Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Brendan Bartholomew Caylor 09/05/2016 20 February 2025 The principal activity of the Company during the financial year was the provision of IT services for building software and consultation in application development. 10169956 2024-05-31 10169956 bus:Director1 2024-05-31 10169956 2023-05-31 10169956 core:CurrentFinancialInstruments 2024-05-31 10169956 core:CurrentFinancialInstruments 2023-05-31 10169956 core:ShareCapital 2024-05-31 10169956 core:ShareCapital 2023-05-31 10169956 core:RetainedEarningsAccumulatedLosses 2024-05-31 10169956 core:RetainedEarningsAccumulatedLosses 2023-05-31 10169956 core:Vehicles 2023-05-31 10169956 core:OfficeEquipment 2023-05-31 10169956 core:ComputerEquipment 2023-05-31 10169956 core:Vehicles 2024-05-31 10169956 core:OfficeEquipment 2024-05-31 10169956 core:ComputerEquipment 2024-05-31 10169956 bus:OrdinaryShareClass1 2024-05-31 10169956 bus:OrdinaryShareClass2 2024-05-31 10169956 bus:OrdinaryShareClass3 2024-05-31 10169956 2023-06-01 2024-05-31 10169956 bus:FilletedAccounts 2023-06-01 2024-05-31 10169956 bus:SmallEntities 2023-06-01 2024-05-31 10169956 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10169956 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10169956 bus:Director1 2023-06-01 2024-05-31 10169956 core:Vehicles 2023-06-01 2024-05-31 10169956 core:OfficeEquipment core:TopRangeValue 2023-06-01 2024-05-31 10169956 core:ComputerEquipment core:TopRangeValue 2023-06-01 2024-05-31 10169956 2022-06-01 2023-05-31 10169956 core:OfficeEquipment 2023-06-01 2024-05-31 10169956 core:ComputerEquipment 2023-06-01 2024-05-31 10169956 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 10169956 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 10169956 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 10169956 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 10169956 bus:OrdinaryShareClass3 2023-06-01 2024-05-31 10169956 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10169956 (England and Wales)

BUILD IT LOVE IT LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

BUILD IT LOVE IT LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

BUILD IT LOVE IT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
BUILD IT LOVE IT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,656 7,414
4,656 7,414
Current assets
Debtors 4 32,840 9,719
Cash at bank and in hand 19,513 40,233
52,353 49,952
Creditors: amounts falling due within one year 5 ( 28,312) ( 17,982)
Net current assets 24,041 31,970
Total assets less current liabilities 28,697 39,384
Provision for liabilities ( 1,164) ( 1,854)
Net assets 27,533 37,530
Capital and reserves
Called-up share capital 6 1,000 1,000
Profit and loss account 26,533 36,530
Total shareholders' funds 27,533 37,530

For the financial 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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Build It Love It Ltd (registered number: 10169956) were approved and authorised for issue by the Director on 20 February 2025. They were signed on its behalf by:

Brendan Bartholomew Caylor
Director
BUILD IT LOVE IT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
BUILD IT LOVE IT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Build It Love It Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Rowan Terrace, Cheriton Bishop, Exeter, EX6 6BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 3.33 years straight line
Computer equipment 3.33 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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 at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 June 2023 7,349 2,540 16,186 26,075
Additions 0 638 0 638
At 31 May 2024 7,349 3,178 16,186 26,713
Accumulated depreciation
At 01 June 2023 6,368 2,389 9,904 18,661
Charge for the financial year 245 177 2,974 3,396
At 31 May 2024 6,613 2,566 12,878 22,057
Net book value
At 31 May 2024 736 612 3,308 4,656
At 31 May 2023 981 151 6,282 7,414

4. Debtors

2024 2023
£ £
Trade debtors 0 7,200
Amounts owed by director 32,840 2,519
32,840 9,719

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 546 329
Accruals 3,180 3,180
Taxation and social security 24,586 14,473
28,312 17,982

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
950 Ordinary shares of £ 1.00 each 950 950
25 A ordinary shares of £ 1.00 each 25 25
25 B ordinary shares of £ 1.00 each 25 25
1,000 1,000

7. Related party transactions

Transactions with the entity's director

During the year, the director maintained a loan with the company. Advances of £118,459 (2023: £54,037) and repayments of £88,138 (2023: £54,237) were made in the year. At the year end, the director owed the company £32,840 (2023: £2,519). Interest has been charged at HMRC official rates where overdrawn and there are no set repayment terms.

Other related party transactions

Dividends totalling £75,000 (2023: £41,500) were declared to the shareholders.