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Registration number: 07058248

B.H. Basements Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

B.H. Basements Limited

Contents

Company Information

1

Directors' Report

2

Statement of financial position

3 to 4

Notes to the Financial Statements

5 to 12

 

B.H. Basements Limited

Company Information

Directors

T Job

C J R Barry

Company secretary

Harmer Slater Limited

Registered office

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

B.H. Basements Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their annual report on the affairs of B. H. Basements Limited, together with the unaudited financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is that of building construction, maintenance and repairs.

Director of the company

The directors who held office during the year and up to the date of the authorisation of the financial statements were as follows:

T Job

C J R Barry

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future. Thus they continue to adopt the going concern basis
in preparing the annual financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or a disclosure in, the financial statement

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
T Job
Director

 

B.H. Basements Limited

(Registration number: 07058248)
Statement of financial position as at 31 December 2023

 

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

4

56,724

45,041

Current assets

 

Inventories

5

328,090

485,456

Receivables

6

834,196

668,184

Cash at bank

 

44,479

139,009

 

1,206,765

1,292,649

Creditors: Amounts falling due within one year

7

(655,848)

(779,094)

Net current assets

 

550,917

513,555

Total assets less current liabilities

 

607,641

558,596

Creditors: Amounts falling due after more than one year

7

(40,974)

(76,192)

Net assets

 

566,667

482,404

Equity

 

Called up share capital

8

200

200

Retained earnings

8

566,467

482,204

Shareholders' funds

 

566,667

482,404

For the financial year ending 31 December 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 member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A- small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income statement has been taken.

 

B.H. Basements Limited

(Registration number: 07058248)
Statement of financial position as at 31 December 2023 (continued)

The financial statements of B.H. Basements Limited were approved and authorised for issue by the Board on 30 August 2024 and signed on its behalf by:

.........................................

T Job
Director

 

B.H. Basements Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

B.H. Basements Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

B.H. Basements Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Computer equipment

25% straight line

Plant and machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise bank current accounts that are subject to an insignificant risk of
change in value.

Trade receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the income statement.

 

B.H. Basements Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

B.H. Basements Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Pension

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 0).

4

Property, plant and equipment

Computer equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 January 2023

1,644

74,345

87,449

163,438

Additions

486

4,271

32,800

37,557

Disposals

-

(1,700)

-

(1,700)

At 31 December 2023

2,130

76,916

120,249

199,295

Depreciation

At 1 January 2023

1,644

44,001

72,752

118,397

Charge for the year

24

8,238

17,612

25,874

Eliminated on disposal

-

(1,700)

-

(1,700)

At 31 December 2023

1,668

50,539

90,364

142,571

Carrying amount

At 31 December 2023

462

26,377

29,885

56,724

At 31 December 2022

-

30,344

14,697

45,041


Assets held under finance leases and hire purchase contracts
The net carrying amount of property, plant and equipment includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
Plant and machinery £24,418 (2022: £42,850)

 

B.H. Basements Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

5

Work in progress

2023
£

2022
£

Work in progress

328,090

485,456

 

B.H. Basements Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

6

Receivables

2023
£

2022
£

Trade receivables

453,494

133,701

Other receivables

333,064

371,694

Deferred tax assets

47,638

162,789

834,196

668,184

7

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

76,853

143,783

Trade payable

479,767

272,123

Social security and other taxes

7,520

3,781

Other payables

85,030

320,347

Accruals

6,678

39,060

655,848

779,094

Due after one year

Loans and borrowings

40,974

76,192

 

B.H. Basements Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

8

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

31,515

55,152

Hire purchase contracts

9,459

21,040

40,974

76,192

2023
£

2022
£

Current loans and borrowings

Bank borrowings

65,263

127,788

Hire purchase contracts

11,590

15,995

76,853

143,783

 

B.H. Basements Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £1,300.00 (2022 - £Nil) per each Ordinary shares

 

260,000

 

-

         

11

Related party transactions

At 31 December 2023 the company owed £3,057 (2022: £102,723) to T Job, a director and shareholder.

At 31 December 2023 the company owed £63,838 (2022: £217,624 ) to C Barry, a director and shareholder.

At 31 December 2023 the company was owed £63,982 (2022: £63,982) by TWJ Properties Limited and £69,254 (2022: £5,710) by Building and Handyman Fulham Ltd, companies controlled by T Job.

At 31 December 2023 the company was owed £482 (2022: £293,576) by TJCB Properties Limited, a company controlled by T Job and C Barry.

12

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or a disclosure in, the financial statement