West Country Contracting Ltd - Period Ending 2021-06-30

West Country Contracting Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

West Country Contracting Ltd

Company Information

Directors

Mr Michael John Stevens Mr William Searles Mr Matthew Lee Simonds

Registered office

2 Clyst Works Clyst Road Topsham Exeter Devon EX3 0DB

Accountants

Redwoods Chartered Certified Accountants 2 Clyst Works Clyst Road Topsham Exeter Devon EX3 0DB

West Country Contracting Ltd

(Registration number: 12654663)
Balance Sheet as at 30 June 2021

	Note	2021 £
Fixed assets
Tangible assets	4	35,936
Current assets
Debtors	5	389,200
Cash at bank and in hand		16,398
		405,598
Creditors: Amounts falling due within one year	6	(462,501)
Net current liabilities		(56,903)
Net liabilities		(20,967)
Capital and reserves
Called up share capital	7	100
Profit and loss account		(21,067)
Shareholders' deficit		(20,967)

For the financial period ending 30 June 2021 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 March 2022 and signed on its behalf by:
 

.........................................

Mr Michael John Stevens
Director

West Country Contracting Ltd

(Registration number: 12654663)
Balance Sheet as at 30 June 2021

.........................................

Mr William Searles
Director

.........................................

Mr Matthew Lee Simonds
Director

West Country Contracting Ltd

Notes to the Unaudited Financial Statements for the Period from 9 June 2020 to 30 June 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

These financial statements were authorised for issue by the Board on 1 March 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and rounded to £1

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to customers is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Income that is contingent on events outside the control of the company is recognised when the contingent event occurs.

West Country Contracting Ltd

Notes to the Unaudited Financial Statements for the Period from 9 June 2020 to 30 June 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office and computer equipment	33.3% straight line
Motor vehicles	25.0% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

West Country Contracting Ltd

Notes to the Unaudited Financial Statements for the Period from 9 June 2020 to 30 June 2021

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1.

West Country Contracting Ltd

Notes to the Unaudited Financial Statements for the Period from 9 June 2020 to 30 June 2021

4	Tangible assets

	Office and computer equipment  £	Motor vehicles  £	Total £
Cost or valuation
Additions	1,295	40,000	41,295
At 30 June 2021	1,295	40,000	41,295
Depreciation
Charge for the period	359	5,000	5,359
At 30 June 2021	359	5,000	5,359
Carrying amount
At 30 June 2021	936	35,000	35,936

5

Debtors

	2021 £
Trade debtors	170,436
Prepayments	13,845
Other debtors	204,919
	389,200
Less non-current portion	(15,781)
	373,419

Details of non-current trade and other debtors

£15,181 of Trade receivables is classified as non current. Retention debtors are receivable in more than one year.

West Country Contracting Ltd

Notes to the Unaudited Financial Statements for the Period from 9 June 2020 to 30 June 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £
Due within one year
Trade creditors	165,370
Accruals and deferred income	13,642
Other creditors	283,489
	462,501

Creditors include loans which are secured against the assets of the company of £250,000

7	Share capital

Allotted, called up and fully paid shares

	2021
	No.	£
Ordinary type A of £1 each	60	60
Ordinary type B of £1 each	40	40
	100	100

8	Related party transactions

Transactions with directors

2021	At 9 June 2020 £	Advances to directors £	At 30 June 2021 £
Mr William Searles
Interest free loan to director	-	20	20