Company Registration No. 03995868 (England and Wales)
Building Restorations Limited
Unaudited accounts
for the year ended 31 March 2020
Building Restorations Limited
Unaudited accounts
Contents
Building Restorations Limited
Company Information
for the year ended 31 March 2020
Company Number
03995868 (England and Wales)
Registered Office
Unit 7
Cambridge Mills
GLOUCESTER
Gloucestershire
GL2 7AA
United Kingdom
Building Restorations Limited
Statement of financial position
as at 31 March 2020
Tangible assets
75,335
78,840
Cash at bank and in hand
71,367
41
Creditors: amounts falling due within one year
(254,472)
(240,306)
Net current assets
50,835
76,179
Total assets less current liabilities
126,170
155,019
Creditors: amounts falling due after more than one year
(111,100)
(142,122)
Provisions for liabilities
Deferred tax
(14,314)
(9,964)
Called up share capital
120
120
Profit and loss account
636
2,813
Shareholders' funds
756
2,933
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 October 2020 and were signed on its behalf by
J A Wynn
Director
Company Registration No. 03995868
Building Restorations Limited
Notes to the Accounts
for the year ended 31 March 2020
Building Restorations Limited is a private company, limited by shares, registered in England and Wales, registration number 03995868. The registered office is Unit 7, Cambridge Mills, GLOUCESTER, Gloucestershire, GL2 7AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings
10% on cost
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
33% on cost
Inventories have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the
reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Building Restorations Limited
Notes to the Accounts
for the year ended 31 March 2020
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Expenditure on research and development is written off in the year in which it is incurred.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2019
35,568
51,236
49,525
6,757
23,281
166,367
Additions
-
3,250
19,995
441
-
23,686
Disposals
-
-
(14,500)
-
-
(14,500)
At 31 March 2020
35,568
54,486
55,020
7,198
23,281
175,553
At 1 April 2019
9,170
24,407
32,010
3,139
18,801
87,527
Charge for the year
3,557
10,188
5,970
932
2,912
23,559
On disposals
-
-
(10,868)
-
-
(10,868)
At 31 March 2020
12,727
34,595
27,112
4,071
21,713
100,218
At 31 March 2020
22,841
19,891
27,908
3,127
1,568
75,335
At 31 March 2019
26,398
26,829
17,515
3,618
4,480
78,840
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
14,691
23,391
- Motor vehicles
26,946
16,233
Raw materials
42,364
4,500
Building Restorations Limited
Notes to the Accounts
for the year ended 31 March 2020
Trade debtors
90,443
102,208
Other debtors
101,133
209,736
7
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
63,069
75,342
Obligations under finance leases and hire purchase contracts
13,373
9,417
Trade creditors
97,457
122,348
Taxes and social security
73,942
24,674
Other creditors
2,591
6,159
8
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
20,381
17,691
9
Average number of employees
During the year the average number of employees was 19 (2019: 18).
