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Company No: 05290669 (England and Wales)

VBO CONSTRUCTION LIMITED

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

VBO CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

VBO CONSTRUCTION LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
VBO CONSTRUCTION LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Mr V B O'Neill
SECRETARY Mrs A J O'Neill
REGISTERED OFFICE Ground Floor Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 05290669 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
VBO CONSTRUCTION LIMITED

BALANCE SHEET

As at 30 November 2023
VBO CONSTRUCTION LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 18,961 25,281
18,961 25,281
Current assets
Debtors 5 85,098 112,348
Cash at bank and in hand 0 1,463
85,098 113,811
Creditors: amounts falling due within one year 6 ( 114,848) ( 130,871)
Net current liabilities (29,750) (17,060)
Total assets less current liabilities (10,789) 8,221
Creditors: amounts falling due after more than one year 7 ( 15,833) ( 25,833)
Provision for liabilities ( 2,245) ( 4,498)
Net liabilities ( 28,867) ( 22,110)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 28,967 ) ( 22,210 )
Total shareholders' deficit ( 28,867) ( 22,110)

For the financial year ending 30 November 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 VBO Construction Limited (registered number: 05290669) were approved and authorised for issue by the Director on 24 April 2024. They were signed on its behalf by:

Mr V B O'Neill
Director
VBO CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
VBO CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

VBO 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 Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, 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 £.

Going concern

Although the company balance sheet shows net liabilities of £28,867 and net current liabilities of £29,750, the director is confident that the company remains a going concern as the largest creditor is the director's loan account in the sum of £75,107 which will not be repaid until funds are available.

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

The director is satisfied, having considered the current financial position and performance of the company, that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the director has considered recoverability of debtors, future contracts and cash flow projections (from the date of approval of these financial statements) to take account of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 3

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 December 2022 43,978 82,971 10,761 137,710
At 30 November 2023 43,978 82,971 10,761 137,710
Accumulated depreciation
At 01 December 2022 32,141 72,687 7,601 112,429
Charge for the financial year 2,959 2,571 790 6,320
At 30 November 2023 35,100 75,258 8,391 118,749
Net book value
At 30 November 2023 8,878 7,713 2,370 18,961
At 30 November 2022 11,837 10,284 3,160 25,281

5. Debtors

2023 2022
£ £
Trade debtors 72,250 100,067
Corporation tax 0 2,528
Other debtors 12,848 9,753
85,098 112,348

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured £ 17,186) 27,186 10,000
Trade creditors 751 27,847
CIS withheld 181 5,409
Other taxation and social security 1,779 1,119
Obligations under finance leases and hire purchase contracts 0 992
Other creditors 84,951 85,504
114,848 130,871

There are fixed and floating charges over the undertaking and all its property and assets in respect of security held over the company's bank overdraft.

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

2023 2022
£ £
Bank loans 15,833 25,833

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary £1 shares of £ 1.00 each 100 100