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Company No: 04388820 (England and Wales)

BUILDEMPIRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

BUILDEMPIRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

BUILDEMPIRE LIMITED

BALANCE SHEET

As at 31 March 2023
BUILDEMPIRE LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 71,185 83,748
Investments 4 100 100
71,285 83,848
Current assets
Debtors 5 509,625 406,775
Investments 6 210,827 220,803
Cash at bank and in hand 318,400 80,059
1,038,852 707,637
Creditors: amounts falling due within one year 7 ( 214,417) ( 106,234)
Net current assets 824,435 601,403
Total assets less current liabilities 895,720 685,251
Creditors: amounts falling due after more than one year 8 ( 21,667) ( 31,667)
Provision for liabilities ( 18,212) ( 16,103)
Net assets 855,841 637,481
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 855,839 637,479
Total shareholders' funds 855,841 637,481

For the financial year ending 31 March 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 financial statements of BuildEmpire Limited (registered number: 04388820) were approved and authorised for issue by the Director on 02 November 2023. They were signed on its behalf by:

S F Thompson
Director
BUILDEMPIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
BUILDEMPIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BuildEmpire Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom. The address of the Company's registered office is WeWork, Dalton Place, 29 John Dalton Street, Manchester, M2 6FW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance
with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Valuation of current asset investments

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and
losses on remeasurement are recognised in profit or loss for the period.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 20 19

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2022 92,696 66,034 158,730
At 31 March 2023 92,696 66,034 158,730
Accumulated depreciation
At 01 April 2022 39,611 35,371 74,982
Charge for the financial year 7,963 4,600 12,563
At 31 March 2023 47,574 39,971 87,545
Net book value
At 31 March 2023 45,122 26,063 71,185
At 31 March 2022 53,085 30,663 83,748

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 100
At 31 March 2023 100
Carrying value at 31 March 2023 100
Carrying value at 31 March 2022 100

5. Debtors

2023 2022
£ £
Trade debtors 134,100 128,299
Amounts owed by own subsidiaries 84,647 3,150
Amounts owed by associates 16,352 0
Amounts owed by related parties 122,770 121,100
Amounts owed by director 56,751 65,012
Prepayments 90,430 84,639
Other debtors 4,575 4,575
509,625 406,775

6. Current asset investments

2023 2022
£ £
Listed investments – at fair value 210,827 220,803

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 85,987 34,087
Accruals 3,000 4,693
Taxation and social security 115,398 57,454
Other creditors 32 0
214,417 106,234

Bank loan represent a government back loan. The loan attracts interest at 2.5% per annum, is unsecured and repayable monthly over a 5 year term.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 21,667 31,667

There are no amounts included above in respect of which any security has been given by the small entity.

Bank loan represent a government back loan. The loan attracts interest at 2.5% per annum, is unsecured and repayable monthly over a 5 year term.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 0.00002 each 1 1
50,000 Ordinary A shares of £ 0.00002 each 1 1
2 2

Each of the Ordinary shares has full rights in the company with respect to voting, dividends and distributions.

Each of the A Ordinary shares has rights in the company with respect to dividends only.

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 12,495 0
between one and five years 5,206 10,880
17,701 10,880

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

11. Related party transactions

Transactions with the entity's director

During the year the director of the company was advanced £163,100 (2022: £65,012) by the company and repaid £106,350 (2022: £nil). At the year end the director owed the company £56,750 (2022; £65,012) and is included in other debtors. The maximum outstanding in the year was £56,750 (2022: £231,187). No interest was charged in respect of the loan during the year.

Other related party transactions

During the year, the company provided an additional loan of £1,670 (2022: £nil) to a company in which the director has an interest. At the year end, the company was owed £122,770 (2022: £121,100) from the related party. The loans are repayable on demand and no interest is being charged on these loans.

During the year, the company paid costs of £16,352 (2022: £Nil) on behalf of a company in which the director has an interest. At the year end, the company was owed £16,352 (2022: £Nil) by this related party. The loans are repayable on demand and no interest is being charged on this loan.