Sporn Construction Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04164692 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

SPORN CONSTRUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R Sporn

Mrs D Sporn

REGISTERED OFFICE:

Unit 3 Willows Gate

Stoke Lyne Road

Stratton Audley

Bicester

Oxfordshire

OX27 9AU

REGISTERED NUMBER:

04164692 (England and Wales)

ACCOUNTANTS:

David Lindon & Co

Chartered Accountants

Avaland House

110 London Road

Hemel Hempstead

Hertfordshire

HP3 9SD

FIXED ASSETS

Intangible assets

4

54,427

62,202

Tangible assets

5

49,947

57,635

104,374

119,837

CURRENT ASSETS

Stocks

6

294,300

505,706

Debtors

7

285,628

192,234

579,928

697,940

CREDITORS

Amounts falling due within one year

8

444,342

620,703

NET CURRENT ASSETS

135,586

77,237

TOTAL ASSETS LESS CURRENT LIABILITIES

239,960

197,074

CREDITORS

Amounts falling due after more than one year

9

(118,433

)

(72,739

)

PROVISIONS FOR LIABILITIES

(4,419

)

(7,188

)

NET ASSETS

117,108

117,147

CAPITAL AND RESERVES

Called up share capital

2,002

2,002

Retained earnings

115,106

115,145

SHAREHOLDERS' FUNDS

117,108

117,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 28 November 2017 and were signed on its behalf by:

Mr R Sporn - Director

1.	STATUTORY INFORMATION

SPORN CONSTRUCTION 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that

comply with FRS 102 Section 1A ''Small Entities''. The date of transition is 1 April 2015.

The transition to FRS 102 1A ''Small Entities'' has resulted in a small number of changes in

accounting policies to those previously used.The nature of these changes and their impact on opening

equity and profit for the comparative period are explained in the reconciliation of equity and the

corresponding notes.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

155,502

AMORTISATION

At 1 April 2016

93,300

Amortisation for year

7,775

At 31 March 2017

101,075

NET BOOK VALUE

At 31 March 2017

54,427

At 31 March 2016

62,202

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2016

26,294

2,093

165,468

18,269

212,124

Additions

-

-

17,755

8,055

25,810

Disposals

-

-

(72,105

)

-

(72,105

)

At 31 March 2017

26,294

2,093

111,118

26,324

165,829

DEPRECIATION

At 1 April 2016

21,403

2,092

113,762

17,232

154,489

Charge for year

922

-

19,002

2,352

22,276

Eliminated on disposal

-

-

(60,883

)

-

(60,883

)

At 31 March 2017

22,325

2,092

71,881

19,584

115,882

NET BOOK VALUE

At 31 March 2017

3,969

1

39,237

6,740

49,947

At 31 March 2016

4,891

1

51,706

1,037

57,635

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2016

and 31 March 2017

46,210

DEPRECIATION

At 1 April 2016

11,554

Charge for year

8,666

At 31 March 2017

20,220

NET BOOK VALUE

At 31 March 2017

25,990

At 31 March 2016

34,656

6.

STOCKS

2017

2016

£

£

Work-in-progress

294,300

505,706

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

261,942

166,558

Other debtors

3,232

3,232

Prepayments and accrued income

20,454

22,444

285,628

192,234

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

188,608

57,141

Hire purchase contracts

8,197

8,198

Trade creditors

216,540

297,698

Corporation tax

8,265

28,493

Social security and other taxes

12,513

15,437

VAT

715

39,450

Other creditors

7,504

172,286

Accruals and deferred income

2,000

2,000

444,342

620,703

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

26,273

34,471

Directors' loan accounts

92,160

38,268

118,433

72,739

Included in creditors due after more than 1 year is an interest-free loan from the Directors amounting

to £92,160 which is due for repayment on or after 31 May 2018.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

188,608

57,141

11.	ULTIMATE CONTROLLING PARTY

The Company is under the control of the Directors.

12.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the year ended 31 March 2017. The transition

to FRS 102 Section 1A small entities has resulted in one small change in accounting policy to those

used previously. The effect of this change is described below:

Provisions for liabilities

A deferred tax liability has been provided for in respect of the carrying value of tangible assets within

these accounts, compared to their tax written down value at 31 March 2017.