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Company registration number: 12338254
Building Ventures (NW) Ltd
Trading as Building Ventures (North West) Limited
Unaudited financial statements
30 November 2022
Building Ventures (NW) Ltd
Contents
Directors and other information
Strategic report
Directors report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Building Ventures (NW) Ltd
Directors and other information
Directors Mr James Smethurst
Mr Christopher Royle
Company number 12338254
Swinton
Greater Manchester
M27 5GT
Business address 20 Thorn Road
Swinton
Greater Manchester
M27 5GGT
Accountant C & D Accountancy Services
16 Thorn Road
Swinton
Greater Manchester
M27 5GT
Building Ventures (NW) Ltd
Strategic report
Year ended 30 November 2022
This report was approved by the board of directors on 30 November 2022 and signed on behalf of the board by:
Secretary
Mr James Smethurst
Director
Building Ventures (NW) Ltd
Directors report
Year ended 30 November 2022
The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2022.
Directors
The directors who served the company during the year were as follows:
Mr James Smethurst
Mr Christopher Royle
Dividends
The directors do not recommend the payment of a dividend.
This report was approved by the board of directors on 30 November 2022 and signed on behalf of the board by:
Mr James Smethurst
Director
Building Ventures (NW) Ltd
Statement of comprehensive income
Year ended 30 November 2022
2022 2021
Note £ £
Turnover 4 432,661 -
Change in stocks of finished goods and in work in progress ( 191,453) -
_______ _______
241,208 (-)
Other external charges ( 149,444) -
Staff costs 6 ( 87,964) -
Depreciation and other amounts written off tangible and intangible fixed assets ( 4,274) -
Other operating expenses ( 29,661) -
_______ _______
Operating (loss)/profit 5 ( 30,135) -
_______ _______
(Loss)/profit before taxation ( 30,135) -
Tax on (loss)/profit - -
_______ _______
(Loss)/profit for the financial year and total comprehensive income ( 30,135) -
_______ _______
All the activities of the company are from continuing operations.
Building Ventures (NW) Ltd
Statement of financial position
30 November 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 9 17,322 -
_______ _______
17,322 -
Current assets
Debtors 10 1,975 -
Cash at bank and in hand 24,467 -
_______ _______
26,442 -
Creditors: amounts falling due
within one year 11 ( 67,852) -
_______ _______
Net current liabilities ( 41,410) -
_______ _______
Total assets less current liabilities ( 24,088) -
_______ _______
Net (liabilities)/assets ( 24,088) -
_______ _______
Capital and reserves
Reserve for own shares ( 2,956) -
Profit and loss account ( 21,132) -
_______ _______
Shareholders (deficit)/funds ( 24,088) -
_______ _______
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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 30 November 2022 , and are signed on behalf of the board by:
Mr James Smethurst
Director
Company registration number: 12338254
Building Ventures (NW) Ltd
Statement of changes in equity
Year ended 30 November 2022
Reserve for own shares Profit and loss account Total
£ £ £
At 1 December 2020 - - -
(Loss)/profit for the year - -
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 30 November 2021 and 1 December 2021 ( 2,956) 9,003 6,047
(Loss)/profit for the year ( 30,135) ( 30,135)
_______ _______ _______
Total comprehensive income for the year - ( 30,135) ( 30,135)
_______ _______ _______
At 30 November 2022 ( 2,956) ( 21,132) ( 24,088)
_______ _______ _______
Building Ventures (NW) Ltd
Statement of cash flows
Year ended 30 November 2022
2022 2021
£ £
Cash flows from operating activities
(Loss)/profit for the financial year ( 30,135) -
Adjustments for:
Depreciation of tangible assets 4,274 -
Changes in:
Trade and other debtors ( 1,975) -
Trade and other creditors 61,788 -
_______ _______
Cash generated from operations 33,952 -
_______ _______
Net cash from operating activities 33,952 -
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 27,295) -
_______ _______
Net cash (used in)/from investing activities ( 27,295) -
_______ _______
Cash flows from financing activities
Proceeds from borrowings 6,064 -
_______ _______
_______ _______
Net increase/(decrease) in cash and cash equivalents 12,721 -
Cash and cash equivalents at beginning of year - -
_______ _______
Cash and cash equivalents at end of year 12,721 -
_______ _______
Building Ventures (NW) Ltd
Notes to the financial statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 16 Thorn Road, Swinton, Greater Manchester, M27 5GT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, '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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating loss/profit
Operating loss/profit is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible assets 4,274 -
_______ _______
6. Staff costs
The aggregate payroll costs incurred during the year were:
2022 2021
£ £
Wages and salaries 87,964 -
_______ _______
7. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2022 2021
£ £
Remuneration 70,860 -
_______ _______
8. Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
2022 2021
£ £
(Loss)/profit for the year attributable to the owners of the company ( 30,135) -
_______ _______
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
2022 2021
£ £
Earnings/(loss) used in calculation of basic earnings/(loss) per share ( 30,135) -
_______ _______
9. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 December 2021 - - -
Additions 4,500 22,795 27,295
_______ _______ _______
At 30 November 2022 4,500 22,795 27,295
_______ _______ _______
Depreciation
At 1 December 2021 - - -
Charge for the year - 9,973 9,973
_______ _______ _______
At 30 November 2022 - 9,973 9,973
_______ _______ _______
Carrying amount
At 30 November 2022 4,500 12,822 17,322
_______ _______ _______
At 30 November 2021 - - -
_______ _______ _______
10. Debtors
2022 2021
£ £
Other debtors 1,975 -
11. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 4,764 -
Trade creditors 10,073 -
Social security and other taxes 51,715 -
Director loan accounts 1,300 -
_______ _______
67,852 -
_______ _______
12. Analysis of changes in net debt
At 1 December 2021 Cash flows At 30 November 2022
£ £ £
Cash and cash equivalents - 24,467 24,467
Debt due within one year - (6,064) (6,064)
_______ _______ _______
- 18,403 18,403
_______ _______ _______
13. Directors advances, credits and guarantees