Registered number
09360925
The Building Repair Network Limited
Filleted Accounts
31 December 2023
The Building Repair Network Limited
Registered number: 09360925
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,397 13,737
Current assets
Stocks 528,360 525,840
Debtors 4 1,299,054 1,066,459
Cash at bank and in hand 1,433,308 1,445,991
3,260,722 3,038,290
Creditors: amounts falling due within one year 5 (2,214,411) (1,592,266)
Net current assets 1,046,311 1,446,024
Net assets 1,056,708 1,459,761
Capital and reserves
Called up share capital 75 100
Capital Redemption reserve 25 -
Profit and loss account 1,056,608 1,459,661
Shareholders' funds 1,056,708 1,459,761
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Peter Smith
Director
Approved by the board on 5 September 2024
The Building Repair Network Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added 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
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:
Fixtures and fittings over 10 years
Computer equipment over 4 years
Stocks
Work in progress is based on the number of claims at the end of the month using an average value per claim.
Debtors
Short 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 recognised at transaction price including any transaction costs less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A 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.
Leased assets
A 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 38 41
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 79,986
Additions 2,141
At 31 December 2023 82,127
Depreciation
At 1 January 2023 66,249
Charge for the year 5,481
At 31 December 2023 71,730
Net book value
At 31 December 2023 10,397
At 31 December 2022 13,737
4 Debtors 2023 2022
£ £
Trade debtors 1,198,037 952,080
Other debtors 101,017 114,379
1,299,054 1,066,459
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,327,651 964,924
Taxation and social security costs 862,398 611,953
Other creditors 24,362 15,389
2,214,411 1,592,266
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 44,183 68,496
7 Related party transactions
The company has loaned £50,000 (2022 £50,000) interest free to a company in which Mr Wynne is a director and shareholder. The company had also loaned £50,000 interest free to a company in which Mr Eyquem was a director and shareholder, this was reapid during the year.
8 Other information
The Building Repair Network Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor
2 Barnston Lane
Moreton
Wirral
CH46 7TP
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