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Company No: 08427894 (England and Wales)

BLOCKWORKS GROUP LIMITED

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

BLOCKWORKS GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BLOCKWORKS GROUP LIMITED

BALANCE SHEET

As at 31 March 2024
BLOCKWORKS GROUP LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 73,734 87,929
Investments 4 4 8
73,738 87,937
Current assets
Stocks 1,619,232 872,720
Debtors 5 863,734 1,197,414
Cash at bank and in hand 32,722 14,916
2,515,688 2,085,050
Creditors: amounts falling due within one year 6 ( 1,858,856) ( 1,213,871)
Net current assets 656,832 871,179
Total assets less current liabilities 730,570 959,116
Creditors: amounts falling due after more than one year 7 ( 17,096) ( 42,539)
Provision for liabilities ( 16,500) 0
Net assets 696,974 916,577
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 696,874 916,477
Total shareholders' funds 696,974 916,577

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Blockworks Group Limited (registered number: 08427894) were approved and authorised for issue by the Board of Directors on 28 March 2025. They were signed on its behalf by:

Mr J W C Jenner
Director
BLOCKWORKS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BLOCKWORKS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Blockworks Group Limited (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 Pitmaston House, Malvern Road, Worcester, WR2 4ZG, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of trade discounts and net of VAT. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards are considered to have been transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. 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 on a straight-line basis over its expected useful life, as follows:

Plant and machinery 6.67 years straight line
Vehicles 6.67 years straight line
Fixtures and fittings 6.67 years straight line
Computer equipment 3 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Interest in subsidiaries, associates and joint controlled entities are initially measured at cost and subsequently they are measured at cost less any accumulated impairment losses. The investments are assessed for impairments at each reporting date and any impairment losses are recognised immediately in the profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in brining the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement costs, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 21

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 95,177 137,736 7,904 33,790 274,607
Additions 8,180 0 0 890 9,070
Transfers ( 79,377) 79,377 0 0 0
At 31 March 2024 23,980 217,113 7,904 34,680 283,677
Accumulated depreciation
At 01 April 2023 56,887 92,077 5,806 31,908 186,678
Charge for the financial year 3,493 16,411 1,185 2,176 23,265
Transfers ( 50,051) 50,051 0 0 0
At 31 March 2024 10,329 158,539 6,991 34,084 209,943
Net book value
At 31 March 2024 13,651 58,574 913 596 73,734
At 31 March 2023 38,290 45,659 2,098 1,882 87,929

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 8
Disposals ( 4)
At 31 March 2024 4
Carrying value at 31 March 2024 4
Carrying value at 31 March 2023 8

5. Debtors

2024 2023
£ £
Trade debtors 39,286 70,992
Amounts owed by Group undertakings 760,359 1,110,217
Other debtors 64,089 16,205
863,734 1,197,414

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,706
Trade creditors 113,001 84,073
Amounts owed to Group undertakings 1,425,770 724,911
Corporation tax 0 58,072
CIS withheld 4,931 23,260
Other taxation and social security 51,168 45,819
Obligations under finance leases and hire purchase contracts (secured) 15,052 15,345
Other creditors 238,934 251,685
1,858,856 1,213,871

Assets purchased under a hire purchase agreement are secured against the asset to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,333 22,627
Obligations under finance leases and hire purchase contracts (secured) 3,763 19,912
17,096 42,539

Assets purchased under a hire purchase agreement are secured against the asset to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors 230,825 238,674

During the year £230,825 (2023 - £238,674) was owed to the directors. This amount is repayable on demand and no interest has been charged.

The company has taken advantage of the exemption under FRS 102 not to disclose transactions between wholly owned group companies.