Bude Construction Ltd

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Bude Construction Ltd

(Registration number: 07695941)
Statement of Financial Position as at 31 August 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	26,298	28,695
Investment property	5	90,000	90,000
		116,298	118,695
Current assets
Stocks	6	464,288	459,669
Debtors	7	279,708	343,019
Cash at bank and in hand		225,726	147,131
		969,722	949,819
Creditors: Amounts falling due within one year	8	(304,557)	(330,812)
Net current assets		665,165	619,007
Total assets less current liabilities		781,463	737,702
Creditors: Amounts falling due after more than one year	8	-	(9,066)
Provisions for liabilities		(6,575)	(7,174)
Net assets		774,888	721,462
Capital and reserves
Called up share capital		200	200
Profit and loss account		774,688	721,262
Shareholders' funds		774,888	721,462

For the financial year ending 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 28 May 2026 and signed on its behalf by:
 

Bude Construction Ltd

(Registration number: 07695941)
Statement of Financial Position as at 31 August 2025 (continued)

Mr A D P M Davies Director

Mr C M Mitchell Director

Bude Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stanhope House
9-10 Fore Street
Holsworthy
Devon
EX22 6DT

Principal activity

The principal activity of the company is that of building and construction.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Bude Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

Bude Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025 (continued)

2	Accounting policies (continued)

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
Motor vehicles	20% reducing balance
Plant and machinery	15% reducing balance
Computer equipment	33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and 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.

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 statement of comprehensive income 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.

Bude Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025 (continued)

2	Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

4	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 September 2024	26,060	10,323	47,191	83,574
Additions	3,730	446	-	4,176
Disposals	-	(2,085)	(5,700)	(7,785)
At 31 August 2025	29,790	8,684	41,491	79,965
Depreciation
At 1 September 2024	14,444	8,883	31,552	54,879
Charge for the year	2,023	810	2,975	5,808
Eliminated on disposal	-	(2,085)	(4,935)	(7,020)
At 31 August 2025	16,467	7,608	29,592	53,667
Carrying amount
At 31 August 2025	13,323	1,076	11,899	26,298
At 31 August 2024	11,616	1,440	15,639	28,695

5	Investment properties

	2025 £
At 1 September	90,000
At 31 August	90,000

There has been no valuation of investment property by an independent valuer.

Bude Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025 (continued)

6

Stocks

	2025 £	2024 £
Raw materials and consumables	2,500	2,500
Work in progress	461,788	457,169
	464,288	459,669

7

Debtors

	Note	2025 £	2024 £
Trade debtors		12,887	78,040
Amounts owed by related parties		266,179	264,979
Other debtors		642	-
		279,708	343,019

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	10	8,783	10,000
Trade creditors		37,035	20,441
Taxation and social security		35,901	76,693
Accruals and deferred income		4,000	4,045
Other creditors		218,838	219,633
		304,557	330,812

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	-	9,066

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Bude Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2025 (continued)

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	9,066

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	8,783	10,000