The Building Partnership Limited
Registered number: 03283822
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 301,782 312,800
Current assets
Stocks and Works in Progress 2,453 101,941
Debtors 4 146,923 105,886
Cash at bank and in hand 992,665 828,617
1,142,041 1,036,444
Creditors: amounts falling due within one year 5 (141,099) (138,191)
Net current assets 1,000,942 898,253
Total assets less current liabilities 1,302,724 1,211,053
Provisions for liabilities Deferred taxation (30,320) (25,137)
Net assets 1,272,404 1,185,916
Capital and reserves
Called up share capital 200 200
Profit and loss account 1,272,204 1,185,716
Shareholders' funds 1,272,404 1,185,916
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered 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.
SP Foyle
Director
Approved by the board on 20 September 2023
The Building Partnership Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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:
Freehold buildings over 50 years
Freehold land and buildings No provisions
Plant and machinery over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Works in progress
Works in progress is valued at cost plus % of overhead and profit element
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 (i.e. liabilities of uncertain timing or amount) 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 270,750 30,208 76,709 377,667
At 30 June 2023 270,750 30,208 76,709 377,667
Depreciation
At 1 July 2022 - 24,145 40,722 64,867
Charge for the year - 1,213 9,805 11,018
At 30 June 2023 - 25,358 50,527 75,885
Net book value
At 30 June 2023 270,750 4,850 26,182 301,782
At 30 June 2022 270,750 6,063 35,987 312,800
Freehold land and buildings: 2023 2022
£ £
Historical cost 165,000 165,000
Revalue added to cost 105,750 105,750
270,750 270,750
Property Revaluation The freehold properties were valued By Lane & Holes Bedford in June 2022. It was considered by the directors that these values would have been appropriate as at 30 June 2023. The revaluation figures are the agents sale values less 5% for agents and legal costs. The directors are of the opinion that current day vacant possession values would marginally exceed these figures.
4 Debtors 2023 2022
£ £
Trade debtors 139,410 100,244
Other debtors 7,513 5,642
146,923 105,886
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 44,182 69,897
Corporation tax 27,161 27,731
Other taxes and social security costs 58,760 29,977
Other creditors 10,996 10,586
141,099 138,191
6 Related party transactions
SP Foyle and RC Smith
The premises Unit 10 Broadmead Park is owned by the directors and let to the company at a market rent
7 Controlling party
The directors have a controlling interest in the company
8 Other information
The Building Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 10 Broadmead Business Park
Broadmead
Stewartby
Bedfordshire
MK43 9NX
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