Company registration number 01135381 (England and Wales)
BULL CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BULL CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Mr B F Bull
Mrs J Bull
Secretary
Mrs J Bull
Company number
01135381
Registered office
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
West Midlands
England
B62 8DY
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
BULL CONSTRUCTION LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
BULL CONSTRUCTION LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BULL CONSTRUCTION LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bull Construction Limited for the year ended 31 March 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Bull Construction Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Bull Construction Limited and state those matters that we have agreed to state to the board of directors of Bull Construction Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bull Construction Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bull Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bull Construction Limited. You consider that Bull Construction Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bull Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
25 September 2023
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
BULL CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,047,000
6,047,000
Current assets
Stocks
359,967
350,912
Debtors
4
6,266
1,693
Cash at bank and in hand
20,731
586,635
386,964
939,240
Creditors: amounts falling due within one year
5
(761,070)
(198,258)
Net current (liabilities)/assets
(374,106)
740,982
Total assets less current liabilities
5,672,894
6,787,982
Creditors: amounts falling due after more than one year
6
-
(1,300,000)
Provisions for liabilities
7
(830,911)
(653,168)
Net assets
4,841,983
4,834,814
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
9
3,153,208
3,330,950
Profit and loss reserves
1,688,773
1,503,862
Total equity
4,841,983
4,834,814
BULL CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The directors of the company have elected not to include a copy of the income statement 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:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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 25 September 2023 and are signed on its behalf by:
Mr B F Bull
Director
Company Registration No. 01135381
BULL CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Bull Construction Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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 company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.2
Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
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:
Freehold land and buildings
0%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Depreciation has been provided at a rate of 0% on freehold property as they are maintained in a continual state of sound repair, their lives are long and residual values are such that depreciation is not material.
1.4
Stocks
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.
BULL CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Freehold land and buildings
£
Cost or valuation
At 1 April 2022 and 31 March 2023
6,047,000
Depreciation and impairment
At 1 April 2022 and 31 March 2023
Carrying amount
At 31 March 2023
6,047,000
At 31 March 2022
6,047,000
Cost of valuation at 31 March 2023 is represented by:
Freehold
property
£
Valuation in 2010
1,238,674
Valuation in 2017
1,625,444
Valuation in 2020
130,000
Valuation in 2021
990,000
Cost
2,062,882
6,047,000
Freehold property was valued on an open market basis on 31 March 2021 by Mr B F Bull.
If freehold property had not been revalued it would have been included at the following cost:
Freehold Property
2023
2022
£
£
Cost
2,062,882
2,062,882
BULL CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,000
Prepayments and accrued income
2,266
1,693
6,266
1,693
5
Creditors: amounts falling due within one year
2023
2022
£
£
Director's accounts
676,224
569
Corporation tax
50,367
39,160
Other creditors
31,509
156,249
Accruals and deferred income
2,970
2,280
761,070
198,258
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
1,300,000
The bank overdraft and loans are secured by charges over the company's freehold properties by Lloyds Bank plc.
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
830,911
653,168
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
BULL CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
3,330,950
3,403,723
Deferred tax on revaluation of tangible assets
5,392
17,069
Fair value adjustment to investments
(183,134)
(89,842)
At the end of the year
3,153,208
3,330,950
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