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Registration number: 03747883

Option One Builders Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Option One Builders Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Option One Builders Limited

(Registration number: 03747883)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,735

17,193

Current assets

 

Stocks

5

6,208

250

Debtors

6

38,265

50,696

Cash at bank and in hand

 

36,944

43,661

 

81,417

94,607

Creditors: Amounts falling due within one year

7

(79,722)

(78,584)

Net current assets

 

1,695

16,023

Total assets less current liabilities

 

27,430

33,216

Creditors: Amounts falling due after more than one year

7

(7,500)

(12,083)

Provisions for liabilities

(6,434)

(3,267)

Net assets

 

13,496

17,866

Capital and reserves

 

Called up share capital

2

2

Retained earnings

13,494

17,864

Shareholders' funds

 

13,496

17,866

 

Option One Builders Limited

(Registration number: 03747883)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 January 2025 and signed on its behalf by:
 

.........................................
Mr Peter John Dunn
Director

.........................................
Mr Jason Legeckis
Company secretary and director

 

Option One Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Cranleigh
36 Brampton Road
Maybank
Newcastle
Staffordshire
ST5 0RF
England

These financial statements were authorised for issue by the Board on 6 January 2025.

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. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements

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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the construction industry for commerical and residential customers. 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.

 

Option One Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Fixtures and fittings

20% reducing balance

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Motor vehicles

25% reducing balance

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Option One Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

3

Staff numbers

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

 

Option One Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

2,752

43,875

1,074

28,667

Additions

-

8,200

-

8,500

Disposals

-

-

-

(4,750)

At 30 April 2024

2,752

52,075

1,074

32,417

Depreciation

At 1 May 2023

2,623

32,967

932

22,653

Charge for the year

26

3,822

29

3,411

Eliminated on disposal

-

-

-

(3,880)

At 30 April 2024

2,649

36,789

961

22,184

Carrying amount

At 30 April 2024

103

15,286

113

10,233

At 30 April 2023

129

10,908

142

6,014

Total
£

Cost or valuation

At 1 May 2023

76,368

Additions

16,700

Disposals

(4,750)

At 30 April 2024

88,318

Depreciation

At 1 May 2023

59,175

Charge for the year

7,288

Eliminated on disposal

(3,880)

At 30 April 2024

62,583

Carrying amount

At 30 April 2024

25,735

At 30 April 2023

17,193

 

Option One Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Work in progress

5,833

-

Other inventories

375

250

6,208

250

6

Debtors

Current

2024
£

2023
£

Trade debtors

35,476

47,348

Other debtors

2,789

3,348

 

38,265

50,696

 

Option One Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,000

5,417

Trade creditors

 

3,435

3,735

Taxation and social security

 

32,411

28,207

Other creditors

 

38,876

41,225

 

79,722

78,584

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

7,500

12,083

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,500

12,083

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

5,417