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Company No: 10627749 (England and Wales)

PERPETUAL BUILD LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

PERPETUAL BUILD LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

PERPETUAL BUILD LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
PERPETUAL BUILD LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 221,710 174,665
Investments 4 100 100
221,810 174,765
Current assets
Debtors 5 189,881 217,336
Cash at bank and in hand 7,585 6,154
197,466 223,490
Creditors: amounts falling due within one year 6 ( 162,773) ( 155,262)
Net current assets 34,693 68,228
Total assets less current liabilities 256,503 242,993
Provision for liabilities 7 ( 52,803) ( 40,875)
Net assets 203,700 202,118
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 203,600 202,018
Total shareholders' funds 203,700 202,118

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Perpetual Build Limited (registered number: 10627749) were approved and authorised for issue by the Director on 22 November 2023. They were signed on its behalf by:

Mark Aaron Wildman
Director
PERPETUAL BUILD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
PERPETUAL BUILD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Perpetual Build Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is New Creaven House, 3 Sandy Court, Ashleigh Way, Plymouth, PL7 5JX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 4 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 April 2022 240,015 66,242 306,257
Additions 135,675 0 135,675
Disposals ( 24,638) 0 ( 24,638)
At 31 March 2023 351,052 66,242 417,294
Accumulated depreciation
At 01 April 2022 91,848 39,744 131,592
Charge for the financial year 71,643 13,248 84,891
Disposals ( 20,899) 0 ( 20,899)
At 31 March 2023 142,592 52,992 195,584
Net book value
At 31 March 2023 208,460 13,250 221,710
At 31 March 2022 148,167 26,498 174,665

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 100
At 31 March 2023 100
Carrying value at 31 March 2023 100
Carrying value at 31 March 2022 100

5. Debtors

2023 2022
£ £
Amounts owed by own subsidiaries 156,756 184,211
Amounts owed by directors 25,000 25,000
Other taxation and social security 8,125 8,125
189,881 217,336

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 136,457 124,012
Accruals 2,000 2,000
Other taxation and social security 24,216 29,150
Other creditors 100 100
162,773 155,262

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 40,875) ( 28,017)
Charged to the Statement of Income and Retained Earnings ( 11,928) ( 12,858)
At the end of financial year ( 52,803) ( 40,875)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 52,803) ( 40,875)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 0.10 each 100 100

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemptions available under Section 1AC.35 of FRS 102 to not disclose transactions with a 100% subsidiary.

Transactions with the entity's directors

Included within other debtors at the year end is an amount owed to the company by a director of £25,000 (2022: £25,000).

Included within other creditors at the year end is an amount owed to the directors by the company of £136,457 (2022: £124,012).

During the year, dividends of £40,000 (2022: £40,000) were paid to directors and their immediate family members.

During the year, directors were paid remuneration (including benefits) amounting to £384,215 (2022: £381,827).