Registered number
04372061
Homemaster Building Contractors Ltd
Filleted Accounts
31 March 2023
Homemaster Building Contractors Ltd
Registered number: 04372061
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,791 2,579
Current assets
Debtors 4 62,560 62,559
Cash at bank and in hand 330,114 399,094
392,674 461,653
Creditors: amounts falling due within one year 5 (231,954) (302,022)
Net current assets 160,720 159,631
Total assets less current liabilities 162,511 162,210
Provisions for liabilities (340) (490)
Net assets 162,171 161,720
Capital and reserves
Called up share capital 100 100
Profit and loss account 162,071 161,620
Shareholders' funds 162,171 161,720
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.
Mrs H Logan
Director
Approved by the board on 16 November 2023
Homemaster Building Contractors Ltd
Notes to the Accounts
for the year ended 31 March 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 construction 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:
Plant and machinery over 4 years
Motor vehicles over 4 years
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. £147,000 of the directors loan account is covered by a floating charge.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 11,523 41,736 53,259
Additions 769 - 769
Disposals (119) - (119)
At 31 March 2023 12,173 41,736 53,909
Depreciation
At 1 April 2022 9,915 40,765 50,680
Charge for the year 566 971 1,537
On disposals (99) - (99)
At 31 March 2023 10,382 41,736 52,118
Net book value
At 31 March 2023 1,791 - 1,791
At 31 March 2022 1,608 971 2,579
4 Debtors 2023 2022
£ £
Trade debtors 61,200 61,200
Prepayments 1,360 1,359
62,560 62,559
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 8,656
Accruals 2,168 2,168
Directors loan accounts 219,659 248,694
Taxation and social security costs 10,127 42,504
231,954 302,022
6 Other information
Homemaster Building Contractors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Arle House
9 Wellington Drive
Wynyard
Billingham
TS22 5QJ
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