Best Build Construction Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07261696 (England and Wales)

BEST BUILD CONSTRUCTION LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

D G MacMillan

Mrs A MacMillan

REGISTERED OFFICE:

20-22 Wenlock Road

London

N1 7GU

REGISTERED NUMBER:

07261696 (England and Wales)

ACCOUNTANTS:

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

BANKERS:

The Royal Bank of Scotland

568 Alexandra Parade

Glasgow

G31 3BP

FIXED ASSETS

Tangible assets

4

8,578

13,624

CURRENT ASSETS

Stocks

-

55,841

Debtors

5

5,250

8,133

Cash at bank

35,059

17,093

40,309

81,067

CREDITORS

Amounts falling due within one year

6

58,810

85,897

NET CURRENT LIABILITIES

(18,501

)

(4,830

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,923

)

8,794

CREDITORS

Amounts falling due after more than one year

7

-

8,560

NET (LIABILITIES)/ASSETS

(9,923

)

234

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(10,023

)

134

SHAREHOLDERS' FUNDS

(9,923

)

234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2021 and were signed on its behalf by:

D G MacMillan - Director

1.	STATUTORY INFORMATION

Best Build Construction Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07261696 and its registered office is 20-22 Wenlock Road, London, N1 7GU. The company's principal place of business is Clydesbank, St Patricks Road, Lanark, ML11 9EH.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Although the company has negative shareholder funds at the year end the director continues to believe the going concern basis of accounting appropriate in preparing the annual financial statements. The main creditors are loans from the director and the director will continue to support the company in this way and therefore having considered the company's working capital requirements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

In their assessment of going concern the director has considered the current and developing impact on the business as a result of the COVID19 virus. This has not had a significant, immediate impact on the company's operations however the director is aware that if the current situation becomes prolonged then this may change. Having regard to the above, the director continues to believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition / amounts recoverable on contracts

Turnover represents both invoiced sales of goods excluding value added tax and the value of work performed on contracts. The value of the work performed on contracts includes amounts recoverable on contracts and the value is based on the percentage of the contract completed recognising the appropriate percentage of profit generated at that stage.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Debtors

Other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account.

Creditors

Other creditors and directors' current accounts are all recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Going concern

The company has cash resources and there is no requirement for external funding. Other creditors includes a director's loan and the director has undertaken to support the activities of the company. Based on current performance the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director continues to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 June 2019

19,173

2,038

21,211

Additions

-

665

665

At 31 May 2020

19,173

2,703

21,876

DEPRECIATION

At 1 June 2019

6,210

1,377

7,587

Charge for year

5,185

526

5,711

At 31 May 2020

11,395

1,903

13,298

NET BOOK VALUE

At 31 May 2020

7,778

800

8,578

At 31 May 2019

12,963

661

13,624

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts recoverable on

contracts

4,565

4,565

Other debtors

685

3,568

5,250

8,133

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Finance leases

8,560

3,348

Taxation and social security

1,100

1,512

Other creditors

49,150

81,037

58,810

85,897

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Finance leases

-

8,560

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Best Build Construction Ltd for the year ended 31 May 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Best Build Construction Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Best Build Construction Ltd and state those matters that we have agreed to state to the Board of Directors of Best Build Construction Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Best Build Construction Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Best Build Construction Ltd. You consider that Best Build Construction Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Best Build Construction Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hardie Caldwell LLP

Chartered Accountants

Citypoint 2

25 Tyndrum Street

Glasgow

G4 0JY

27 May 2021