Levy Building Contractors Ltd
Registered number: 10667489
Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 25,427 32,306
Current assets
Debtors 5 116,719 145,132
Cash at bank and in hand 11,025 1,081
127,744 146,213
Creditors: amounts falling due within one year 6 (81,739) (101,320)
Net current assets 46,005 44,893
Total assets less current liabilities 71,432 77,199
Creditors: amounts falling due after more than one year 7 (15,167) (22,167)
Provisions for liabilities (2,819) (3,998)
Net assets 53,446 51,034
Capital and reserves
Called up share capital 1 1
Profit and loss account 53,445 51,033
Shareholder's funds 53,446 51,034
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Levy
Director
Approved by the board on 9 October 2023
Levy Building Contractors Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction 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.
Creditors
Short term creditors are measured at transaction 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 1
3 Government grants
The company received a business interruption payment relating to interest payable on a bounce back loan taken out in the period. The grant is shown in the the profit and loss in the period in which the related interest was incurred.
2023 2022
£ £
Business interruption payments - 146
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 46,041 12,750 58,791
Additions 1,599 - 1,599
At 31 March 2023 47,640 12,750 60,390
Depreciation
At 1 April 2022 20,906 5,579 26,485
Charge for the year 6,685 1,793 8,478
At 31 March 2023 27,591 7,372 34,963
Net book value
At 31 March 2023 20,049 5,378 25,427
At 31 March 2022 25,135 7,171 32,306
5 Debtors 2023 2022
£ £
Trade debtors 1,499 23,670
Prepayments - 286
Accrued income 12,127 -
Other debtors 103,093 121,176
116,719 145,132
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,000 7,000
Accruals 1,080 1,050
Corporation tax 33,801 25,425
Other taxes and social security costs 38,233 67,633
Other creditors 1,625 212
81,739 101,320
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,167 22,167
8 Other information
Levy Building Contractors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
224 Sandy Hill Road
Farnham
Surrey
GU9 0EE
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