F10 BUILD LTD

Company Registration Number:
12075585 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2023

Period of accounts

Start date: 01 July 2022

End date: 30 June 2023

F10 BUILD LTD

Contents of the Financial Statements

for the Period Ended 30 June 2023

Balance sheet
Notes

F10 BUILD LTD

Balance sheet

As at 30 June 2023


Notes

2023

2022


£

£
Called up share capital not paid: 200 200
Fixed assets
Tangible assets: 3 878 1,033
Investments: 4 4 0
Total fixed assets: 882 1,033
Current assets
Debtors:   377,263 360,840
Cash at bank and in hand: 71,362 7,785
Total current assets: 448,625 368,625
Creditors: amounts falling due within one year: 5 (259,882) (189,439)
Net current assets (liabilities): 188,743 179,186
Total assets less current liabilities: 189,825 180,419
Creditors: amounts falling due after more than one year: 6 (19,167) (29,167)
Total net assets (liabilities): 170,658 151,252
Capital and reserves
Called up share capital: 200 200
Profit and loss account: 170,458 151,052
Shareholders funds: 170,658 151,252

The notes form part of these financial statements

F10 BUILD LTD

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 April 2024
and signed on behalf of the board by:

Name: Duncan Hutchinson
Status: Director

The notes form part of these financial statements

F10 BUILD LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Office equipment reducing balance 15% pa

Other accounting policies

InvestmentsInvestments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.StocksStocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.Long-term contractsRevenue is recognised in accordance with FRS 102 section 23. Turnover arises from increases in valuations on long-term contracts. Where the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, turnover and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. Stage of completion is assessed by reference to the proportion of contract costs incurred for the work performed to date relative to the estimated total costs, except where this would not be representative of the stage of completion.When it is probable that total contract costs will exceed contract turnover, the expected loss isrecognised as an expense immediately.Variations and claims are included where it is probable that the amount, which can be measuredreliably, will be recovered from the customer. When the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised to the extent of contract costs incurred where it is probable those costs will be recoverable.Contact costs are recognised as expenses in the period in which they are incurred.RetentionsRetentions on contracts are recognised within turnover to the extent that they are deemed recoverable. Where it is anticipated that the company will be required to incur additional costs in order to release the retention, provision is made for those costs in arriving at attributable profit on each contract.DebtorsShort term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.CreditorsShort term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.TaxationA current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.Leased AssetsA lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.PensionsContributions to defined contribution plans are expensed in the period to which they relate.

F10 BUILD LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

2. Employees

2023 2022
Average number of employees during the period 2 2

F10 BUILD LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Tangible Assets

Total
Cost £
At 01 July 2022 1,100
At 30 June 2023 1,100
Depreciation
At 01 July 2022 67
Charge for year 155
At 30 June 2023 222
Net book value
At 30 June 2023 878
At 30 June 2022 1,033

F10 BUILD LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Fixed investments

The company owns 50% of the ordinary share capital of Speedwell F10 Builders Ltd (Reg No. 13817040), this being 4 x £1 E Ordinary shares

F10 BUILD LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Creditors: amounts falling due within one year note

Unsecured Bank loan £10,000 (2022 - £10,000)Trade creditors £156,098 (2022 - £116,536)Taxation and social security costs £11,124 (2022 - £18,344)Other creditors £82,660 (2022 - £44,559)Total £259,882 (2022 - £189,439)

F10 BUILD LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

6. Creditors: amounts falling due after more than one year note

Unsecured Bank loan £19,167 (2022 - £29,167)

F10 BUILD LTD

Notes to the Financial Statements

for the Period Ended 30 June 2023

7. Related party transactions

Name of the related party: Speedwell F10 Builders Ltd
Relationship:
50% Trading subsidiary (SPV) of F10 Build Ltd
Description of the Transaction: Actual costs incurred for a residential build project were invoiced to the related party which was the designated SPV for the residential development. Total costs in the period were £581,962 (2022 - £80,019).
£
Balance at 01 July 2022 19,392
Balance at 30 June 2023 71,150