Construct-Equip Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02333178 (England and Wales)

Financial Statements for the Year Ended 31 March 2018

for

Construct-Equip Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A McCafferty

Mr K Severn

Mrs K Severn

Mrs L McCafferty

REGISTERED OFFICE:

Nechells Park Road

Nechells

Birmingham

West Midlands

B7 5NQ

REGISTERED NUMBER:

02333178 (England and Wales)

ACCOUNTANTS:

Haines Watts Wolverhampton Limited

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

BANKERS:

Lloyds TSB

Long Acre

Birmingham

B7 5JH

FIXED ASSETS

Tangible assets

4

896,401

855,524

CURRENT ASSETS

Stocks

541,964

709,335

Debtors

5

314,923

280,295

Cash at bank and in hand

26,271

29,460

883,158

1,019,090

CREDITORS

Amounts falling due within one year

6

596,725

608,810

NET CURRENT ASSETS

286,433

410,280

TOTAL ASSETS LESS CURRENT LIABILITIES

1,182,834

1,265,804

CREDITORS

Amounts falling due after more than one year

7

(383,840

)

(492,702

)

PROVISIONS FOR LIABILITIES

(32,499

)

(33,008

)

NET ASSETS

766,495

740,094

CAPITAL AND RESERVES

Called up share capital

9

850

850

Retained earnings

765,645

739,244

SHAREHOLDERS' FUNDS

766,495

740,094

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2018 and were signed on its behalf by:

Mr A McCafferty - Director

1.	STATUTORY INFORMATION

Construct-Equip 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.

Turnover

The turnover shown in the profit and loss account is the amount receivable for the provision of goods

and services falling within the Company's activities, net of Value Added Tax, rebates and trade

discounts.

Turnover from the provision of goods and services is recognised in the accounting period in which the

Company obtains the right to consideration in exchange for its performance and when the amounts to

be recognised are fixed or determinable and collectability is reasonably assured.

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.

Freehold property

-

2% on cost

Fixtures and fittings

-

25% on cost and 20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

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

obsolete and slow moving items.

Hire stock is initially recorded at cost, it is then depreciated over 3 to 5 years after an allowance for a

residual value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

Account, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as the financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the asset of the company after deducting all of its

liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2017 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2017

775,116

39,750

56,904

Additions

56,731

38,680

18,725

At 31 March 2018

831,847

78,430

75,629

DEPRECIATION

At 1 April 2017

62,483

1,750

52,514

Charge for year

16,876

12,417

4,428

Eliminated on disposal

-

-

-

At 31 March 2018

79,359

14,167

56,942

NET BOOK VALUE

At 31 March 2018

752,488

64,263

18,687

At 31 March 2017

712,633

38,000

4,390

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2017

250,965

6,505

1,129,240

Additions

22,000

-

136,136

Disposals

(26,309

)

-

(26,309

)

At 31 March 2018

246,656

6,505

1,239,067

DEPRECIATION

At 1 April 2017

150,464

6,505

273,716

Charge for year

48,383

-

82,104

Eliminated on disposal

(13,154

)

-

(13,154

)

At 31 March 2018

185,693

6,505

342,666

NET BOOK VALUE

At 31 March 2018

60,963

-

896,401

At 31 March 2017

100,501

-

855,524

Included in cost of land and buildings is freehold land of £ 220,000 (2017 - £ 220,000 ) which is not

depreciated.

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

Motor

vehicles

£

COST

At 1 April 2017

160,697

Disposals

(26,309

)

At 31 March 2018

134,388

DEPRECIATION

At 1 April 2017

66,113

Charge for year

40,174

Eliminated on disposal

(13,154

)

At 31 March 2018

93,133

NET BOOK VALUE

At 31 March 2018

41,255

At 31 March 2017

94,584

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

309,799

239,345

Other debtors

5,124

40,950

314,923

280,295

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

108,789

86,022

Hire purchase contracts

138,037

210,478

Trade creditors

163,473

93,104

Taxation and social security

61,380

46,600

Other creditors

125,046

172,606

596,725

608,810

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

263,925

281,956

Hire purchase contracts

119,915

210,746

383,840

492,702

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

372,714

367,978

Hire purchase contracts

257,952

421,224

630,666

789,202

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

850

Ordinary

£1

850

850

10.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance

sheet amount to £128,333 (2017 - £143,333).