Neath Abbey Construction Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03245205 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2021

for

Neath Abbey Construction Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A Powell

REGISTERED OFFICE:

29, Taillwyd Road

Neath

West Glamorgan

SA10 7DT

REGISTERED NUMBER:

03245205 (England and Wales)

ACCOUNTANTS:

Cambrian & Co Ltd

13A Victoria Gardens

Neath

West Glamorgan

SA11 3AY

FIXED ASSETS

Tangible assets

5

3,325

4,434

CURRENT ASSETS

Stocks

6

84,385

80,490

Debtors

7

15,984

15,296

Cash at bank

34,118

53,400

134,487

149,186

CREDITORS

Amounts falling due within one year

8

177,395

176,599

NET CURRENT LIABILITIES

(42,908

)

(27,413

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(39,583

)

(22,979

)

CREDITORS

Amounts falling due after more than one year

9

30,000

30,000

NET LIABILITIES

(69,583

)

(52,979

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(69,585

)

(52,981

)

SHAREHOLDERS' FUNDS

(69,583

)

(52,979

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 17 June 2022 and were signed by:

A Powell - Director

1.	STATUTORY INFORMATION

Neath Abbey Construction 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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, 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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2020

and 30 September 2021

6,313

39,931

866

47,110

DEPRECIATION

At 1 October 2020

5,608

36,275

793

42,676

Charge for year

177

914

18

1,109

At 30 September 2021

5,785

37,189

811

43,785

NET BOOK VALUE

At 30 September 2021

528

2,742

55

3,325

At 30 September 2020

705

3,656

73

4,434

6.

STOCKS

30.9.21

30.9.20

£

£

Stocks

2,285

2,140

Work-in-progress

82,100

78,350

84,385

80,490

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

2,339

4,997

VAT

470

1,800

Deferred tax asset

13,175

8,499

15,984

15,296

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Hire purchase contracts

-

1

Trade creditors

3,148

3,346

Social security and other taxes

4,665

986

Other creditors

172

-

Directors' current accounts

166,113

169,416

Accrued expenses

3,297

2,850

177,395

176,599

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans - 2-5 years

30,000

30,000

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director operated a loan account with the company, the balance of which is separately disclosed in the notes to these accounts. No interest is charged on the loan, which is repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by it's director Mr A Powell by virtue of his 100% shareholding.

12.	GOING CONCERN

The company is dependant on the support of its director by means of directors loans to enable it to continue in business.