Company Number: 13890906
ONE TEAM CONSTRUCTION LIMITED
REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
28 FEBRUARY 2023
28 February 2023
PAGES FOR FILING WITH REGISTRAR
1
ONE TEAM CONSTRUCTION LIMITED
Company Information
Director
Mr Samuel Watson
Company Number:
13890906
Registered Office:
C/O Steve Smith FCA
38 Timbertree Road
Cradley Heath
West Midlands
B64 7LE
Accountants:
Steve Smith FCA
(Chartered Accountants)
38 Timbertree Road
Cradley Heath
West Midlands B64 7LE
2
ONE TEAM CONSTRUCTION LIMITED
Contents
Page
Balance sheet
Notes to the financial statements
4
5
3
ONE TEAM CONSTRUCTION LIMITED
BALANCE SHEET as at 28 February 2023
Notes
£
FIXED ASSETS
Tangible assets
3
1,557
CURRENT ASSETS
Bank and cash
3,332
3,332
CREDITORS:  Amounts falling due within one year
4
(3,198)
NET CURRENT ASSETS
134
TOTAL ASSETS LESS CURRENT LIABILITIES
1,691
Provision for liabilities and charges
5
(397)
NET ASSETS
1,294
CAPITAL AND RESERVES
Called-up equity share capital
6
10
Profit and loss account
1,284
SHAREHOLDERS FUNDS
1,294
For the period ended 28 February 2023 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 accounts for the period 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 accounts.
These accounts have been prepared in accordance with the special provisions of the small companies' regime of the Companies Act 2006
As permitted by s444(5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 November 2023.
4
Mr Samuel Watson
Director
5
ONE TEAM CONSTRUCTION LIMITED
Notes to the financial statements
For the period ended 28 February 2023
1.
General Information
The company is a private company limited by shares and is incorporated and domiciled in England.  The address of its registered office is 38 Timbertree Road, Cradley Heath, West Midlands B64 7LE.
The financial statements of One Team Construction Limited have been prepared in compliance with United Kingdom Accounting Standards, including Section 1A Small Entities of Financial Reporting Standard 102.  “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (“FRS 102”) and the Companies Act 2006.
The company was incorporated on 3 February 2022. The company commenced trading on 3 February 2022.
2.
Accounting Policies
Basis of preparation of financial statements
The financial statements have been prepared on the going concern basis, under the historical cost convention. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.
Turnover
Turnover consists of revenue received for the supply of services to third parties.  Revenue is recognised as the work is completed and invoiced.
Cash Flow
The financial statements do not include a cash flow statement because the company, as a small reporting entity is exempt from the requirement to prepare such a statement.
Depreciation
Tangible fixed assets are valued at historic purchase cost less accumulated depreciation.  Depreciation is provided to write off the cost less estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:
Tools & Equipment
3 years
Deferred taxation
Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date, at rates expected to apply when they crystallise based on current tax rates and legislation.  Timing differences arise from the inclusion of items of income and expenditure in the taxation computation in periods different from those in which they are included in the accounts.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.  On the grounds of immateriality deferred tax assets and liabilities are not discounted.
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ONE TEAM CONSTRUCTION LIMITED
Notes to the financial statements
For the period ended 28 February 2023 (continued)
3.
Tangible fixed assets
Tools &
Equipment
Total
£
£
Period ended 28 February 2023
Additions
1,782
1,782
Depreciation
(225)
(225)
Closing net book amount
1,557
1,557
At 28 February 2023
Cost
1,782
1,782
Accumulated depreciation
(225)
(225)
Net book amount
1,557
1,557
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ONE TEAM CONSTRUCTION LIMITED
Notes to the financial statements
For the period ended 28 February 2023 (continued)
4.
Creditors: amounts falling due within one year.
£
Corporation Tax
2,533
Other creditors
665
3,198
5.
Provision for liabilities and charges
£
Accelerated capital allowances
397
6.
Share Capital
£
Authorised, called up and fully paid.
10 Ordinary Equity Share of £1
10
7 .
Related Party Transactions
The Company is under the control of Mr Samuel Watson who owns 100% of the share capital of the company.
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