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Registration number: 05466000

Building Neads Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Building Neads Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

Detailed Profit and Loss Account

13 to 14

 

Building Neads Limited

Company Information

Director

Mr J K Neads

Registered office

32 Brynderwen
Landare
Aberdare
CF44 8SE

Accountants

Holberton & Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

 

Building Neads Limited

Director's Report for the Year Ended 31 May 2023

The director presents his report and the financial statements for the year ended 31 May 2023.

Director of the company

The director who held office during the year was as follows:

Mr J K Neads

Principal activity

The principal activity of the company is Builder

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 August 2023
 

.........................................
Mr J K Neads
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Building Neads Limited
for the Year Ended 31 May 2023

It is your duty to ensure that Building Neads Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Building Neads Limited. You consider that Building Neads Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Building Neads Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Holberton & Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

30 August 2023

 

Building Neads Limited

Profit and Loss Account for the Year Ended 31 May 2023

Note

2023
£

2022
£

Turnover

 

9,698

6,944

Cost of sales

 

(1,585)

(265)

Gross profit

 

8,113

6,679

Administrative expenses

 

(12,291)

(12,883)

Operating loss

 

(4,178)

(6,204)

Interest payable and similar expenses

 

(6)

(45)

Loss before tax

4

(4,184)

(6,249)

Loss for the financial year

 

(4,184)

(6,249)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Building Neads Limited

Statement of Comprehensive Income for the Year Ended 31 May 2023

2023
£

2022
£

Loss for the year

(4,184)

(6,249)

Total comprehensive income for the year

(4,184)

(6,249)

 

Building Neads Limited

(Registration number: 05466000)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

189

254

Current assets

 

Cash at bank and in hand

 

111

2,203

Creditors: Amounts falling due within one year

6

(22,160)

(19,359)

Net current liabilities

 

(22,049)

(17,156)

Total assets less current liabilities

 

(21,860)

(16,902)

Creditors: Amounts falling due after more than one year

6

(1,935)

(2,709)

Net liabilities

 

(23,795)

(19,611)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(23,796)

(19,612)

Shareholders' deficit

 

(23,795)

(19,611)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 August 2023
 

.........................................
Mr J K Neads
Director

 

Building Neads Limited

Statement of Changes in Equity for the Year Ended 31 May 2023

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

1

(19,612)

(19,611)

Loss for the year

-

(4,184)

(4,184)

At 31 May 2023

1

(23,796)

(23,795)

Share capital
£

Retained earnings
£

Total
£

At 1 June 2021

1

(13,363)

(13,362)

Loss for the year

-

(6,249)

(6,249)

At 31 May 2022

1

(19,612)

(19,611)

 

Building Neads Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
32 Brynderwen
Landare
Aberdare
CF44 8SE

The principal place of business is:
32 Brynderwen
Landare
Aberdare
CF44 8SE

These financial statements were authorised for issue by the director on 30 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Building Neads Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing Balance

Computer Equipment

33% Reducing Balance

Motor Vehicles

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

 

Building Neads Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Depreciation expense

64

87

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

4,143

7,500

11,643

At 31 May 2023

4,143

7,500

11,643

Depreciation

At 1 June 2022

4,012

7,377

11,389

Charge for the year

34

31

65

At 31 May 2023

4,046

7,408

11,454

Carrying amount

At 31 May 2023

97

92

189

At 31 May 2022

131

123

254

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

773

774

Accruals and deferred income

 

600

1,440

Other creditors

 

20,787

17,145

 

22,160

19,359

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,935

2,709

 

Building Neads Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,935

2,709

2023
£

2022
£

Current loans and borrowings

Bank borrowings

773

774

9

Related party transactions

 

Building Neads Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

7,583

8,883

 

Building Neads Limited

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
 £

2022
 £

turnover (analysed below)

9,698

6,944

Cost of sales (analysed below)

(1,585)

(265)

Gross profit

8,113

6,679

Gross profit (%)

83.66%

96.18%

Administrative expenses

Employment costs (analysed below)

(7,583)

(8,883)

Establishment costs (analysed below)

(900)

(1,056)

General administrative expenses (analysed below)

(3,660)

(2,766)

Finance charges (analysed below)

(84)

(91)

Depreciation costs (analysed below)

(64)

(87)

(12,291)

(12,883)

Operating loss

(4,178)

(6,204)

Interest payable and similar charges (analysed below)

(6)

(45)

Loss before tax

(4,184)

(6,249)

 

Building Neads Limited

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

9,698

5,005

Grants and subsidies

-

1,939

9,698

6,944

   

Cost of sales

Purchases

(1,585)

(265)

   

Employment costs

Directors remuneration

(7,583)

(8,883)

   

Establishment costs

Insurance

-

(156)

Use of home as office

(900)

(900)

(900)

(1,056)

   

General administrative expenses

Telephone and fax

(756)

(629)

Sundry expenses

(24)

-

Motor expenses

(2,280)

(1,657)

Accountancy fees

(600)

(480)

(3,660)

(2,766)

   

Finance charges

Bank charges

(84)

(91)

   

Depreciation costs

Depreciation of plant and machinery (owned)

(28)

(38)

Depreciation of motor vehicles (owned)

(31)

(41)

Depreciation of office equipment (owned)

(5)

(8)

(64)

(87)

   

Interest payable and similar expenses

Bank loan interest payable

(6)

(45)