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Registered number: 12415471
Abk Builders Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
BUTT & CO ACCOUNTANTS LTD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12415471
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 190,833 14,062
190,833 14,062
CURRENT ASSETS
Debtors 5 19,504 19,504
Cash at bank and in hand 105,863 96,360
125,367 115,864
Creditors: Amounts Falling Due Within One Year 6 (136,424 ) (43,735 )
NET CURRENT ASSETS (LIABILITIES) (11,057 ) 72,129
TOTAL ASSETS LESS CURRENT LIABILITIES 179,776 86,191
NET ASSETS 179,776 86,191
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 179,676 86,091
SHAREHOLDERS' FUNDS 179,776 86,191
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Agron Perpepaj
Director
08/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Abk Builders Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12415471 . The registered office is 30 Somerville Road, Romford, Essex, RM6 5BE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 8)
10 8
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 April 2023 - 14,412 7,499 21,911
Additions 166,651 7,744 13,220 187,615
Disposals - - (7,499 ) (7,499 )
As at 31 March 2024 166,651 22,156 13,220 202,027
Depreciation
As at 1 April 2023 - 5,149 2,700 7,849
Provided during the period - 3,401 2,644 6,045
Disposals - - (2,700 ) (2,700 )
As at 31 March 2024 - 8,550 2,644 11,194
Net Book Value
As at 31 March 2024 166,651 13,606 10,576 190,833
As at 1 April 2023 - 9,263 4,799 14,062
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,054 10,254
Prepayments and accrued income 10,450 9,250
19,504 19,504
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 initiallyrecognised 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.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 69,850 8,558
Corporation tax 39,412 14,575
Other taxes and social security 21,264 6,758
Accruals and deferred income 5,898 5,549
Director's loan account - 8,295
136,424 43,735
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.
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 40,000 20,000
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