Registered number
12752605
Truebuild Shrewsbury Ltd
Filleted Accounts
30 April 2024
Truebuild Shrewsbury Ltd
Registered number: 12752605
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 6,946 8,103
Tangible assets 4 18,323 22,877
25,269 30,980
Current assets
Stocks 17,000 15,000
Debtors 5 30,042 3,794
Cash at bank and in hand 75,341 163,315
122,383 182,109
Creditors: amounts falling due within one year 6 (44,389) (100,483)
Net current assets 77,994 81,626
Total assets less current liabilities 103,263 112,606
Creditors: amounts falling due after more than one year 7 (6,093) (12,629)
Net assets 97,170 99,977
Capital and reserves
Called up share capital 100 100
Profit and loss account 97,070 99,877
Shareholders' funds 97,170 99,977
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Hardy
Director
Approved by the board on 11 January 2025
Truebuild Shrewsbury Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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 initially recognised 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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 11,574
At 30 April 2024 11,574
Amortisation
At 1 May 2023 3,471
Provided during the year 1,157
At 30 April 2024 4,628
Net book value
At 30 April 2024 6,946
At 30 April 2023 8,103
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 2,148 48,973 51,121
Additions 117 5,250 5,367
Disposals (1,858) (4,300) (6,158)
At 30 April 2024 407 49,923 50,330
Depreciation
At 1 May 2023 537 27,707 28,244
Charge for the year 84 6,024 6,108
On disposals (464) (1,881) (2,345)
At 30 April 2024 157 31,850 32,007
Net book value
At 30 April 2024 250 18,073 18,323
At 30 April 2023 1,611 21,266 22,877
5 Debtors 2024 2023
£ £
Trade debtors 26,796 2,640
Other debtors 3,246 1,154
30,042 3,794
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,641 3,641
Obligations under finance lease and hire purchase contracts 4,219 4,219
Trade creditors 8,110 12,405
Taxation and social security costs 27,271 60,612
Directors loan accounts 211 18,664
Accruals 937 942
44,389 100,483
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,398 5,417
Obligations under finance lease and hire purchase contracts 3,695 7,212
6,093 12,629
8 Controlling party
The company is controlled by S Hardy & J Humphreys, directors of the company who own 100% of the issued share capital.
9 Other information
Truebuild Shrewsbury Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Harlescott Barns
Harlescott Lane
Shrewsbury
Shropshire
SY1 3SZ
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