Company Registration No. 05427287 (England and Wales)
Access Building Contractors Limited
Unaudited accounts
for the year ended 30 June 2023
Access Building Contractors Limited
Unaudited accounts
Contents
Access Building Contractors Limited
Company Information
for the year ended 30 June 2023
Company Number
05427287 (England and Wales)
Registered Office
107 - 115 Eastmoor Street
London
SE7 8LX
United Kingdom
Accountants
VM UK Accountants Limited
7 Lita Mews
Romford
London
RM1 3FG
Access Building Contractors Limited
Statement of financial position
as at 30 June 2023
Tangible assets
63,956
85,046
Inventories
818,000
85,000
Debtors
4,021,247
2,457,679
Cash at bank and in hand
181,147
565,410
Creditors: amounts falling due within one year
(3,857,714)
(2,080,293)
Net current assets
1,162,680
1,027,796
Total assets less current liabilities
1,226,636
1,112,842
Provisions for liabilities
Deferred tax
(16,159)
(16,159)
Net assets
1,210,477
1,096,683
Called up share capital
500
500
Profit and loss account
1,209,977
1,096,183
Shareholders' funds
1,210,477
1,096,683
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 December 2023 and were signed on its behalf by
X Lita
Director
Company Registration No. 05427287
Access Building Contractors Limited
Notes to the Accounts
for the year ended 30 June 2023
Access Building Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 05427287. The registered office is 107 - 115 Eastmoor Street, London, SE7 8LX, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% straight line
Computer equipment
25% straight line
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 accounts. 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.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Access Building Contractors Limited
Notes to the Accounts
for the year ended 30 June 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Work in progress and finished goods, cost includes a relevant proportion of costs and overheads according to the stage of construction work completed but not invoiced.
Expenditure on research and development is written off in the year in which it is incurred.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2022
404,549
24,066
8,759
437,374
Additions
-
-
14,057
14,057
At 30 June 2023
404,549
24,066
22,816
451,431
At 1 July 2022
342,566
6,016
3,746
352,328
Charge for the year
23,427
6,016
5,704
35,147
At 30 June 2023
365,993
12,032
9,450
387,475
At 30 June 2023
38,556
12,034
13,366
63,956
At 30 June 2022
61,983
18,050
5,013
85,046
Access Building Contractors Limited
Notes to the Accounts
for the year ended 30 June 2023
Amounts falling due within one year
Trade debtors
2,991,291
1,253,508
Other debtors
749,636
933,950
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
213,689
20,731
Trade creditors
3,127,023
1,479,327
Taxes and social security
253,931
177,878
Other creditors
23,800
239,857
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Transactions with related parties
The trade debtors includes amount receivable from XJA Developments Limited of £504,230 (2022: £504,230) and Woolwich Road London Limited of £500,000 (2022 : £500,000). The company in which Mr X Lita is the director and ultimate controlling party by virtue of holding shares of holding company of XJA Developments Limited and Woolwich Road London Limited.
The company is controlled by Mr X Lita as the director and controlling shareholder of the issued share capital.
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Average number of employees
During the year the average number of employees was 15 (2022: 6).