Registered number
07962106
Buildserv Contractors Limited
Unaudited Filleted Accounts
28 February 2023
Buildserv Contractors Limited
Registered number: 07962106
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 26,264 29,660
Current assets
Stocks 10,000 10,000
Debtors 4 50,463 48,263
Cash at bank and in hand 10,876 945
71,339 59,208
Creditors: amounts falling due within one year 5 (40,041) (43,163)
Net current assets 31,298 16,045
Total assets less current liabilities 57,562 45,705
Creditors: amounts falling due after more than one year 6 (11,687) (10,000)
Net assets 45,875 35,705
Capital and reserves
Called up share capital 2 2
Profit and loss account 45,873 35,703
Shareholders' funds 45,875 35,705
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.
Lorena Smith
Director
Approved by the board on 22 November 2023
Buildserv Contractors Limited
Notes to the Accounts
for the year ended 28 February 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 the sale of goods and from the rendering of 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 15,644 55,275 70,919
Additions - 5,359 5,359
At 28 February 2023 15,644 60,634 76,278
Depreciation
At 1 March 2022 13,764 27,495 41,259
Charge for the year 470 8,285 8,755
At 28 February 2023 14,234 35,780 50,014
Net book value
At 28 February 2023 1,410 24,854 26,264
At 28 February 2022 1,880 27,780 29,660
4 Debtors 2023 2022
£ £
Trade debtors 39,005 31,789
VAT 11,458 6,592
Other debtors - 9,882
50,463 48,263
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 22,566 24,989
Directors loan account 9,551 920
Taxation and social security costs 6,764 16,094
Accruals 1,160 1,160
40,041 43,163
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 11,687 10,000
7 Other information
Buildserv Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Beaufort House
113 Parson Street
Bristol
BS3 5QH
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