C E R Groundworks Limited Company Accounts

C E R Groundworks Limited Company Accounts

C E R GROUNDWORKS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08745166
C E R Groundworks Limited
Unaudited Financial Statements
for the year ended
31 December 2016
C E R Groundworks Limited
Financial Statements
for the year ended 31st December 2016
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
C E R Groundworks Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of C E R Groundworks Limited
for the year ended 31st December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C E R Groundworks Limited for the year ended 31st December 2016, 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 C E R Groundworks Limited, as a body, in accordance with the terms of our engagement letter dated 11th April 2016. Our work has been undertaken solely to prepare for your approval the financial statements of C E R Groundworks 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 C E R Groundworks Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that C E R Groundworks 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 C E R Groundworks Limited. You consider that C E R Groundworks 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 C E R Groundworks 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.
MOORE THOMPSON Chartered Accountants
Bank House Broad Street Spalding PE11 1TB
Dated: 15 June 2017
C E R Groundworks Limited
Statement of Financial Position
as at 31 December 2016
2016
2015
Note
£
£
£
£
Fixed assets
Intangible assets
5
153,136
175,012
Tangible assets
6
456,386
461,915
----------
----------
609,522
636,927
Current assets
Stocks
11,500
3,700
Debtors
7
489,950
291,527
Cash at bank and in hand
205,929
248,988
----------
----------
707,379
544,215
Creditors: amounts falling due within one year
8
522,139
565,535
----------
----------
Net current assets/(liabilities)
185,240
( 21,320)
----------
----------
Total assets less current liabilities
794,762
615,607
Creditors: amounts falling due after more than one year
9
192,000
–
Provisions
Taxation including deferred tax
89,540
90,427
----------
----------
Net assets
513,222
525,180
----------
----------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
513,122
525,080
----------
----------
Members funds
513,222
525,180
----------
----------
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 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 31st December 2016 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 .
C E R Groundworks Limited
Statement of Financial Position (continued)
as at 31 December 2016
These financial statements were approved by the board of directors and authorised for issue on 2 June 2017 , and are signed on behalf of the board by:
C Rushby
K J Rushby
Director
Director
Company registration number: 08745166
C E R Groundworks Limited
Notes to the Financial Statements
for the year ended 31st December 2016
1. General information
The principal activity of the company during the year was that of site preparation . The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB.
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 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 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
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 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Buildings
-
15% reducing balance
Plant and machinery
-
25% reducing balance
Office equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
The carrying values of tangible fixed assets are reviewed for impairment annually by the directors without revaluing the assets. Where the aggregate value of those assets is less than the aggregate that they are stated in the company's accounts, a provision will be made for any material impairment.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts 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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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, including the directors, amounted to 11 (2015: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 Jan 2016 and 31 Dec 2016
218,764
----------
Amortisation
At 1st January 2016
43,752
Charge for the year
21,876
----------
At 31st December 2016
65,628
----------
Carrying amount
At 31st December 2016
153,136
----------
At 31st December 2015
175,012
----------
6. Tangible assets
Buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2016
18,844
591,656
26,461
112,386
749,347
Additions
–
102,089
3,563
51,500
157,152
Disposals
–
( 19,692)
( 2,856)
( 5,893)
( 28,441)
----------
----------
----------
----------
----------
At 31 December 2016
18,844
674,053
27,168
157,993
878,058
----------
----------
----------
----------
----------
Depreciation
At 1 January 2016
3,479
230,085
9,790
44,078
287,432
Charge for the year
2,303
110,930
4,663
28,704
146,600
Disposals
–
( 8,526)
( 1,256)
( 2,578)
( 12,360)
----------
----------
----------
----------
----------
At 31 December 2016
5,782
332,489
13,197
70,204
421,672
----------
----------
----------
----------
----------
Carrying amount
At 31 December 2016
13,062
341,564
13,971
87,789
456,386
----------
----------
----------
----------
----------
At 31 December 2015
15,365
361,571
16,671
68,308
461,915
----------
----------
----------
----------
----------
7. Debtors
2016
2015
£
£
Trade debtors
452,720
270,250
Other debtors
37,230
21,277
----------
----------
489,950
291,527
----------
----------
8. Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
129,485
112,476
Corporation tax
19,604
53,672
Social security and other taxes
7,780
7,912
Other creditors
365,270
391,475
----------
----------
522,139
565,535
----------
----------
9. Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
192,000
–
----------
----------
10. Called up share capital
Issued, called up and fully paid
2016
2015
No.
£
No.
£
Ordinary £1 Shares shares of £ 1 each
100
100
100
100
----------
----------
----------
----------
11. Directors' advances, credits and guarantees
During the year the company did not make any advances to directors.
12. Related party transactions
The company was under the joint control of the directors during the current year and previous year. The directors' joint loan account was in credit at the year end by £ 150,515 (2015 - £344,741).
13. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.
No transitional adjustments were required in equity or profit or loss for the year.