Registration number:
Surfbuild Limited
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Brebners
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Surfbuild Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Surfbuild Limited
Company Information
Director |
J P Crossan |
Company secretary |
M Crossan |
Registered office |
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Auditor |
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Surfbuild Limited
Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities - deferred tax |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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J P Crossan
Director
Company registration number: 02612423
Surfbuild Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of development and commercial renting of private dwellings.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a loss before tax for the year, but had net assets at the year end of £1,304,200 including cash at bank of £28,468 and with expenses controllable, is expected to return to profitably in the year ended 30 April 2026.
The director has considered the potential effect of the current cost of living crisis and inflationary pressures and the director is confident that the company is in a position to deal with the issues. The company’s working capital requirements are currently met via a combination of own resources and funds provided by connected parties of £5,323,346. The director has no reason to believe that any of these facilities will be discontinued. As a consequence, it is the director's view that the company has sufficient financial resources to meet its liabilities as they fall due and that the company is well placed to manage its business risks successfully despite the economic outlook.
On the basis of the above and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Surfbuild Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. 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.
Revenue from the sale of property developments are recognised on exchange of contracts.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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 statement of financial position 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 |
25% straight line |
Motor vehicles |
25% straight line |
Investment property
Surfbuild Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Hire purchase
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at cost. The asset is then depreciated over its useful life. Future payments are apportioned between finance costs in the income statement and reduction of the liability so as to achieve a constant periodic rate of interest on the remaining balance of the liability using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Surfbuild Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Defined contribution pension obligation
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.
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 income statement 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.
Surfbuild Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Staff numbers |
The average number of persons employed by the company during the year, was
Taxation |
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Revaluation of investment property |
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Accelerated capital allowances |
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Tax losses carried forward |
( |
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2023 |
Liability |
Revaluation of investment property |
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Accelerated capital allowances |
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Tax losses carried forward |
- |
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Surfbuild Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Investment properties |
2024 |
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At 1 May |
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Fair value adjustments |
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At 30 April |
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The fair value of the company's investment property is considered annually by the director on the basis of market value with existing use.
There has been no valuation of investment property by an independent valuer.
Stocks |
2024 |
2023 |
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Work in progress |
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Surfbuild Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Reserves |
The profit and loss account includes all current and prior retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £1,277,961 (2023: £1,262,211) is not distributable in accordance with the Companies Act 2006.
Surfbuild Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Hire purchase contracts |
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Other borrowings |
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2024 |
2023 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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Other borrowings |
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Loans and other borrowings are secured over various investment property and property under development.
Net obligations under hire purchase contracts are secured on the assets concerned.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments in respect of operating leases not included in the statement of financial position is £
Related party transactions |
Summary of transactions with other related parties
Included within other debtors is an amount of £2,426,041 (2023: £1,416,367) due from entities under common control of the director.