Halai Builders Merchant Limited
Registered number: 03041810
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 9,405 11,757
Current assets
Stocks 154,221 153,696
Debtors 5 1,420 9,588
155,641 163,284
Creditors: amounts falling due within one year 6 (162,080) (157,558)
Net current (liabilities)/assets (6,439) 5,726
Total assets less current liabilities 2,966 17,483
Creditors: amounts falling due after more than one year 7 (35,309) (40,292)
Net liabilities (32,343) (22,809)
Capital and reserves
Called up share capital 2 2
Profit and loss account (32,345) (22,811)
Shareholders' funds (32,343) (22,809)
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 A Halai
Director
Approved by the board on 17 October 2024
Halai Builders Merchant Limited
Notes to the Accounts
for the year ended 31 March 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.
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:
Fixtures, fittings, tools and equipment 20% Reducing balance
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 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 5,000
At 31 March 2024 5,000
Amortisation
At 1 April 2023 5,000
At 31 March 2024 5,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 30,201 22,323 52,524
At 31 March 2024 30,201 22,323 52,524
Depreciation
At 1 April 2023 24,297 16,470 40,767
Charge for the year 1,181 1,171 2,352
At 31 March 2024 25,478 17,641 43,119
Net book value
At 31 March 2024 4,723 4,682 9,405
At 31 March 2023 5,904 5,853 11,757
5 Debtors 2024 2023
£ £
Trade debtors 1,231 9,399
Other debtors 189 189
1,420 9,588
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,884 9,105
Trade creditors 35,326 55,897
Other taxes and social security costs 6,434 704
Other creditors 107,436 91,852
162,080 157,558
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 35,309 40,292
8 Other information
Halai Builders Merchant Limited is a private company limited by shares and incorporated in England. Its registered office is:
26 Park Parade
London
NW10 4JG
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