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Registered number: 07256670
Newdigate Builders Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
SFB Group Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07256670
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 50,009 62,721
50,009 62,721
CURRENT ASSETS
Stocks 5 48,283 29,511
Debtors 6 116,326 135,742
Cash at bank and in hand 121,607 72,668
286,216 237,921
Creditors: Amounts Falling Due Within One Year 7 (219,207 ) (224,234 )
NET CURRENT ASSETS (LIABILITIES) 67,009 13,687
TOTAL ASSETS LESS CURRENT LIABILITIES 117,018 76,408
Creditors: Amounts Falling Due After More Than One Year 8 (2,786 ) (6,950 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (347 ) (1,113 )
NET ASSETS 113,885 68,345
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 113,883 68,343
SHAREHOLDERS' FUNDS 113,885 68,345
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
D J Coventry
Director
06/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Newdigate Builders Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07256670 . The registered office is Manor Court Chambers, Townsend Drive, Nuneaton, Warwickshire, CV11 6RU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets 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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.
Depreciation is provided on the following basis:
Plant & Machinery 10% per annum on net book value
Motor Vehicles 25% per annum on net book value
Fixtures & Fittings 10% per annum on net book value
Computer Equipment 20% per annum on cost
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.
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
2.6. 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 7,210 93,243 4,421 104,874
Additions 666 - 1,550 2,216
As at 31 May 2024 7,876 93,243 5,971 107,090
Depreciation
As at 1 June 2023 3,255 37,036 1,862 42,153
Provided during the period 463 14,053 412 14,928
As at 31 May 2024 3,718 51,089 2,274 57,081
Net Book Value
As at 31 May 2024 4,158 42,154 3,697 50,009
As at 1 June 2023 3,955 56,207 2,559 62,721
5. Stocks
2024 2023
£ £
Work in progress 48,283 29,511
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 67,946 88,099
Other debtors 48,380 47,643
116,326 135,742
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,164 4,164
Trade creditors 82,300 94,104
Other creditors 67,841 66,037
Taxation and social security 64,902 59,929
219,207 224,234
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,786 6,950
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,164 4,164
Later than one year and not later than five years 2,786 6,950
6,950 11,114
6,950 11,114
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5