Carthy Contracting Limited Filleted accounts for Companies House (small and micro)

CARTHY CONTRACTING LIMITED - Company Information

11 false false false false false false false false false true false false false false false false No description of principal activity 2021-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11985574 2021-02-01 2022-01-31 11985574 2022-01-31 11985574 core:PlantMachinery 2021-02-01 2022-01-31 11985574 core:MotorVehicles 2021-02-01 2022-01-31 11985574 bus:RegisteredOffice 2021-02-01 2022-01-31 11985574 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 11985574 bus:LeadAgentIfApplicable 2021-02-01 2022-01-31 11985574 bus:Director1 2021-02-01 2022-01-31 11985574 bus:Director2 2021-02-01 2022-01-31 11985574 bus:Director3 2021-02-01 2022-01-31 11985574 core:PlantMachinery 2022-01-31 11985574 core:MotorVehicles 2022-01-31 11985574 core:WithinOneYear 2022-01-31 11985574 core:ShareCapital 2022-01-31 11985574 core:RetainedEarningsAccumulatedLosses 2022-01-31 11985574 core:MoreThanFiveYears 2022-01-31 11985574 bus:SmallEntities 2021-02-01 2022-01-31 11985574 bus:AuditExemptWithAccountantsReport 2021-02-01 2022-01-31 11985574 bus:FullAccounts 2021-02-01 2022-01-31 11985574 bus:SmallCompaniesRegimeForAccounts 2021-02-01 2022-01-31 11985574 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31 11985574 bus:OrdinaryShareClass1 2022-01-31

COMPANY REGISTRATION NUMBER: 11985574

Carthy Contracting Limited

Filleted Unaudited Financial Statements

31 January 2022

Carthy Contracting Limited

Officers and Professional Advisers

The board of directors	Mr M Carthy
	Mrs C Carthy
	Mr D Carthy

Registered office	Unit 8b
	Astley Lane Industrial Estate
	Astley Lane
	Swillington
	LS26 8XT

Accountants	Birdsall & Bennett LLP
	Chartered accountants
	12A-16 North Street
	Wetherby
	LS22 6NN

Carthy Contracting Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Carthy Contracting Limited

Year ended 31 January 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carthy Contracting Limited for the year ended 31 January 2022, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Carthy Contracting Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Carthy Contracting Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carthy Contracting Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Carthy Contracting Limited 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 profit of Carthy Contracting Limited. You consider that Carthy Contracting Limited 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 Carthy Contracting Limited. 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.

Birdsall & Bennett LLP Chartered accountants

12A-16 North Street Wetherby LS22 6NN

8 September 2022

Carthy Contracting Limited

Statement of Financial Position

31 January 2022

	2022
Note	£	£

Fixed assets

Tangible assets	5		251,596

Current assets

Stocks		5,500
Debtors	6	304,609
Cash at bank and in hand		314,286
		---------
		624,395

Creditors: amounts falling due within one year	7	561,122
		---------
Net current assets			63,273
			---------
Total assets less current liabilities			314,869
			---------
Net assets			314,869
			---------

Capital and reserves

Called up share capital	9	1,000
Profit and loss account		313,869
		---------
Shareholders funds		314,869
		---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Carthy Contracting Limited

Statement of Financial Position (continued)

31 January 2022

These financial statements were approved by the board of directors and authorised for issue on 8 September 2022 , and are signed on behalf of the board by:

Mr D Carthy
Director

Company registration number: 11985574

Carthy Contracting Limited

Notes to the Financial Statements

Year ended 31 January 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8b, Astley Lane Industrial Estate, Astley Lane, Swillington, LS26 8XT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2020. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 .

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 February 2021	–	–	–
Additions	186,692	110,876	297,568
	---------	---------	---------
At 31 January 2022	186,692	110,876	297,568
	---------	---------	---------
Depreciation
At 1 February 2021	–	–	–
Charge for the year	25,034	20,938	45,972
	---------	---------	---------
At 31 January 2022	25,034	20,938	45,972
	---------	---------	---------
Carrying amount
At 31 January 2022	161,658	89,938	251,596
	---------	---------	---------

6. Debtors

	2022
	£
Trade debtors	304,609
	---------

7. Creditors: amounts falling due within one year

	2022
	£
Trade creditors	69,111
Corporation tax	57,281
Social security and other taxes	48,967
Other creditors	385,763
	---------
	561,122
	---------

8. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2022
	£

Recognised in other operating income:

Government grants recognised directly in income	10,000
	--------

9. Called up share capital

Issued, called up and fully paid

	2022
	No.	£
Ordinary shares of £ 1 each	1,000	1,000
	-------	-------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022
	£
Later than 5 years	10,400
	--------

11. Directors' advances, credits and guarantees

As at 31 January 2022 the company owed the Director Mr M Carthy £ 343,139 (2021 £nil).

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2020.

No transitional adjustments were required in equity or profit or loss for the year.