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Armitage Design & Build Ltd
Filleted accounts
31 May 2023
Company registration number: 07642858
Armitage Design & Build Ltd
Directors and other information
Director M C Armitage
Company number 07642858
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Armitage Design & Build Ltd
Balance sheet
31st May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 8,502 11,508
_______ _______
8,502 11,508
Current assets
Stocks 350 350
Debtors 6 25,791 29,322
Cash at bank and in hand 6,648 2,352
_______ _______
32,789 32,024
Creditors: amounts falling due
within one year 7 ( 39,822) ( 22,287)
_______ _______
Net current (liabilities)/assets ( 7,033) 9,737
_______ _______
Total assets less current liabilities 1,469 21,245
Creditors: amounts falling due
after more than one year 8 ( 23,333) ( 36,942)
Provisions for liabilities 9 ( 38) ( 1,191)
_______ _______
Net liabilities ( 21,902) ( 16,888)
_______ _______
Capital and reserves
Called up share capital 11 10 10
Profit and loss account ( 21,912) ( 16,898)
_______ _______
Shareholders deficit ( 21,902) ( 16,888)
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
M C Armitage
Director
Company registration number: 07642858
Armitage Design & Build Ltd
Notes to the financial statements
Year ended 31st May 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be that of building contractors .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - Straight line basis over 3 years
Other equipment - Reducing balance basis at 25% per annum
Motor vehicles - Reducing balance basis at 25% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment Motor vehicles Total
£ £ £
Cost
At 1st June 2022 and 31st May 2023 5,391 31,215 36,606
_______ _______ _______
Depreciation
At 1st June 2022 4,583 20,515 25,098
Charge for the year 331 2,675 3,006
_______ _______ _______
At 31st May 2023 4,914 23,190 28,104
_______ _______ _______
Carrying amount
At 31st May 2023 477 8,025 8,502
_______ _______ _______
At 31st May 2022 808 10,700 11,508
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors - 3,122
Other debtors 25,791 26,200
_______ _______
25,791 29,322
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loan 10,000 10,000
Trade creditors 7,755 660
Social security and other taxes 14,264 3,304
Other creditors 7,803 8,323
_______ _______
39,822 22,287
_______ _______
Other creditors includes £3,609 (2022: £6,802) which is secured on the company's assets.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 23,333 33,333
Other creditors - 3,609
_______ _______
23,333 36,942
_______ _______
Other creditors are secured on the company's assets.
9. Provisions
Deferred tax (note 10) Total
£ £
At 1st June 2022 1,191 1,191
Additions ( 1,153) ( 1,153)
_______ _______
At 31st May 2023 38 38
_______ _______
10. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 9) 38 1,191
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 1,615 2,187
Unused tax losses ( 1,577) ( 996)
_______ _______
38 1,191
_______ _______
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______