Company registration number 06897616 (England and Wales)
Reshape Builders Ltd
Unaudited Financial Statements
For the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Reshape Builders Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Reshape Builders Ltd
Balance Sheet
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,129
34,187
Current assets
Stocks
200
6,000
Debtors
4
75,153
81,991
Cash at bank and in hand
3,612
57,130
78,965
145,121
Creditors: amounts falling due within one year
5
(70,836)
(127,720)
Net current assets
8,129
17,401
Net assets
34,258
51,588
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
34,158
51,488
Total equity
34,258
51,588

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 August 2023 and are signed on its behalf by:
Mr M L Clarke
Director
Company Registration No. 06897616
Reshape Builders Ltd
Notes to the Financial Statements
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information

Reshape Builders Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 13 St Albans Road, Sandridge, St Albans, Herts, AL4 9LA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Reshape Builders Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
Reshape Builders Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
76,813
Additions
833
Disposals
(7,703)
At 31 March 2023
69,943
Depreciation and impairment
At 1 April 2022
42,626
Depreciation charged in the year
8,890
Eliminated in respect of disposals
(7,702)
At 31 March 2023
43,814
Carrying amount
At 31 March 2023
26,129
At 31 March 2022
34,187
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
27,969
20,460
Other debtors
47,184
61,531
75,153
81,991
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
16,180
20,813
Trade creditors
28,148
64,153
Taxation and social security
24,653
41,004
Other creditors
1,855
1,750
70,836
127,720
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