Southern Concrete Limited - Accounts to registrar (filleted) - small 18.2
Southern Concrete Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2021 |
| for |
| Southern Concrete Limited |
| Southern Concrete Limited (Registered number: 06386732) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Southern Concrete Limited |
| Company Information |
| for the Year Ended 31 December 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Kintyre House |
| 70 High Street |
| Fareham |
| Hampshire |
| PO16 7BB |
| Southern Concrete Limited (Registered number: 06386732) |
| Balance Sheet |
| 31 December 2021 |
| 31.12.21 | 31.12.20 |
| as restated |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| PROVISIONS FOR LIABILITIES |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | (29,241 | ) |
| ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Southern Concrete Limited (Registered number: 06386732) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| Southern Concrete Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors have taken consideration of the impact of COVID-19 on the business and the withdrawal of the United Kingdom from the European Union. The directors note that the company is trading adequately and has sufficient working capital and other financial available to continue trading for a period of not less than 12 months from the date of signing these financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis. |
| Turnover |
| Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value takes into account trade discounts and settlement discounts. On contracts, turnover is recognised by reference to the value of work undertaken by the overall stage of completion. |
| Retentions are not recognised until they are paid. |
| Government grants |
| The company has benefited from receipts of government grants in relation to the JRS Furlough scheme. This has been recognised under the accrual model in which grants that have been received in respect of expenses or losses already incurred by the entity have been recognised in profit and loss in the period when the grant becomes receivable. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and subsequently measured at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| Southern Concrete Limited (Registered number: 06386732) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 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. |
| 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. |
| Provisions for liabilities |
| A provision in consideration of the significant risk and potential associated costs that may arise from a major deficit or construction error on our contracts is recognised in the balance sheet. This provision has been reviewed and assessed based on the outstanding contracts and risk from the civil engineering schemes. |
| As part of pre contract negotiations, the company endeavours to reduce, cap or agree retention. |
| The combination of these two items ensures that any provision included within these financial statements are sensible and responsible. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.21 | 31.12.20 |
| as restated |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.21 | 31.12.20 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Southern Concrete Limited (Registered number: 06386732) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 7. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 8. | ULTIMATE CONTROLLING PARTY |
| As at the year end the ultimate parent company was Taine Holdings Limited which is incorporated in England & Wales. |
| The ultimate controlling party is Mr M A Wells. |