B & E Construction Limited
Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 09934077 (England and Wales)
B & E Construction Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 9
B & E Construction Limited
Balance Sheet
As at 31 January 2024
31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
462,169
353,897
Current assets
Stock
8
-
34,189
Debtors
9
2,564,446
1,886,579
Cash at bank and in hand
1,061,928
1,233,093
3,626,374
3,153,861
Creditors: amounts falling due within one year
10
(3,052,998)
(2,820,716)
Net current assets
573,376
333,145
Total assets less current liabilities
1,035,545
687,042
Creditors: amounts falling due after more than one year
11
(119,122)
(355,530)
Provisions for liabilities
Deferred tax liability
(109,491)
(88,474)
(109,491)
(88,474)
Net assets
806,932
243,038
Capital and reserves
Called up share capital
12
2
2
Profit and loss reserves
806,930
243,036
Total equity
806,932
243,038

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
E  Ismailanji
Director
Company Registration No. 09934077
B & E Construction Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 2
1
Accounting policies
Company information

B & E Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 532 Wellingborough Road, Northampton, United Kingdom, NN3 3HZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on cost
Fixtures and fittings
33% on cost
Motor vehicles
25% on cost
B & E Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 3

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

B & E Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 4
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

B & E Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 5
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
-
0
B & E Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 6
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
7
6
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
-
0
38,460
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
272,941
236,577
Adjustments in respect of prior periods
(683)
-
0
Total current tax
272,258
236,577
Deferred tax
Origination and reversal of timing differences
21,017
(20,518)
Total tax charge
293,275
216,059
B & E Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 7
7
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
-
0
42,610
615,711
658,321
Additions
5,959
6,109
269,828
281,896
Disposals
-
0
-
0
(33,250)
(33,250)
At 31 January 2024
5,959
48,719
852,289
906,967
Depreciation and impairment
At 1 February 2023
-
0
20,411
284,013
304,424
Depreciation charged in the year
1,070
12,537
158,127
171,734
Eliminated in respect of disposals
-
0
-
0
(31,360)
(31,360)
At 31 January 2024
1,070
32,948
410,780
444,798
Carrying amount
At 31 January 2024
4,889
15,771
441,509
462,169
At 31 January 2023
-
0
22,199
331,698
353,897
8
Stock
2024
2023
£
£
Finished goods and goods for resale
-
0
34,189
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,293,499
1,645,532
Other debtors
174,809
162,653
Prepayments and accrued income
96,138
78,394
2,564,446
1,886,579
B & E Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 8
10
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
70,000
Obligations under finance leases
204,907
134,664
Trade creditors
653,270
915,163
Amounts owed to group undertakings
587,284
417,824
Corporation tax
216,691
236,577
Other taxation and social security
319,342
68,884
Other creditors
29,232
44,445
Accruals and deferred income
1,042,272
933,159
3,052,998
2,820,716
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
210,000
Obligations under finance leases
119,122
145,530
119,122
355,530
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Statutory Auditor:
Lawrence Johns
14
Related party transactions
B & E Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
14
Related party transactions
(Continued)
Page 9

During the year dividends of £350,000 (2023: £850,000) were paid to FMO Property Limited who is shareholder of the company.

 

At the year end, the company owed £14,300 (2023: £5,228) to the directors of the company.

 

At the year end, amounts due to group undertakings is an amount of £587,284 (2023: £417,824) included in creditors falling due within one year.

15
Ultimate controlling party

The company is under control of FMO Property Limited by virtue of its 100% shareholding.

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