

Elements Construction Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. When the outcome of a construction contract can be estimated reliably, the company recognises the contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract at the end of the reporting period.

Tangible fixed assets

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

Plant and machinery etc.

-

33% on 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc.

£

COST

At 1 July 2020

and 30 June 2021

54,650

DEPRECIATION

At 1 July 2020

39,563

Charge for year

14,643

At 30 June 2021

54,206

NET BOOK VALUE

At 30 June 2021

444

At 30 June 2020

15,087

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

35,568

293,768

Other debtors

736,173

1,296,808

771,741

1,590,576

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

48,968

70,997

Taxation and social security

28,100

35,409

Other creditors

291,426

284,046

368,494

390,452

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Amounts owed to associates

419,168

401,068

Other creditors

258,426

1,098,426

677,594

1,499,494

8.	RELATED PARTY DISCLOSURES

Included in note 8 are loans from Messrs. Woods & Houghton (the directors) and other family members totalling £258,426 (2020 - £1,098,426). Also included in note 8 is an amount of £419,168 (2020 - £401,068) due to the related company Huddco Ltd; this company is associated by virtue that they share some directors and shareholders. It has been agreed that these amounts will not become repayable until such a time that the directors believe it is financially viable to do so. All loans are currently interest free.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elements Construction Ltd for the year ended 30 June 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Elements Construction Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Elements Construction Ltd and state those matters that we have agreed to state to the Board of Directors of Elements Construction Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elements Construction Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Elements Construction Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Elements Construction Ltd. You consider that Elements Construction Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Elements Construction Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Musker & Garrett Limited

Chartered Accountants

Edward House

North Mersey Business Centre

Knowsley Industrial Park

Liverpool

Merseyside

L33 7UY

27 June 2022