Crownpark Builders Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03177821 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2017

FOR

CROWNPARK BUILDERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Frankling

J Gulliver

SECRETARY:

T Frankling

REGISTERED OFFICE:

Unit 4 Shelley Farm

Shelley Lane

Ower

Romsey

Hampshire

SO51 6AS

REGISTERED NUMBER:

03177821 (England and Wales)

ACCOUNTANTS:

Asbury Harlow Buckley Tax & Accounts Limited

Unit 4 Shelley Farm

Shelley Lane

Ower

Romsey

Hampshire

SO51 6AS

FIXED ASSETS

Tangible assets

4

520,228

392,521

Investments

5

6,400

6,400

526,628

398,921

CURRENT ASSETS

Stocks

6

116,000

118,500

Debtors

7

723,888

567,629

Cash at bank and in hand

410,920

229,714

1,250,808

915,843

CREDITORS

Amounts falling due within one year

8

1,036,924

858,539

NET CURRENT ASSETS

213,884

57,304

TOTAL ASSETS LESS CURRENT LIABILITIES

740,512

456,225

CREDITORS

Amounts falling due after more than one year

9

(104,329

)

(119,512

)

PROVISIONS FOR LIABILITIES

10

(93,437

)

(78,142

)

NET ASSETS

542,746

258,571

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

542,742

258,567

SHAREHOLDERS' FUNDS

542,746

258,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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 27 December 2017 and were signed on its behalf by:

T Frankling - Director

J Gulliver - Director

1.	STATUTORY INFORMATION

Crownpark Builders Ltd 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.

These financial statements for the year ended 5 April 2017 are the first financial statements

of Crownpark Builders Limited prepared in accordance with FRS 102, The Financial

Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to

FRS 102 was 6 April 2015. The reported financial position and financial performance for the

previous period are not affected by the transition to FRS 102.

Turnover

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

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

Revenue is recognised when ownership of goods is transferred or the services have been

performed.

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or

valuation, net of depreciation and any impairment losses.

The gain or loss arising of the disposal of an asset is determined as the difference between

the sale proceeds and the carrying value of the asset, and is credited or charged to profit or

loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible

assets to determine whether there is any indication that those assets have suffered and

impairment loss. If any such indication exists, the recoverable amount of the asset is

estimated in order to determine the extent of the impairment loss (if any). Where it is not

possible to estimate the recoverable amount if an individual asset, the company estimates

the recoverable amount of cash-generating unit to which the asset belongs.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to compete and

sell. Cost comprises direct materials and, where applicable, direct labour costs and those

overheads that have been incurred in bringing the stocks to their present location and

condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying

amount of stocks over its estimated selling price less costs to complete and sell is recognised

as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in

profit or loss.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from

net profit as reported in the profit and loss account because it excludes items of income or

expense that are taxable or deductible in other years and it further excludes items that are

never taxable or deductible. The company's liability for current tax is calculated using tax

rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities

are not recognised if the timing differences arises from goodwill or from the initial

recognition of assets and liabilities in a transaction that affects neither the tax profit nor the

accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and

reduced to the extent that it is no longer probable that sufficient taxable profits will be

available to allow all or part of the asset to be recovered. Deferred tax is calculated at the

tax rates that are expected to apply in the period when the liability is settles or the asset is

realised. Deferred tax is charged or credited in the profit and loss account, except when it

relates to items charged or credited directly to equity, in which case the deferred tax is also

dealt with in equity. Deferred tax assets and liabilities are offset when the company has a

legally enforceable right to offset current tax assets and liabilities and deferred tax assets

and liabilities relate to taxes levied by the same tax authority.

Employees

The cost of short-term benefits are recognised as a liability and an expense, unless those

costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the

employee's services are received.

Termination benefits are recognised immediately as an expense when the company is

demonstrably committed to terminate the employment of an employee or to provide

termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as

they fall due.

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially

all the risks and rewards of ownership to lessees. All other leases are classified as operating

leases.

