C&G Heritage Plastering LTD 31/01/2022 iXBRL

C&G Heritage Plastering LTD 31/01/2022 iXBRL

THE DARTMOOR LIME COMPANY LTD - Company Information

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Company registration number: 05666854
C&G Heritage Plastering LTD
Unaudited filleted financial statements
31 January 2022
C&G HERITAGE PLASTERING LTD
DIRECTORS AND OTHER INFORMATION
Director Mr Christopher George Walsh
Company number 05666854
Registered office 7C Cranmere Road
Exeter Road Industrial Estate
Okehampton
Devon
EX20 1UE
Accountants Westcotts
7C Cranmere Road
Exeter Road Industrial Estate
Okehampton
Devon
EX20 1UE
C&G HERITAGE PLASTERING LTD
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 10,981 13,709
Investments 6 10,000 10,000
_______ _______
20,981 23,709
Current assets
Stocks 3,000 5,270
Debtors 7 17,887 1,687
Cash at bank and in hand 56,346 32,174
_______ _______
77,233 39,131
Creditors: amounts falling due
within one year 8 ( 26,957) ( 18,107)
_______ _______
Net current assets 50,276 21,024
_______ _______
Total assets less current liabilities 71,257 44,733
Creditors: amounts falling due
after more than one year 9 ( 23,148) ( 22,083)
_______ _______
Net assets 48,109 22,650
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 10 48,108 22,649
_______ _______
Shareholder funds 48,109 22,650
_______ _______
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 January 2023 , and are signed on behalf of the board by:
Mr Christopher George Walsh
Director
Company registration number: 05666854
C&G HERITAGE PLASTERING LTD
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 7C Cranmere Road, Exeter Road Industrial Estate, Okehampton, Devon, EX20 1UE.
Principal activity
The principal activity of the company is that of plastering.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 %
Motor vehicles - 25 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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 stocks to their present location and condition.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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 in finance costs 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 3 (2021: 1 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 February 2021 and 31 January 2022 13,376 20,799 34,175
_______ _______ _______
Depreciation
At 1 February 2021 6,394 14,072 20,466
Charge for the year 1,047 1,681 2,728
_______ _______ _______
At 31 January 2022 7,441 15,753 23,194
_______ _______ _______
Carrying amount
At 31 January 2022 5,935 5,046 10,981
_______ _______ _______
At 31 January 2021 6,982 6,727 13,709
_______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 February 2021 and 31 January 2022 10,000 10,000
_______ _______
Impairment
At 1 February 2021 and 31 January 2022 - -
_______ _______
Carrying amount
At 31 January 2022 10,000 10,000
_______ _______
At 31 January 2021 10,000 10,000
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 1,650 750
Other debtors 16,237 937
_______ _______
17,887 1,687
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 2,917
Trade creditors 219 1,090
Accruals and deferred income 1,800 -
Social security and other taxes 24,938 5,057
Other creditors (-) 9,043
_______ _______
26,957 18,107
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 23,148 22,083
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Director ( 9,043) 43,826 ( 18,546) 16,237
_______ _______ _______ _______