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COMPANY REGISTRATION NUMBER: 05145078
Buildfine Estates Limited
Filleted Unaudited Financial Statements
30 November 2022
Buildfine Estates Limited
Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
95,500
90,500
Current assets
Debtors
6
46,600
46,041
Cash at bank and in hand
1,807
1,865
--------
--------
48,407
47,906
Creditors: amounts falling due within one year
7
22,247
25,046
--------
--------
Net current assets
26,160
22,860
---------
---------
Total assets less current liabilities
121,660
113,360
Provisions
Taxation including deferred tax
8,126
7,176
---------
---------
Net assets
113,534
106,184
---------
---------
Capital and reserves
Called up share capital
1
1
Fair value reserve
34,642
30,592
Profit and loss account
78,891
75,591
---------
---------
Shareholders funds
113,534
106,184
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Buildfine Estates Limited
Statement of Financial Position (continued)
30 November 2022
These financial statements were approved by the board of directors and authorised for issue on 26 August 2023 , and are signed on behalf of the board by:
T M Lazenbury Esq
A J Rafferty Esq
Director
Director
Company registration number: 05145078
Buildfine Estates Limited
Notes to the Financial Statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1A The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
832
628
Deferred tax:
Origination and reversal of timing differences
950
1,110
-------
-------
Tax on profit
1,782
1,738
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
9,132
8,081
-------
-------
Profit on ordinary activities by rate of tax
785
628
-------
-------
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1 December 2021
90,500
Revaluations
5,000
--------
At 30 November 2022
95,500
--------
Depreciation
At 1 December 2021 and 30 November 2022
--------
Carrying amount
At 30 November 2022
95,500
--------
At 30 November 2021
90,500
--------
The company holds investment property with a cost price of £56,123 (2021 £52,733). The property reflected in the accounts at its fair value at the balance sheet date. The valuation is carried out annually by Oldrose Estates Limited, one of the directors in reference to the open market.
6. Debtors
2022
2021
£
£
Trade debtors
2,088
828
Other debtors
44,512
45,213
--------
--------
46,600
46,041
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
1,460
1,524
Social security and other taxes
66
66
Other creditors
20,721
23,456
--------
--------
22,247
25,046
--------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
T M Lazenbury Esq
( 1,237)
( 12)
( 1,249)
A J Rafferty Esq
( 1,015)
( 233)
( 1,248)
-------
----
-------
( 2,252)
( 245)
( 2,497)
-------
----
-------
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
T M Lazenbury Esq
( 821)
( 416)
( 1,237)
A J Rafferty Esq
( 599)
( 416)
( 1,015)
-------
----
-------
( 1,420)
( 832)
( 2,252)
-------
----
-------
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2022
2021
2022
2021
£
£
£
£
Lazenbury Limited
(461)
(240)
12,422
12,883
Hollyrush Developments Limited
(240)
(240)
12,422
12,662
Oldrose Estates Limited
2,968
3,638
( 12,683)
( 15,651)
Lazraf Properties Limited
19,669
19,669
19,669
-------
--------
--------
--------
The company was under the control of Oldrose Estates Limited throughout the current and previous year. Oldrose Estates Limited is the managing director and sole shareholder. Lazenbury Limited owns fifty per cent of the issued share capital of Oldrose Estates Limited. Hollyrush Developments Limited owns fifty per cent of the issued share capital of Oldrose Estates Limited. Lazraf Properties Limited is a company owned by T Lazenbury Esq and Mrs K Rafferty.