HRS Construction Services (Kent) Ltd Filleted accounts for Companies House (small and micro)

HRS CONSTRUCTION SERVICES (KENT) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08658449

HRS Construction Services (Kent) Ltd

Filleted Unaudited Financial Statements

31 March 2023

HRS Construction Services (Kent) Ltd

Financial Statements

Year ended 31 March 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

HRS Construction Services (Kent) Ltd

Statement of Financial Position

31 March 2023

	2023		2022
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	5	5,996,249	6,018,203
Investments	6	200	26,100
		------------	------------
		5,996,449	6,044,303

Current assets

Debtors	7	1,798,481	727,084
Cash at bank and in hand		74,097	185,902
		------------	---------
		1,872,578	912,986

Creditors: amounts falling due within one year	8	3,746,871		3,946,345
		------------		------------
Net current liabilities			1,874,293	3,033,359
			------------	------------
Total assets less current liabilities			4,122,156	3,010,944

Creditors: amounts falling due after more than one year	9		3,302,876	2,243,925

Provisions	9,481	7,600
	------------	------------
Net assets	809,799	759,419
	------------	------------

Capital and reserves

Called up share capital	100	100
Capital redemption reserve	2	2
Profit and loss account	809,697	759,317
	---------	---------
Shareholders funds	809,799	759,419
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HRS Construction Services (Kent) Ltd

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:

L McKay
Director

Company registration number: 08658449

HRS Construction Services (Kent) Ltd

Notes to the Financial Statements

Year ended 31 March 2023

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 1, Dengemarsh Road, Lydd, Romney Marsh, Kent, TN29 9JH.

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.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

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	-	25% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	50% straight line

Freehold land and property under development is not depreciated until completed and brought into use.

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 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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 1 (2022: 2 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2022 (as restated)	5,973,411	164,476	10,000	1,549	6,149,436
Additions	2,256,022	7,000	–	315	2,263,337
Disposals	( 2,271,113)	( 8,575)	–	–	( 2,279,688)
	------------	---------	--------	-------	------------
At 31 March 2023	5,958,320	162,901	10,000	1,864	6,133,085
	------------	---------	--------	-------	------------
Depreciation
At 1 April 2022	–	124,476	5,208	1,549	131,233
Charge for the year	–	11,604	2,496	78	14,178
Disposals	–	( 8,575)	–	–	( 8,575)
	------------	---------	--------	-------	------------
At 31 March 2023	–	127,505	7,704	1,627	136,836
	------------	---------	--------	-------	------------
Carrying amount
At 31 March 2023	5,958,320	35,396	2,296	237	5,996,249
	------------	---------	--------	-------	------------
At 31 March 2022	5,973,411	40,000	4,792	–	6,018,203
	------------	---------	--------	-------	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2022 as restated	26,100
Additions	100
Disposals	( 26,000)
	--------
At 31 March 2023	200
	--------
Impairment
At 1 April 2022 as restated and 31 March 2023	–
	--------

Carrying amount
At 31 March 2023	200
	--------
At 31 March 2022	26,100
	--------

7. Debtors

	2023	2022
		(restated)
	£	£
Trade debtors	56,750	106,371
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,679,883	559,962
Other debtors	61,848	60,751
	------------	---------
	1,798,481	727,084
	------------	---------

8. Creditors: amounts falling due within one year

	2023	2022
		(restated)
	£	£
Bank loans and overdrafts	525,000	1,322,432
Trade creditors	259,864	77,103
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,899,595	2,458,006
Corporation tax	12,272	16,483
Social security and other taxes	14,621	7,147
Other creditors	35,519	65,174
	------------	------------
	3,746,871	3,946,345
	------------	------------

Bank loans are secured by way of fixed and floating charges against the land and property held within fixed assets.

9. Creditors: amounts falling due after more than one year

	2023	2022
		(restated)
	£	£
Bank loans and overdrafts	2,270,433	1,825,786
Other secured creditors	1,000,000	387,597
Other creditors	32,443	30,542
	------------	------------
	3,302,876	2,243,925
	------------	------------

Bank loans and other secured creditors are secured by way of fixed and floating charges against the land and property held within fixed assets.

10. Related party transactions

At the year end the company owed the director £nil (2022: £nil). At the year end the company was owed £1,679,883 (2022: £559,962) by and owed £2,899,595 (2022: £2,458,006) to companies associated by common control.

11. Controlling party

The company's parent undertaking is McKay Group Limited a company registered in England and Wales at Unit 1, Bms Industrial Estate, Dengemarsh Road, Lydd, Kent, United Kingdom, TN29 9JH .