Registered number
03283822
The Building Partnership Limited
Filleted Accounts
30 June 2024
The Building Partnership Limited
Registered number: 03283822
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 23,545 301,782
Current assets
Stocks and work in progress 16,288 2,453
Debtors 4 17,152 146,923
Cash at bank and in hand 1,155,286 992,663
1,188,726 1,142,039
Creditors: amounts falling due within one year 5 (55,198) (141,099)
Net current assets 1,133,528 1,000,940
Total assets less current liabilities 1,157,073 1,302,722
Provisions for liabilities (4,473) (30,320)
Net assets 1,152,600 1,272,402
Capital and reserves
Called up share capital 200 200
Profit and loss account 1,152,400 1,272,202
Shareholders' funds 1,152,600 1,272,402
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.
SP Foyle
Director
Approved by the board on 9 September 2024
The Building Partnership Limited
Notes to the Accounts
for the year ended 30 June 2024
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 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
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:
Freehold buildings over 50 years
Motor vehicles over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks 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.
Works in progress
Works in progress is valued at cost plus % of overhead and profit element
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 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.
Creditors
Short 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.
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. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Fixtures fittings tools and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 270,750 30,208 76,709 377,667
Disposals (165,000) - - (165,000)
At 30 June 2024 105,750 30,208 76,709 212,667
Depreciation
At 1 July 2023 - 25,358 50,527 75,885
Charge for the year - 1,212 6,275 7,487
Surplus on revaluation 105,750 - - 105,750
At 30 June 2024 105,750 26,570 56,802 189,122
Net book value
At 30 June 2024 - 3,638 19,907 23,545
At 30 June 2023 270,750 4,850 26,182 301,782
Freehold land and buildings: 2024 2023
£ £
Historical cost - 165,000
Revalue added historical cost - 105,750
- 270,750
Property Revaluation The freehold properties were valued By Lane & Holes Bedford in June 2022. It was considered by the directors that these values would have been appropriate as at 30 June 2023. The revaluation figures are the agents sale values less 5% for agents and legal costs. The directors are of the opinion that current day vacant possession values would marginally exceed these figures.
4 Debtors 2024 2023
£ £
Trade debtors 16,918 139,410
Other debtors and prepayments 234 7,513
17,152 146,923
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 20,391 44,182
Taxation and social security costs 26,043 85,921
Other creditors 8,764 10,996
55,198 141,099
6 Other information
The Building Partnership Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 10 Broadmead Business Park
Broadmead
Stewartby
Bedfordshire
MK43 9NX
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