Registered number
06783318
ARKWORKS BUILDERS LIMITED
Filleted Accounts
31 December 2023
JR HEUNG & CO.
Chartered Certified Accountants
38 Greenway,
Totteridge
London
N20 8ED
1086A-23
ARKWORKS BUILDERS LIMITED
Registered number: 06783318
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 13,070 15,426
Current assets
Stocks 1,050 1,254
Cash at bank and in hand 24,916 49,123
25,966 50,377
Creditors: amounts falling due within one year 4 (7,366) (23,134)
Net current assets 18,600 27,243
Total assets less current liabilities 31,670 42,669
Creditors: amounts falling due after more than one year 5 (7,567) (10,740)
Provisions for liabilities (2,738) (2,931)
Net assets 21,365 28,998
Capital and reserves
Called up share capital 100 100
Profit and loss account 21,265 28,898
Shareholder's funds 21,365 28,998
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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. K K S CHAN
Director
Approved by the board on 6 September 2024
ARKWORKS BUILDERS 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 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:
Motor Van 20% p.a on writtern down value
Fixtures, fittings and equipment 25% p.a on a straight line
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, Fittings & Equipment Motor van Total
£ £ £
Cost
At 1 January 2023 2,500 24,035 26,535
Additions 2,076 - 2,076
At 31 December 2023 4,576 24,035 28,611
Depreciation
At 1 January 2023 2,456 8,653 11,109
Charge for the year 1,356 3,076 4,432
At 31 December 2023 3,812 11,729 15,541
Net book value
At 31 December 2023 764 12,306 13,070
At 31 December 2022 44 15,382 15,426
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,173 3,173
Taxation and social security costs 3,408 5,948
Other creditors 785 14,013
7,366 23,134
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,567 10,740
6 Controlling party
The company is controlled by Mr. K K S CHAN by virtue of having ownership of 100% of the issued ordinary share capital of the company.
7 Other information
ARKWORKS BUILDERS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
134 PRINCES AVENUE
WATFORD
HERTFORDSHIRE
ENGLAND
WD18 7SJ
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