Assets held under finance leases are recognised as assets at the low of the assets fair value

at the date of inception and the present value of the minimum lease payments. The related

liability is included in the balance sheet as a finance lease obligation. Lease payments are

treated as consisting of capital and interest elements. The interest is charged to the profit

and loss account so as to produce a constant periodic rate of interest on the remaining

balance of the liability

Rentals payable under operating leases, including any lease incentives received, are charged

to income on a straight-line basis over the term of the relevant lease except where more

systematic basis is more representative of the time pattern in which economics benefits

from the lease asset are consumed.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits

held at call with banks, other short term liquid investments with original maturities of three

months or less and bank overdrafts. Bank overdrafts are shown within borrowings in

current liabilities.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments'

and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial

instruments. Financial instruments are recognised in the company's balance sheet when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial

statements, when there is a legally enforceable right to set off the recognised amounts and

there is an intention to settle on a net basis or to realise the asset and settle the liability

simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at

amortised cost using the effective interest method unless the arrangement constitutes a

financial transaction, where the transaction is measured at the present value of the future

receipts discounted at a market rate of interest. Financial assets classified as receivable

within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group

companies and preference share that are classified as debt, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the

debt instrument is measured at the present value of the future payments discounted at a

market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Debt Instruments are subsequently carried at amortised cost, using the effective interest

rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Amounts payable are classified as current

liabilities if payment is due within one year or less. If not, they are present as non-current

liabilities. Trade creditors are recognised initially at transaction price and subsequently

measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of

direct issue costs. Dividends payable on equity instruments are recognised as liabilities

once they are no longer at the discretion of the company.

3.

EMPLOYEES

The average number of employees during the year was 10 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 6 April 2016

391,719

13,992

323,761

729,472

Additions

126,425

1,198

145,866

273,489

Disposals

(24,900

)

-

(8,750

)

(33,650

)

At 5 April 2017

493,244

15,190

460,877

969,311

DEPRECIATION

At 6 April 2016

179,379

9,121

148,451

336,951

Charge for year

52,723

1,145

67,694

121,562

Eliminated on disposal

(2,075

)

-

(7,355

)

(9,430

)

At 5 April 2017

230,027

10,266

208,790

449,083

NET BOOK VALUE

At 5 April 2017

263,217

4,924

252,087

520,228

At 5 April 2016

212,340

4,871

175,310

392,521

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

follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 6 April 2016

220,630

86,000

306,630

Additions

44,695

43,200

87,895

Disposals

(24,900

)

-

(24,900

)

At 5 April 2017

240,425

129,200

369,625

DEPRECIATION

At 6 April 2016

85,423

27,905

113,328

Charge for year

32,854

25,324

58,178

Eliminated on disposal

(2,075

)

-

(2,075

)

At 5 April 2017

116,202

53,229

169,431

NET BOOK VALUE

At 5 April 2017

124,223

75,971

200,194

At 5 April 2016

135,207

58,095

193,302

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 6 April 2016

and 5 April 2017

6,400

NET BOOK VALUE

At 5 April 2017

6,400

At 5 April 2016

6,400

6.

STOCKS

5.4.17

5.4.16

£

£

Stocks

21,725

39,500

Work-in-progress

94,275

79,000

116,000

118,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.17

5.4.16

£

£

Trade debtors

719,272

567,629

Prepayments

4,616

-

723,888

567,629

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.17

5.4.16

£

£

Hire purchase contracts

71,723

56,650

Trade creditors

507,403

341,778

Amounts owed to group undertakings

218,051

180,649

Corporation tax

73,181

19,497

Social security and other taxes

23,998

24,610

VAT

32,469

43,654

Other creditors

-

9,562

Subcontractors retention

1,603

-

Pension costs

537

-

Other loans

175

-

Directors' current accounts

106,367

178,360

Accrued expenses

1,417

3,779

1,036,924

858,539

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

5.4.17

5.4.16

£

£

Hire purchase contracts

104,329

119,512

10.	PROVISIONS FOR LIABILITIES

5.4.17

5.4.16

£

£

Deferred tax

93,437

78,142

Deferred

tax

£

Balance at 6 April 2016

78,142

Excess of taxation allowances

over depreciation on

fixed assets

15,295

Balance at 5 April 2017

93,437

11.	RELATED PARTY DISCLOSURES

Williams Associates (Southern) Ltd

During the year the company made sales to the 100% subsidiary Williams Associates

(Southern) Ltd of £Nil (2016 : £50,000) and purchases of £274,481 (2016 : £200,000). These

transactions were under normal commercial terms. Included in trade creditors is an amount

of £218,051 (2016 : £180,649) owed by this company at the Balance sheet date.

12.	ULTIMATE CONTROLLING PARTY

During the year and comparative year, there was no single controlling party, but through

collaboration the shareholders control the company.