Company Registration No. 12217020 (England and Wales)
London Building Contractors Limited
Unaudited accounts
for the year ended 30 September 2023
London Building Contractors Limited
Unaudited accounts
Contents
London Building Contractors Limited
Company Information
for the year ended 30 September 2023
Company Number
12217020 (England and Wales)
Registered Office
47 - 49 PARK ROYAL ROAD
ACTON
LONDON
MIDDLESEX LONDON
NW10 7LQ
ENGLAND
London Building Contractors Limited
Statement of financial position
as at 30 September 2023
Tangible assets
47,125
54,034
Cash at bank and in hand
85,955
96,188
Creditors: amounts falling due within one year
89,999
(90,259)
Net current assets
91,212
19,899
Total assets less current liabilities
138,337
73,933
Provisions for liabilities
Other provisions
(10,223)
(10,223)
Called up share capital
300
300
Profit and loss account
127,814
63,410
Shareholders' funds
128,114
63,710
For the year ending 30 September 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 October 2023 and were signed on its behalf by
James BALOGUN
Director
Company Registration No. 12217020
London Building Contractors Limited
Notes to the Accounts
for the year ended 30 September 2023
London Building Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 12217020. The registered office is 47 - 49 PARK ROYAL ROAD, ACTON, LONDON, MIDDLESEX LONDON, NW10 7LQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 30 September 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 October 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
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:
Vehicles 20% reducing balance
Fixtures, fittings, tools and equipment 20% straight line
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.
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.
London Building Contractors Limited
Notes to the Accounts
for the year ended 30 September 2023
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.
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 (ie 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.
Foreign currency translation
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.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 October 2022
4,288
49,746
54,034
At 30 September 2023
4,288
49,746
54,034
Charge for the year
1,382
5,527
6,909
At 30 September 2023
1,382
5,527
6,909
At 30 September 2023
2,906
44,219
47,125
At 30 September 2022
4,288
49,746
54,034
Amounts falling due within one year
Other debtors
(5,936)
13,970
Amounts falling due after more than one year
Accrued income and prepayments
(30,000)
-
London Building Contractors Limited
Notes to the Accounts
for the year ended 30 September 2023
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
32,257
18,607
Loans from directors
(120,256)
71,652
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Average number of employees
During the year the average number of employees was 0 (2022: 0).