Registered number
09695517
Speedy Building Ltd
Filleted Accounts
31 July 2024
Speedy Building Ltd
Registered number: 09695517
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 53,586 61,044
Current assets
Debtors 4 69,835 145,239
Cash at bank and in hand 519,519 268,957
589,354 414,196
Creditors: amounts falling due within one year 5 (410,516) (325,148)
Net current assets 178,838 89,048
Net assets 232,424 150,092
Capital and reserves
Called up share capital 1 1
Profit and loss account 232,423 150,091
Shareholder's funds 232,424 150,092
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 N O'Hagan, Esq.
Director
Approved by the board on 23 May 2025
Speedy Building Ltd
Notes to the Accounts
for the year ended 31 July 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 rental of land and buildings and is recognised on the due date of payment.
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 over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2023 50,519 15,837 66,356
Disposals - (10,725) (10,725)
At 31 July 2024 50,519 5,112 55,631
Depreciation
At 1 August 2023 - 5,312 5,312
Charge for the year - 1,023 1,023
On disposals - (4,290) (4,290)
At 31 July 2024 - 2,045 2,045
Net book value
At 31 July 2024 50,519 3,067 53,586
At 31 July 2023 50,519 10,525 61,044
4 Debtors 2024 2023
£ £
Trade debtors 9,884 60,953
Amounts owed by related prties 55,124 84,286
Other debtors 4,827 -
69,835 145,239
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,418 3,240
Amounts owed to related parties 300,000 235,120
Taxation and social security costs 42,976 30,041
Other creditors 62,122 56,747
410,516 325,148
Included in creditors is £13,330 (2023: £12,080) owing to the director. The loan is interest-free and there is no fixed date of repayment. The director has confirmed that the loan will only be repaid as and when cash flow permits.
6 Related party transactions 2024 2023
£ £
O'Hagan Transport Limited
O'Hagan Transport Limited is controlled by S N O'Hagan, Esq the director and shareholder of Speedy Building Ltd
Amount due from (to) the related party 7,775 (79,511)
O'Hagan Transportation Limited
O'Hagan Transportation Limited is controlled by S N O'Hagan, Esq the director and shareholder of Speedy Building Ltd
A management fee of £90,000 (2022: £50,000) was paid to O'Hagan Transport Limited on 31 July 2023.
Amount due from (to) the related party 47,349 (155,609)
Gilroz Ltd
Gilroz Limited is controlled by S N O'Hagan, Esq the director and shareholder of Speedy Building Ltd
Amount due from (to) the related party 55,124 (235,120)
7 Controlling party
The company is controlled by the director who owns the entire share capital of the company.
8 Other information
Speedy Building Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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