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Registration number: 09382216

Premier Building Contracts (Bristol) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Premier Building Contracts (Bristol) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Premier Building Contracts (Bristol) Limited

Company Information

Directors

Ms A Brown

Mr I D Brown

Mr J Brown

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Premier Building Contracts (Bristol) Limited

(Registration number: 09382216)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

34,133

45,510

Investment property

4

5,000,000

3,526,893

 

5,034,133

3,572,403

Current assets

 

Debtors

5

6,389

1,594,209

Cash at bank and in hand

 

36,175

10,396

 

42,564

1,604,605

Creditors: Amounts falling due within one year

6

(3,318,790)

(2,501,385)

Net current liabilities

 

(3,276,226)

(896,780)

Total assets less current liabilities

 

1,757,907

2,675,623

Creditors: Amounts falling due after more than one year

6

-

(2,524,919)

Net assets

 

1,757,907

150,704

Capital and reserves

 

Called up share capital

100

100

Other reserves

1,473,107

-

Profit and loss account

284,700

150,604

Total equity

 

1,757,907

150,704

For the financial year ending 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 year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Premier Building Contracts (Bristol) Limited

(Registration number: 09382216)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Ms A Brown
Director

 

Premier Building Contracts (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

25% reducing balance

 

Premier Building Contracts (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Premier Building Contracts (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

77,647

77,647

At 28 February 2023

77,647

77,647

Depreciation

At 1 March 2022

32,137

32,137

Charge for the year

11,377

11,377

At 28 February 2023

43,514

43,514

Carrying amount

At 28 February 2023

34,133

34,133

At 28 February 2022

45,510

45,510

4

Investment properties

2023
£

At 1 March

3,526,893

Fair value adjustments

1,473,107

At 28 February

5,000,000

 

Premier Building Contracts (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

2023
£

2022
£

Other debtors

5,012

1,591,463

Prepayments

1,377

2,746

6,389

1,594,209

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

2,525,002

33,600

Trade creditors

 

(10,366)

1,998,279

Accruals and deferred income

 

20,205

20,011

Other creditors

 

783,949

449,495

 

3,318,790

2,501,385

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

-

2,524,919

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Premier Building Contracts (Bristol) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

2,524,919

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,525,002

33,600

9

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

412,982

412,982

Advanced

343,000

343,000

Repaid

(67,977)

(67,977)

At end of period

688,005

688,005

2022

Key management
£

Total
£

At start of period

532,568

532,568

Advanced

47,282

47,282

Repaid

(166,868)

(166,868)

At end of period

412,982

412,982