REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
FOR |
BAAS CONSTRUCTION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
FOR |
BAAS CONSTRUCTION LIMITED |
BAAS CONSTRUCTION LIMITED (REGISTERED NUMBER: 01632310) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
BAAS CONSTRUCTION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
BAAS CONSTRUCTION LIMITED (REGISTERED NUMBER: 01632310) |
BALANCE SHEET |
31ST DECEMBER 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Investments | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
BAAS CONSTRUCTION LIMITED (REGISTERED NUMBER: 01632310) |
BALANCE SHEET - continued |
31ST DECEMBER 2021 |
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 and authorised for issue on |
BAAS CONSTRUCTION LIMITED (REGISTERED NUMBER: 01632310) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
1. | STATUTORY INFORMATION |
BAAS Construction Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Consolidation |
The accounts contain information about BAAS Construction Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt from the requirement to prepare consolidated financial statements as both of the subsidiary undertakings are immaterial. |
Turnover |
Turnover represents net invoiced work and, on long term contracts, a percentage of the total contract value based upon the stage of completion of the work carried out. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stock and work-in-progress are stated at the lower of cost and net realisable value. |
Cost includes all direct expenditure and an appropriate proportion of overheads. |
Net realisable value is based on estimated selling prices less all further costs to completion and disposal. |
Long-term contract work-in-progress is stated at cost plus, where the outcome can be assessed with reasonable certainty, estimated profits attributable to the stage of completion, less provision for any known or anticipated losses and progress payments receivable on account. |
Advance and progress payments are included under creditors to the extent that they exceed the related work-in-progress. |
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. |
BAAS CONSTRUCTION LIMITED (REGISTERED NUMBER: 01632310) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
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 held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. |
All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the term 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. |
Investments |
Fixed asset investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities. |
Current asset investments are included at their fair value. Profits or losses arising from the disposal of current asset investments are treated as part of the result from ordinary activities. |
Investments in subsidiary undertakings are stated at cost less any provisions for impairment in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BAAS CONSTRUCTION LIMITED (REGISTERED NUMBER: 01632310) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st December 2021 |
DEPRECIATION |
At 1st January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2021 |
Disposals | ( |
) |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st January 2021 |
and 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
BAAS CONSTRUCTION LIMITED (REGISTERED NUMBER: 01632310) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31st December 2021 is represented by: |
£ |
Valuation in 2021 | 500,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.12.21 | 31.12.20 |
£ | £ |
Cost | 500,000 | 500,000 |
Investment property was valued on a fair value basis on 31st December 2021 by the directors . |
7. | STOCKS |
31.12.21 | 31.12.20 |
£ | £ |
Work in progress |
Payments on account | (646,345 | ) | - |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Other debtors |
9. | CURRENT ASSET INVESTMENTS |
Current asset investments comprise listed investments stated at fair value. |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
11. | CONTINGENT LIABILITIES |
Performance bonds to the value of £367,412 (2020: £502,521) were in place at the year end. The bonds are underwritten by the company's bankers and secured by an unlimited debenture on the assets of the company. |
BAAS CONSTRUCTION LIMITED (REGISTERED NUMBER: 01632310) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
12. | OTHER FINANCIAL COMMITMENTS |
At 31st December 2021 the company had total commitments under non-cancellable operating leases over the remaining life of those leases amounting to £108,650 (2020: £160,950). |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st December 2021 and 31st December 2020: |
31.12.21 | 31.12.20 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Directors' loans are unsecured, interest free and repayable on demand. |
During the year the company rented one of its properties for £27,500 (2020: £17,500) from the BAAS Construction Retirement Benefit Scheme, a pension scheme in which Mr K O'Connell and Mr A O'Connell (who are directors and shareholders) have a material interest. Current year rent was reduced by a payment holiday. |
14. | ULTIMATE CONTROLLING PARTY |