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COMPANY REGISTRATION NUMBER: 08948008
Fine Build Homes Ltd
Unaudited Financial Statements
31 March 2023
Fine Build Homes Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Directors' report
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
Fine Build Homes Ltd
Directors' Report
Year ended 31 March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Directors
The directors who served the company during the year were as follows:
Mr J Pearmain
Mrs L Pearmain
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 18 January 2024 and signed on behalf of the board by:
Mr J Pearmain
Director
Registered office:
11 Purdeys Way
Rochord
Essex
England
SS 1ND
Fine Build Homes Ltd
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Fine Build Homes Ltd
Year ended 31 March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
S R A ACCOUTANCY & TAXATION SERVICES Chartered accountants
Unit 11+13 Purdeys way Rochford Essex SS4 1ND
18 January 2024
Fine Build Homes Ltd
Statement of Income and Retained Earnings
Year ended 31 March 2023
2023
2022
Note
£
£
Turnover
12,000
Cost of sales
9,103
--------
-------
Gross profit/(loss)
12,000
( 9,103)
Distribution costs
143
Administrative expenses
( 500)
2,184
--------
--------
Operating profit/(loss)
12,500
( 11,430)
--------
--------
Profit/(loss) before taxation
4
12,500
( 11,430)
Tax on profit/(loss)
202
--------
--------
Profit/(loss) for the financial year and total comprehensive income
12,298
( 11,430)
--------
--------
Retained losses at the start of the year
( 11,437)
( 7)
--------
--------
Retained earnings/(losses) at the end of the year
861
( 11,437)
--------
--------
All the activities of the company are from continuing operations.
Fine Build Homes Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Stocks
365,750
365,750
Debtors
6
479
459
Investments
7
( 202)
Cash at bank and in hand
60
107
---------
---------
366,087
366,316
Creditors: amounts falling due within one year
8
317,842
330,370
---------
---------
Net current assets
48,245
35,946
--------
--------
Total assets less current liabilities
48,245
35,946
Creditors: amounts falling due after more than one year
9
47,184
47,183
--------
--------
Net assets/(liabilities)
1,061
( 11,237)
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
861
( 11,437)
-------
--------
Shareholders funds/(deficit)
1,061
( 11,237)
-------
--------
These financial statements have been prepared 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'.
For the 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 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fine Build Homes Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 January 2024 , and are signed on behalf of the board by:
Mr J Pearmain
Director
Company registration number: 08948008
Fine Build Homes Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Purdeys Way, Rochord, Essex, SS 1ND, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
4. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
449
----
----
5. Tangible assets
Equipment
£
Cost
At 1 April 2022 and 31 March 2023
2,474
-------
Depreciation
At 1 April 2022 and 31 March 2023
2,474
-------
Carrying amount
At 31 March 2023
-------
At 31 March 2022
-------
6. Debtors
2023
2022
£
£
Other debtors
479
459
----
----
7. Investments
2023
2022
£
£
Short-term deposits
(202)
----
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,863
4,843
Trade creditors
1,260
1,260
Other creditors
309,719
324,267
---------
---------
317,842
330,370
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
47,184
47,183
--------
--------