Registered number
03818547
INTROBUILD LIMITED
Filleted Accounts
31 May 2023
INTROBUILD LIMITED
Registered number: 03818547
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,698,108 1,665,328
Current assets
Stocks 5,500 5,500
Debtors 4 197,644 108,892
Cash at bank and in hand 99,523 300,966
302,667 415,358
Creditors: amounts falling due within one year 5 (468,809) (518,345)
Net current liabilities (166,142) (102,987)
Net assets 1,531,966 1,562,341
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 6 316,262 316,262
Profit and loss account 1,214,704 1,245,079
Shareholders' funds 1,531,966 1,562,341
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Zahid Anwar
Director
Approved by the board on 10 November 2023
INTROBUILD LIMITED
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Fixtures, fittings, tools and equipment 15% reducing balance
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is departure from the general requirement of the Companies Act 2006 necessary for all tangible assets to be depreciated. In the opinion of the director, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation and amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 1,661,635 27,281 1,688,916
Additions 33,334 - 33,334
At 31 May 2023 1,694,969 27,281 1,722,250
Depreciation
At 1 June 2022 - 23,588 23,588
Charge for the year - 554 554
At 31 May 2023 - 24,142 24,142
Net book value
At 31 May 2023 1,694,969 3,139 1,698,108
At 31 May 2022 1,661,635 3,693 1,665,328
4 Debtors 2023 2022
£ £
Trade debtors 104,627 99,051
Other debtors 93,017 9,841
197,644 108,892
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 10,783
Trade creditors 1,270 5,220
Taxation and social security costs 11,081 11,861
Other creditors 456,458 490,481
468,809 518,345
6 Revaluation reserve 2023 2022
£ £
At 1 June 2022 316,262 316,262
At 31 May 2023 316,262 316,262
7 Other information
INTROBUILD LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Trafalgar Business Park
Broughton Lane, Ellis Street Entrance
Manchester
England
M8 9TZ
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