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Registered number: 03732835










BUILDING PARTNERSHIPS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
BUILDING PARTNERSHIPS LIMITED
REGISTERED NUMBER: 03732835

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
14
18

  
14
18

Current assets
  

Stocks
  
427,478
307,435

Debtors: amounts falling due within one year
 6 
34,780
112,190

  
462,258
419,625

Creditors: amounts falling due within one year
 7 
(225,817)
(141,876)

Net current assets
  
 
 
236,441
 
 
277,749

Total assets less current liabilities
  
236,455
277,767

Creditors: amounts falling due after more than one year
 8 
(225,000)
(255,000)

Provisions for liabilities
  

Deferred tax
 10 
(4)
(5)

  
 
 
(4)
 
 
(5)

Net assets
  
11,451
22,762


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
24,995
24,995

Capital redemption reserve
  
2
2

Profit and loss account
  
(13,646)
(2,335)

  
11,451
22,762


Page 1

 
BUILDING PARTNERSHIPS LIMITED
REGISTERED NUMBER: 03732835
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P J Knowles
Director

Date: 28 November 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Building Partnerships Limited is a private company limited by shares and incorporated in England and Wales, registration number 03732835. The registered office is C/O Larking Gowen, 1st Floor, Prospect House, Rouen Road, Norwich, NR1 1RE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The Directors have considered the Company's position at the time of signing the financial statements, and in particular the effects on the Company of the wider economy. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios.
Based on this and the on-going support of the Directors, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Page 4

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Office equipment
-
20%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Work in progress

Work in progress is valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuations of work in progress.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Page 6

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Other operating income

2024
2023
£
£

Other operating income
34,561
32,584

Government grants receivable
-
1,023

34,561
33,607



4.


Employees

2024
2023
£
£

Wages and salaries
49,203
68,080

Social security costs
1,494
1,793

50,697
69,873


The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
22,600



At 31 March 2024

22,600



Depreciation


At 1 April 2023
22,582


Charge for the year on owned assets
4



At 31 March 2024

22,586



Net book value



At 31 March 2024
14



At 31 March 2023
18

Page 8

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
20,107
106,350

Prepayments and accrued income
14,673
5,840

34,780
112,190



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
51,129
40,968

Bank loans
30,000
30,000

Trade creditors
31,755
6,134

Corporation tax
10,019
17,553

Other taxation and social security
2,076
4,984

Other creditors
78,944
14,859

Accruals and deferred income
21,894
27,378

225,817
141,876



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
65,000
95,000

Other loans
160,000
160,000

225,000
255,000


Secured loans
Both loans and the overdraft are secured via legal charges over premises at Cattlemarket Street, Norwich.

Page 9

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 1-2 years

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 2-5 years

Bank loans
35,000
65,000

Other loans
160,000
160,000


195,000
225,000


255,000
285,000



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(5)
(4)


Charged to profit or loss
1
(1)



At end of year
(4)
(5)

Page 10

 
BUILDING PARTNERSHIPS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4)
(5)

(4)
(5)


11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
5,896

-
5,896


12.


Related party transactions

At the year end the directors were owed £82,358 (2023: £14,859) which is repayable on demand.

 
Page 11