Askew & Son Building Contractors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03734211 (England and Wales)

ASKEW & SON BUILDING CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs J Askew

G J Askew

R N Askew

SECRETARY:

Mrs J Askew

REGISTERED OFFICE:

5 Cornfield Terrace

Eastbourne

East Sussex

BN21 4NN

REGISTERED NUMBER:

03734211 (England and Wales)

ACCOUNTANTS:

Cornfield Accountants Limited

Chartered Accountants

5 Cornfield Terrace

Eastbourne

East Sussex

BN21 4NN

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 Askew & Son Building Contractors Limited for the year ended 31 October 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 Askew & Son Building Contractors Limited, as a body, in accordance with the terms of our engagement letter dated 26 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Askew & Son Building Contractors Limited and state those matters that we have agreed to state to the Board of Directors of Askew & Son Building Contractors Limited, 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 Askew & Son Building Contractors Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Askew & Son Building Contractors 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 Askew & Son Building Contractors Limited. You consider that Askew & Son Building Contractors 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 Askew & Son Building Contractors 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.

Cornfield Accountants Limited

Chartered Accountants

5 Cornfield Terrace

Eastbourne

East Sussex

BN21 4NN

28 April 2022

CURRENT ASSETS

Stocks

42,000

29,000

Debtors

5

140,976

165,564

Cash at bank and in hand

981

66,665

183,957

261,229

CREDITORS

Amounts falling due within one year

6

127,646

168,052

NET CURRENT ASSETS

56,311

93,177

TOTAL ASSETS LESS CURRENT LIABILITIES

56,311

93,177

CREDITORS

Amounts falling due after more than one year

7

36,461

45,276

NET ASSETS

19,850

47,901

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

19,750

47,801

19,850

47,901

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 28 April 2022 and were signed on its behalf by:

G J Askew - Director

1.	STATUTORY INFORMATION

Askew & Son Building Contractors 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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, 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

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.33% on cost

Stocks

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

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 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 November 2020

and 31 October 2021

2,431

3,319

8,080

13,830

DEPRECIATION

At 1 November 2020

and 31 October 2021

2,431

3,319

8,080

13,830

NET BOOK VALUE

At 31 October 2021

-

-

-

-

At 31 October 2020

-

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

18,871

110,000

Amounts recoverable on contracts

85,598

24,000

Other debtors

36,507

31,564

140,976

165,564

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

50,961

19,747

Trade creditors

3,681

10,046

Amounts owed to participating interests

15,106

15,106

Taxation and social security

25,924

114,636

Other creditors

31,974

8,517

127,646

168,052

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

36,461

45,276

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

5,285

8.	RELATED PARTY DISCLOSURES

The balance at the year end due to the Directors was £15,215 (2020 - £357). The loan is interest free and repayable on demand.