Sussex Driveways (Paving) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03206121 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018

FOR

SUSSEX DRIVEWAYS (PAVING) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Braiden

Ms V T Woodley

SECRETARY:

D J Woodley

REGISTERED OFFICE:

27 St Lukes Road

Brighton

East Sussex

BN2 9ZD

REGISTERED NUMBER:

03206121 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Tangible assets

3

66,992

49,049

CURRENT ASSETS

Stocks

4

28,000

33,583

Debtors

5

61,791

27,562

Cash at bank and in hand

10,697

31,989

100,488

93,134

CREDITORS

Amounts falling due within one year

6

106,670

116,497

NET CURRENT LIABILITIES

(6,182

)

(23,363

)

TOTAL ASSETS LESS CURRENT LIABILITIES

60,810

25,686

CREDITORS

Amounts falling due after more than one year

7

(20,147

)

-

PROVISIONS FOR LIABILITIES

(9,192

)

(9,192

)

NET ASSETS

31,471

16,494

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

31,470

16,493

31,471

16,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 September 2018 and were signed on its behalf by:

Ms V T Woodley - Director

M Braiden - Director

1.	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 have been prepared on the basis that the company will continue to be a going

concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value

of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed

assets and long term liabilities as current assets and liabilities.

Turnover

Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to

consideration.

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

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2017 - 20 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2017

126,876

3,249

101,875

4,708

236,708

Additions

2,662

930

40,246

291

44,129

Disposals

-

-

(21,430

)

-

(21,430

)

At 31 May 2018

129,538

4,179

120,691

4,999

259,407

DEPRECIATION

At 1 June 2017

89,318

2,950

91,642

3,749

187,659

Charge for year

11,787

246

9,160

313

21,506

Eliminated on disposal

-

-

(16,750

)

-

(16,750

)

At 31 May 2018

101,105

3,196

84,052

4,062

192,415

NET BOOK VALUE

At 31 May 2018

28,433

983

36,639

937

66,992

At 31 May 2017

37,558

299

10,233

959

49,049

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

Motor

vehicles

£

COST

Additions

40,246

At 31 May 2018

40,246

DEPRECIATION

Charge for year

8,049

At 31 May 2018

8,049

NET BOOK VALUE

At 31 May 2018

32,197

4.

STOCKS

2018

2017

£

£

Stocks

3,000

3,878

Work-in-progress

25,000

29,705

28,000

33,583

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

59,966

26,562

Amounts owed by group undertakings

626

-

Other debtors

1,000

1,000

Tax

199

-

61,791

27,562

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

11,978

6,885

Trade creditors

58,016

62,538

Tax

-

1,477

Social security and other taxes

3,218

7,924

VAT

20,656

27,116

Other creditors

4,872

8,047

Directors' current accounts

5,530

111

Accrued expenses

2,400

2,399

106,670

116,497

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

20,147

-

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, Ms V T Woodley increased her loan to the company. As at 31 May 2018 the company owed her

£5,530 (2017: £111). This balance represented the maximum amount outstanding during the year and the loan is

interest free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms V T Woodley.

This was by virtue of her 100% holding of the issued share capital.

10.	ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the

company will continue to be a going concern. As at the year end the current liabilities exceeded current assets by

£6,182.

The validity of this basis depends upon the continued support of the company's directors. The directors confirm

that they will give the required support.