2022-01-012022-12-312022-12-31false03048253VEAR BUILDING SERVICES 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VEAR BUILDING SERVICES LIMITED

Registered Number
03048253
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

VEAR BUILDING SERVICES LIMITED
Company Information
for the year from 1 January 2022 to 31 December 2022

Director

WATERS, Timothy Cyril

Registered Address

C/O Wej Financial Management Ltd Botley Mills
Mill Hill
Southampton
SO30 2GB

Registered Number

03048253 (England and Wales)
VEAR BUILDING SERVICES LIMITED
Balance Sheet as at
31 December 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Tangible assets61,7547,260
1,7547,260
Current assets
Stocks71,500-
Debtors832,83426,533
Cash at bank and on hand13,08893,798
47,422120,331
Creditors amounts falling due within one year9(111,159)(140,666)
Net current assets (liabilities)(63,737)(20,335)
Total assets less current liabilities(61,983)(13,075)
Net assets(61,983)(13,075)
Capital and reserves
Called up share capital3,0003,000
Profit and loss account(64,983)(16,075)
Shareholders' funds(61,983)(13,075)
The financial statements were approved and authorised for issue by the Director on 21 September 2023, and are signed on its behalf by:
WATERS, Timothy Cyril
Director
Registered Company No. 03048253
VEAR BUILDING SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 December 2022

1.Statutory information
Vear Building Services Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 03048253 and its registered address is Botley Mills, Mill Hill, Botley, Southampton. SO30 2GB.
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
3.Accounting policies
Functional and presentation currency policy
The presentation currency is £ sterling
Turnover policy
Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.
Property, plant and equipment policy
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is adjusted for prospectively. Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.

Reducing balance (%)Straight line (years)
Land and buildings5-
Fixtures and fittings-20
Intangible assets policy
Goodwill is amortised over its useful economic life.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Revenue is recognised in relation to the value of work carried out which is based on the project as a whole. Judgements are made on the timing of revenue recognition based on the percentage completion of the work, and the expected outcome of the contract. The degree of completion of contracts is estimated by reviewing the costs incurred to date against the total expected costs of the project. Construction contracts: Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
Taxation policy
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 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 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.
Government grants and other government assistance policy
Grants of a revenue nature are credited to the income statement in the period to which they relate in accordance with the terms of the grant. Any deferred element of the grant is included within creditors as deferred income.
Employee benefits policy
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. The pension costs charged in the financial statements represent the contributions payable by the company during the year.
Valuation of financial instruments policy
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.
4.Critical estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The director does not consider there to be any significant judgements or estimates.
5.Employee information

20222021
Average number of employees during the year03
6.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 January 2216,34616,346
Disposals(10,848)(10,848)
At 31 December 225,4985,498
Depreciation and impairment
At 01 January 229,0869,086
Charge for year2,7852,785
On disposals(8,127)(8,127)
At 31 December 223,7443,744
Net book value
At 31 December 221,7541,754
At 31 December 217,2607,260
7.Stocks

2022

2021

££
Other stocks1,500-
Total1,500-
8.Debtors

2022

2021

££
Trade debtors / trade receivables3,04917,401
Amounts owed by group undertakings13,124-
Other debtors9,4389,132
Prepayments and accrued income7,223-
Total32,83426,533
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2022

2021

££
Trade creditors / trade payables90,70180,766
Amounts owed to related parties-46,638
Taxation and social security6,9475,762
Other creditors4,511-
Accrued liabilities and deferred income9,0007,500
Total111,159140,666
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.