2023-01-012023-12-312023-12-31false03048253VEAR BUILDING SERVICES 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VEAR BUILDING SERVICES LIMITED

Registered Number
03048253
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

VEAR BUILDING SERVICES LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

WATERS, Timothy Cyril

Registered Address

Suite Cca, Morgan's Yard Shepherds Road
Bartley
Southampton
SO40 2LH

Registered Number

03048253 (England and Wales)
VEAR BUILDING SERVICES LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets31,2201,754
1,2201,754
Current assets
Stocks46,2501,500
Debtors53,91032,834
Cash at bank and on hand1,52213,088
11,68247,422
Creditors amounts falling due within one year6(109,092)(111,159)
Net current assets (liabilities)(97,410)(63,737)
Total assets less current liabilities(96,190)(61,983)
Net assets(96,190)(61,983)
Capital and reserves
Called up share capital3,0003,000
Profit and loss account(99,190)(64,983)
Shareholders' funds(96,190)(61,983)
The financial statements were approved and authorised for issue by the Director on 16 September 2024, and are signed on its behalf by:
WATERS, Timothy Cyril
Director
Registered Company No. 03048253
VEAR BUILDING SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
Vear Building Services Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 03048253 and its registered address is Suite Cca, Morgan's Yard, Shepherds Road, Bartley, Southampton, England, SO40 2LH.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Vear Holdings Limited hereby confirm, that Vear Building Services Limited continues as a going concern. Vear Holdings Limited is willing to provide immediate financial support to Vear Building Services Limited in case of its financial difficulties, provided that the Company’s Management Board has submitted a reasoned application for that purpose, and, if necessary, invest additional funds essential to ensure that the Vear Building Services Limited will continue as a going concern.
Functional and presentation currency
The presentation currency is £ sterling
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The director does not consider there to be any significant judgements or estimates.
Turnover policy
Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.
Revenue from sale of goods
Revenue is recognised in relation to the value of work carried out which is based on the project as a whole. Judgements are made on the timing of revenue recognition based on the percentage completion of the work, and the expected outcome of the contract. The degree of completion of contracts is estimated by reviewing the costs incurred to date against the total expected costs of the project. Construction contracts: Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. The pension costs charged in the financial statements represent the contributions payable by the company during the year.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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.
Intangible assets
Goodwill is amortised over its useful economic life.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is adjusted for prospectively. Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.

Straight line (years)
Plant and machinery5
Fixtures and fittings5
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.
Government grants or assistance
Grants of a revenue nature are credited to the income statement in the period to which they relate in accordance with the terms of the grant. Any deferred element of the grant is included within creditors as deferred income.
2.Average number of employees

20232022
Average number of employees during the year30
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 January 23-5,4985,498
Additions1,057-1,057
Disposals-(3,513)(3,513)
At 31 December 231,0571,9853,042
Depreciation and impairment
At 01 January 23-3,7443,744
Charge for year176397573
On disposals-(2,495)(2,495)
At 31 December 231761,6461,822
Net book value
At 31 December 238813391,220
At 31 December 22-1,7541,754
4.Stocks

2023

2022

££
Other stocks6,2501,500
Total6,2501,500
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables3,1383,049
Amounts owed by group undertakings-13,124
Other debtors2039,438
Prepayments and accrued income5697,223
Total3,91032,834
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables74,36490,701
Amounts owed to related parties11,401-
Taxation and social security4,8476,947
Other creditors16,9804,511
Accrued liabilities and deferred income1,5009,000
Total109,092111,159
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.