Company registration number 07673572 (England and Wales)
BUCKLEY BUILDING (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
BUCKLEY BUILDING (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BUCKLEY BUILDING (UK) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,857
14,186
Investments
4
100
100
10,957
14,286
Current assets
Stocks
6
320,663
290,000
Debtors
7
426,737
231,124
Cash at bank and in hand
16,919
235,289
764,319
756,413
Creditors: amounts falling due within one year
8
(131,277)
(49,793)
Net current assets
633,042
706,620
Total assets less current liabilities
643,999
720,906
Creditors: amounts falling due after more than one year
9
(605,000)
(605,000)
Provisions for liabilities
10
(2,529)
(2,695)
Net assets
36,470
113,211
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
36,370
113,111
Total equity
36,470
113,211
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 30 June 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.
BUCKLEY BUILDING (UK) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2023 and are signed on its behalf by:
William John Buckley
Director
Company Registration No. 07673572
BUCKLEY BUILDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Buckley Building (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
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.
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.
1.2
Turnover
Turnover represents amounts receivable from sales of development properties and other general construction works in the United Kingdom, net of VAT and trade discounts. Turnover is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost net of depreciation.
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:
Plant and machinery
25% reducing balance method
Fixtures, fittings & equipment
25% reducing balance method
Motor vehicles
25% reducing balance method
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
Fixed asset investments
The interest in subsidiary entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
BUCKLEY BUILDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Stocks & work in progress
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises site costs, 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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BUCKLEY BUILDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
78,304
Additions
331
At 30 June 2023
78,635
Depreciation and impairment
At 1 July 2022
64,118
Depreciation charged in the year
3,660
At 30 June 2023
67,778
Carrying amount
At 30 June 2023
10,857
At 30 June 2022
14,186
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
BUCKLEY BUILDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Buckley Building (Leith) Limited
England & Wales
Property developments
Ordinary shares
100
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Buckley Building (Leith) Limited
(5,475)
(18,505)
6
Stocks
2023
2022
£
£
Work in progress
30,663
-
Site costs
290,000
290,000
320,663
290,000
At the balance sheet date no impairment loss was recognised. In the previous year, the company wrote off £567,374 being impairment loss of it's only remaining site to reflect the net realisable value. The value of the site arrived at on the basis of a valuation carried out by Graham & Sibbald LLP, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
316
48
Amounts owed by group undertakings
422,548
227,629
Other debtors
3,873
3,447
426,737
231,124
BUCKLEY BUILDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,912
357
Corporation tax
698
Directors' current account
124,500
42,238
Other creditors
4,865
6,500
131,277
49,793
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Directors' long term loans
605,000
605,000
The long term loans from the directors are interest free. The company has applied the FRS 102 Triennial Review 2017 with regard to small company exemption from fair valuing loans from its director who is also a shareholder.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
2,529
2,695
11
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
12
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
13
Related party transactions
During the previous year, the company sold one of it's sites to it's wholly owned subsidiary undertaking at the market value of £120,000. No management services were charged during the year (2022: £10,000).
14
Directors' transactions
Dividends totalling £70,000 (2022 - £70,000) were paid in the year in respect of shares held by the company's directors.
BUCKLEY BUILDING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
15
Controlling party
The company was controlled throughout the current and previous year by the directors, by virtue of the fact that they own the company's entire issued share capital.