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Registration number: 11202291

N2 Build Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

N2 Build Ltd

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 12

 

N2 Build Ltd

Company Information

Directors

Mrs V Naughton

Mrs G L Rosca

Registered office

22 Brook Walk
London
N2 9RB

Accountants

S Traynor Accounting Services Ltd

 

N2 Build Ltd

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs V Naughton

Mrs G L Rosca

Principal activity

The principal activity of the company is Construction of commercial and domestic buildings

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mrs V Naughton
Director

 

N2 Build Ltd

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

 

653,148

239,006

Cost of sales

 

(496,128)

(161,647)

Gross profit

 

157,020

77,359

Distribution costs

 

(17,600)

(16,800)

Administrative expenses

 

(25,416)

(19,628)

Operating profit

 

114,004

40,931

Interest payable and similar expenses

 

(668)

(167)

Profit before tax

4

113,336

40,764

Tax on profit

 

(25,882)

(4,325)

Profit for the financial year

 

87,454

36,439

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

N2 Build Ltd

Statement of Comprehensive Income for the Year Ended 29 February 2024

2024
£

2023
£

Profit for the year

87,454

36,439

Total comprehensive income for the year

87,454

36,439

 

N2 Build Ltd

(Registration number: 11202291)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,275

24,198

Current assets

 

Debtors

6

-

8,143

Cash at bank and in hand

 

100,946

26,616

 

100,946

34,759

Creditors: Amounts falling due within one year

7

(71,199)

(27,156)

Net current assets

 

29,747

7,603

Total assets less current liabilities

 

46,022

31,801

Creditors: Amounts falling due after more than one year

7

(37,234)

(30,467)

Net assets

 

8,788

1,334

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

8,784

1,330

Shareholders' funds

 

8,788

1,334

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mrs V Naughton
Director

 

N2 Build Ltd

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

4

1,330

1,334

Profit for the year

-

87,454

87,454

Dividends

-

(80,000)

(80,000)

At 29 February 2024

4

8,784

8,788

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

4

(16,109)

(16,105)

Profit for the year

-

36,439

36,439

Dividends

-

(19,000)

(19,000)

At 28 February 2023

4

1,330

1,334

 

N2 Build Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
22 Brook Walk
London
N2 9RB
England

These financial statements were authorised for issue by the Board on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

N2 Build Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

18% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

N2 Build Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

7,923

7,923

 

N2 Build Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

44,021

44,021

At 29 February 2024

44,021

44,021

Depreciation

At 1 March 2023

19,823

19,823

Charge for the year

7,923

7,923

At 29 February 2024

27,746

27,746

Carrying amount

At 29 February 2024

16,275

16,275

At 28 February 2023

24,198

24,198

6

Debtors

Current

2024
£

2023
£

Other debtors

-

8,143

 

-

8,143

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

21,556

Accruals and deferred income

 

71,199

5,600

 

71,199

27,156

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

37,234

30,467

 

N2 Build Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Share capital

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,155

-

Other borrowings

26,079

30,467

37,234

30,467

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

21,556

10

Dividends

2024

2023

£

£

 

 

11

Related party transactions

 

N2 Build Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

17,600

16,800