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IDEAL BUILDING AND CARPENTRY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28TH FEBRUARY 2023






IDEAL BUILDING AND CARPENTRY LIMITED (REGISTERED NUMBER: 06794703)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

IDEAL BUILDING AND CARPENTRY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTOR: A Eastmond





SECRETARY: H Eastmond





REGISTERED OFFICE: First Floor, Woburn Court
2 Railton Road,
Woburn Road Industrial Estate, Kempston
Bedford
MK42 7PN





REGISTERED NUMBER: 06794703 (England and Wales)





ACCOUNTANTS: Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

IDEAL BUILDING AND CARPENTRY LIMITED (REGISTERED NUMBER: 06794703)

BALANCE SHEET
28TH FEBRUARY 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,005 20,096

CURRENT ASSETS
Debtors 5 148,030 117,897
Cash at bank - 308
148,030 118,205
CREDITORS
Amounts falling due within one year 6 163,651 150,418
NET CURRENT LIABILITIES (15,621 ) (32,213 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(616

)

(12,117

)

CREDITORS
Amounts falling due after more than one year 7 (34,309 ) (42,789 )

PROVISIONS FOR LIABILITIES (2,851 ) (3,818 )
NET LIABILITIES (37,776 ) (58,724 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (37,876 ) (58,824 )
SHAREHOLDERS' FUNDS (37,776 ) (58,724 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)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 and 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.

IDEAL BUILDING AND CARPENTRY LIMITED (REGISTERED NUMBER: 06794703)

BALANCE SHEET - continued
28TH FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 23rd November 2023 and were signed by:





A Eastmond - Director


IDEAL BUILDING AND CARPENTRY LIMITED (REGISTERED NUMBER: 06794703)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

Ideal Building and Carpentry 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

IDEAL BUILDING AND CARPENTRY LIMITED (REGISTERED NUMBER: 06794703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st March 2022
and 28th February 2023 14,976 34,496 3,658 53,130
DEPRECIATION
At 1st March 2022 13,375 16,608 3,051 33,034
Charge for year 411 4,472 208 5,091
At 28th February 2023 13,786 21,080 3,259 38,125
NET BOOK VALUE
At 28th February 2023 1,190 13,416 399 15,005
At 28th February 2022 1,601 17,888 607 20,096

The net book value of tangible fixed assets includes £ 13,281 (2022 - £ 17,708 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors 35,641 37,517
Doubtful debt provision (7,101 ) -
Amounts recoverable on contract 8,451 26,853
Directors' current accounts 83,191 31,943
Tax 27,681 19,189
Prepayments and accrued income 167 2,395
148,030 117,897

IDEAL BUILDING AND CARPENTRY LIMITED (REGISTERED NUMBER: 06794703)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans and overdrafts 53,465 47,102
Hire purchase contracts 1,883 6,802
Trade creditors 37,810 38,673
Corporation tax 23,177 10,811
Social security and other taxes (790 ) (1,699 )
VAT 39,298 32,281
Other creditors 6,308 13,948
Accrued expenses 2,500 2,500
163,651 150,418

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£    £   
Bank loans - 2-5 years 28,915 33,206
Hire purchase contracts 5,394 9,583
34,309 42,789

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28/2/23 28/2/22
value: £    £   
100 ordinary £1 100 100

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28th February 2023 and 28th February 2022:

28/2/23 28/2/22
£    £   
A Eastmond
Balance outstanding at start of year 31,943 (22,109 )
Amounts advanced 51,248 84,672
Amounts repaid - (30,620 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 83,191 31,943

Included in debtors at the year end are loans to the directors totalling £83,191 (2022: £31,943). Interest has been charged on the loan at an annual rate of 3%, there are no set terms of repayment.

10. DISCLOSURE OF CONTROL

During the year, the company was controlled by A Eastmond by virtue of his 70% shareholding.

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
IDEAL BUILDING AND CARPENTRY LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ideal Building and Carpentry Limited for the year ended 28th February 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Ideal Building and Carpentry Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ideal Building and Carpentry Limited and state those matters that we have agreed to state to the director of Ideal Building and Carpentry Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ideal Building and Carpentry Limited and its director for our work or for this report.

It is your duty to ensure that Ideal Building and Carpentry 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 Ideal Building and Carpentry Limited. You consider that Ideal Building and Carpentry 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 Ideal Building and Carpentry 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.






Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


23rd November 2023