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Company registration number: 07833960
Britannia Construction Standard Limited
Unaudited filleted financial statements
30 November 2022
Britannia Construction Standard Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Britannia Construction Standard Limited
Directors and other information
Directors Mr Ruslan Aliyev
Mrs Olga Nepomnyashchikh
Company number 07833960
Registered office 5 Calico Row
Plantation Wharf
Battersea
London
SW11 3YH
Business address 176 Devonshire Road
London
W4 2AW
Accountant Reza Samii
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
Bankers Metro Bank Plc
One Southhampton Row
London
WC1B 5HA
Britannia Construction Standard Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Britannia Construction Standard Limited
Year ended 30 November 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Britannia Construction Standard Limited for the year ended 30 November 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
My work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Reza Samii
Chartered Accountant
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
29 August 2023
Britannia Construction Standard Limited
Statement of financial position
30 November 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 3,627 5,526
Investments 6 100 -
_______ _______
3,727 5,526
Current assets
Stocks 3,564,698 3,353,156
Debtors 7 30,307 88,918
Cash at bank and in hand 6,163 12,614
_______ _______
3,601,168 3,454,688
Creditors: amounts falling due
within one year 8 ( 3,846,328) ( 3,653,590)
_______ _______
Net current liabilities ( 245,160) ( 198,902)
_______ _______
Total assets less current liabilities ( 241,433) ( 193,376)
_______ _______
Net liabilities ( 241,433) ( 193,376)
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account ( 241,633) ( 193,576)
_______ _______
Shareholders deficit ( 241,433) ( 193,376)
_______ _______
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:
Mr Ruslan Aliyev Mrs Olga Nepomnyashchikh
Director Director
Company registration number: 07833960
Britannia Construction Standard Limited
Notes to the financial statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Britannia Construction Standard Ltd, 5 Calico Row, Plantation Wharf, Battersea, London, SW11 3YH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 5 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2021 11,375 6,925 18,300
Additions - 699 699
_______ _______ _______
At 30 November 2022 11,375 7,624 18,999
_______ _______ _______
Depreciation
At 1 December 2021 7,677 5,097 12,774
Charge for the year 1,849 749 2,598
_______ _______ _______
At 30 November 2022 9,526 5,846 15,372
_______ _______ _______
Carrying amount
At 30 November 2022 1,849 1,778 3,627
_______ _______ _______
At 30 November 2021 3,698 1,828 5,526
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests
£
Cost
At 1 December 2021 -
Additions 100
_______
At 30 November 2022 100
_______
Impairment
At 1 December 2021 and 30 November 2022 -
_______
Carrying amount
At 30 November 2022 100
_______
At 30 November 2021 -
_______
The principal activity of the subsidiary, once trading commences, will be that of property letting and management. The subsidiary remained dormant during period ending 30.11.2022.
7. Debtors
2022 2021
£ £
Other debtors 30,307 88,918
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors - 4,056
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,078,057 2,874,150
Social security and other taxes - 3,028
Other creditors 768,271 772,356
_______ _______
3,846,328 3,653,590
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ruslan Aliyev ( 765,856) 4,085 ( 761,771)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ruslan Aliyev ( 718,319) ( 47,537) ( 765,856)
_______ _______ _______
Directors loan is interest free and unsecured.
10. Related party transactions
During the year the company received funds amounting to £203,907 from RNF International Ltd, a company registered in the UK and owned and controlled by the directors. The year end balances due to RNF International Ltd amounted to £2,918,057.Included in the"related undertakings" balances is a loan of £160,000 advanced by Mr. Aliyev's close relatives.These loans are interest free, unsecured and repayable on demand. The directors' credit balances with the company as at 30.11.2022 amounted to £761,771.
11. Controlling party
The company was controlled throughout the current and previous period by its two directors.
12. Financial Position
The accounts have been prepared on going concern basis as the related undertakings as well as the directors who are the significant creditors, have undertaken until sufficient income is generated by the company, to continue with their existing level of financial support to enable the company to operate as a going concern.