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REGISTERED NUMBER: 08398994 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

29 FEBRUARY 2024

FOR

SB 10 CONSTRUCTION LIMITED

SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 81,933 104,342

CURRENT ASSETS
Stocks 2,000 5,786
Debtors 6 1,089,504 164,556
Cash at bank 287,039 14,831
1,378,543 185,173
CREDITORS
Amounts falling due within one year 7 1,415,963 227,591
NET CURRENT LIABILITIES (37,420 ) (42,418 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,513

61,924

CREDITORS
Amounts falling due after more than
one year

8

(20,914

)

(36,714

)

PROVISIONS FOR LIABILITIES 10 (20,483 ) (19,825 )
NET ASSETS 3,116 5,385

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 3,016 5,285
SHAREHOLDERS' FUNDS 3,116 5,385

SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

BALANCE SHEET - continued
29 FEBRUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





S W Bowyer - Director


SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

SB 10 Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08398994

Registered office: Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP

2. 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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 114,242 93,942 6,541 214,725
Additions 608 - 833 1,441
At 29 February 2024 114,850 93,942 7,374 216,166
DEPRECIATION
At 1 March 2023 62,964 43,464 3,955 110,383
Charge for year 10,377 12,619 854 23,850
At 29 February 2024 73,341 56,083 4,809 134,233
NET BOOK VALUE
At 29 February 2024 41,509 37,859 2,565 81,933
At 28 February 2023 51,278 50,478 2,586 104,342

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023
and 29 February 2024 32,789
DEPRECIATION
At 1 March 2023 13,644
Charge for year 4,786
At 29 February 2024 18,430
NET BOOK VALUE
At 29 February 2024 14,359
At 28 February 2023 19,145

SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts receivable on
contracts 1,062,489 51,380
Other debtors - 110,915
VAT 24,801 -
Prepayments and accrued income 2,214 2,261
1,089,504 164,556

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,828 7,828
Other loans 704,046 -
Hire purchase contracts 3,143 3,876
Trade creditors 36,374 24,368
Corporation tax 53,612 52,210
PAYE and social security 33,709 41,564
VAT - 4,682
Other creditors 409,940 45,355
Net wages 5,032 4,261
Director's current account 157,216 39,991
Accruals and deferred income 5,063 3,456
1,415,963 227,591

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 20,652 33,309
Hire purchase contracts 262 3,405
20,914 36,714

SB 10 CONSTRUCTION LIMITED (REGISTERED NUMBER: 08398994)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 704,046 -

The other loans of £704,046.27 are secured by fixed and floating charges over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 20,483 19,825

Deferred
tax
£   
Balance at 1 March 2023 19,825
Provided during year 658
Balance at 29 February 2024 20,483

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. RELATED PARTY DISCLOSURES

At the balance sheet date, there are loans owing to companies of which Simon Bowyer is a joint-owner and director, of £378,621 (2023: £33,276). The loans are interest free and repayable on demand.