Obbard Limited


Directors	Hugh Obbard
	Patricia Patrick


Registered Address	5 Technology Park
	Colindeep Lane
	Colindale
	NW9 6BX


Registered Number	02917554 (England and Wales)

Statement of Financial Position
30 April 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	6		30,501		26,665
			30,501		26,665
Current assets
Debtors	8	673,529		899,648
Cash at bank and on hand		825,496		544,335
		1,499,025		1,443,983
Creditors amounts falling due within one year	9	(1,248,388)		(1,026,992)
Net current assets (liabilities)			250,637		416,991
Total assets less current liabilities			281,138		443,656
Creditors amounts falling due after one year	10		(255,833)		(405,260)
Provisions for liabilities	11		(5,795)		(5,066)
Net assets			19,510		33,330
Capital and reserves
Called up share capital			1,600		1,600
Share premium			13,221		13,221
Other reserves			300		300
Profit and loss account			4,389		18,209
Shareholders' funds			19,510		33,330

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 3 October 2023, and are signed on its behalf by:

Hugh Obbard
Director
Registered Company No. 02917554

Obbard Limited

Notes to the Financial Statements
for the year ended 30 April 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Principal activities
	The principal activity of the company continued to be that of property consultants.

4.	Accounting policies

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Stocks policy
	When the outcome of a construction contract can be estimated reliably, an entity shall recognise contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (often referred to as the percentage of completion method). Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings.

Stocks policy

When the outcome of a construction contract can be estimated reliably, an entity shall recognise contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (often referred to as the percentage of completion method). Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings.

	Revenue recognition policy
	Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by the proportion of physical work completed compared to the total work to be done. When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are included as revenue and expenses respectively by reference to the stage of completion of the contract at the end of the reporting period. During the year £2.8m of contract revenue was recognised by reference to the stage of completion of the on-going and completed construction contracts, each measured separately.

Revenue recognition policy

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value-added tax and other sales taxes.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by the proportion of physical work completed compared to the total work to be done.

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract are included as revenue and expenses respectively by reference to the stage of completion of the contract at the end of the reporting period. During the year £2.8m of contract revenue was recognised by reference to the stage of completion of the on-going and completed construction contracts, each measured separately.

	Taxation policy
	The tax currently payable is based on the taxable profit for the year. Taxable profit duffers from net profits as reported in the income statement 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.

Taxation policy

The tax currently payable is based on the taxable profit for the year. Taxable profit duffers from net profits as reported in the income statement 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 policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Going concern
	After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

5.	Employee information


		2023		2022
	Average number of employees during the year	9		10

6.	Property, plant and equipment

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 May 22	125,752	23,313	95,646	244,711
Additions	8,300	-	1,624	9,924
At 30 April 23	134,052	23,313	97,270	254,635
Depreciation and impairment
At 01 May 22	109,412	20,565	88,069	218,046
Charge for year	2,750	687	2,651	6,088
At 30 April 23	112,162	21,252	90,720	224,134
Net book value
At 30 April 23	21,890	2,061	6,550	30,501
At 30 April 22	16,340	2,748	7,577	26,665

7.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Hugh Obbard	0	130,641	0	130,641
Director's loan Overdrawn Balance
Patricia Patrick	0	140,203	0	140,203
Director's loan Overdrawn Balance
	0	270,844	0	270,844


	The loans are interest-bearing and repayable on demand by the Directors. Subsequently, the overdrawn balances were cleared in August 2023.

8.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	341,370	767,315
Other debtors	267,563	17,934
Prepayments and accrued income	64,596	114,399
Total	673,529	899,648


	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.

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

	2023	2022
	£	£
Trade creditors / trade payables	82,617	145,960
Bank borrowings and overdrafts	76,667	-
Taxation and social security	290,196	223,879
Other creditors	10,458	59,185
Accrued liabilities and deferred income	788,450	597,968
Total	1,248,388	1,026,992


	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.

10.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	255,833	405,260
Total	255,833	405,260

11.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	5,795	5,066
Total	5,795	5,066