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Company No: 09440663 (England and Wales)

BUFF CONSTRUCTION LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

BUFF CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

BUFF CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
BUFF CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 24,800 10,493
24,800 10,493
Current assets
Stocks 20,000 40,100
Debtors 5 169,030 192,250
Cash at bank and in hand 138,530 17,118
327,560 249,468
Creditors: amounts falling due within one year 6 ( 207,049) ( 102,645)
Net current assets 120,511 146,823
Total assets less current liabilities 145,311 157,316
Creditors: amounts falling due after more than one year 7 ( 44,943) ( 41,666)
Provision for liabilities 8 ( 4,712) ( 2,623)
Net assets 95,656 113,027
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 95,556 112,927
Total shareholders' funds 95,656 113,027

For the financial year ending 30 April 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 financial statements of Buff Construction Limited (registered number: 09440663) were approved and authorised for issue by the Director. They were signed on its behalf by:

Scott Justen Whitmore
Director

02 April 2024

BUFF CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
BUFF CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Buff Construction 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 C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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.

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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2022 12,500 12,500
At 30 April 2023 12,500 12,500
Accumulated amortisation
At 01 May 2022 12,500 12,500
At 30 April 2023 12,500 12,500
Net book value
At 30 April 2023 0 0
At 30 April 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 May 2022 1,278 28,010 117 29,405
Additions 0 25,260 0 25,260
Disposals 0 ( 18,010) 0 ( 18,010)
At 30 April 2023 1,278 35,260 117 36,655
Accumulated depreciation
At 01 May 2022 842 18,041 29 18,912
Charge for the financial year 109 3,225 22 3,356
Disposals 0 ( 10,413) 0 ( 10,413)
At 30 April 2023 951 10,853 51 11,855
Net book value
At 30 April 2023 327 24,407 66 24,800
At 30 April 2022 436 9,969 88 10,493

5. Debtors

2023 2022
£ £
Trade debtors 0 61,625
Prepayments and accrued income 116,384 112,000
VAT recoverable 52,646 18,625
169,030 192,250

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,000 5,000
Trade creditors 123,653 59,755
Accruals 2,640 2,400
CIS withheld 4,899 2,128
Taxation and social security 8,072 15,904
Obligations under finance leases and hire purchase contracts 4,388 2,169
Other creditors 58,397 15,289
207,049 102,645

Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 36,666 41,666
Obligations under finance leases and hire purchase contracts 8,277 0
44,943 41,666

Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 2,623) ( 2,636)
(Charged)/credited to the Income Statement ( 2,089) 13
At the end of financial year ( 4,712) ( 2,623)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 4,712) ( 2,623)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100