Interbild Limited Filleted accounts for Companies House (small and micro)

10 false false false false false false false false false true false false false false false false No description of principal activity 2020-11-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC027097 2020-11-01 2021-10-31 SC027097 2021-10-31 SC027097 2020-10-31 SC027097 2019-11-01 2020-10-31 SC027097 2020-10-31 SC027097 bus:OrdinaryShareClass1 2020-11-01 2021-10-31 SC027097 bus:Director2 2020-11-01 2021-10-31 SC027097 core:WithinOneYear 2021-10-31 SC027097 core:WithinOneYear 2020-10-31 SC027097 core:AfterOneYear 2021-10-31 SC027097 core:UKTax 2020-11-01 2021-10-31 SC027097 core:ShareCapital 2021-10-31 SC027097 core:ShareCapital 2020-10-31 SC027097 core:SharePremium 2021-10-31 SC027097 core:SharePremium 2020-10-31 SC027097 core:RetainedEarningsAccumulatedLosses 2021-10-31 SC027097 core:RetainedEarningsAccumulatedLosses 2020-10-31 SC027097 core:BetweenOneFiveYears 2020-10-31 SC027097 core:CostValuation core:Non-currentFinancialInstruments 2021-10-31 SC027097 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2021-10-31 SC027097 core:Non-currentFinancialInstruments 2021-10-31 SC027097 core:Non-currentFinancialInstruments 2020-10-31 SC027097 bus:SmallEntities 2020-11-01 2021-10-31 SC027097 bus:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 SC027097 bus:AbridgedAccounts 2020-11-01 2021-10-31 SC027097 bus:SmallCompaniesRegimeForAccounts 2020-11-01 2021-10-31 SC027097 bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 SC027097 bus:OrdinaryShareClass1 2021-10-31 SC027097 bus:OrdinaryShareClass1 2020-10-31 SC027097 core:PlantMachinery 2020-11-01 2021-10-31 SC027097 core:RetainedEarningsAccumulatedLosses 2020-11-01 2021-10-31

COMPANY REGISTRATION NUMBER: SC027097

Interbild Limited

Filleted Unaudited Abridged Financial Statements

31 October 2021

Interbild Limited

Abridged Financial Statements

Year ended 31 October 2021

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Interbild Limited

Abridged Statement of Financial Position

31 October 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	6	427,444	440,832
Investments	7	11,813	11,813
		---------	---------
		439,257	452,645

Current assets

Stocks	69,951	14,968
Debtors	143,557	165,393
Cash at bank and in hand	377,741	147,568
	---------	---------
	591,249	327,929

Creditors: amounts falling due within one year	156,526	177,399
	---------	---------
Net current assets	434,723	150,530
	---------	---------
Total assets less current liabilities	873,980	603,175

Creditors: amounts falling due after more than one year	42,500	–

Provisions

Taxation including deferred tax	14,912	19,348
	---------	---------
Net assets	816,568	583,827
	---------	---------

Interbild Limited

Abridged Statement of Financial Position (continued)

31 October 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	8	10,375	10,375
Share premium account	9	11,375	11,375
Profit and loss account	9	794,818	562,077
		---------	---------
Shareholders funds		816,568	583,827
		---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 October 2021 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 25 May 2022 , and are signed on behalf of the board by:

J.F. Paterson

Director

Company registration number: SC027097

Interbild Limited

Notes to the Abridged Financial Statements

Year ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Tayview, South Union Street, Monifieth, Angus, DD5 4GH.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The nationwide lockdown measures imposed in late March 2020 by the UK and Scottish governments in response to the Covid 19 pandemic resulted in the complete close-down of almost all of the hospitality sector for several months and this happened again in January 2021 during the current accounting period until end of April 2021. As a result, the company has been unable to operate at its normal capacity in its operation and management of the caravan site during parts of this accounting period. The company has required to furlough a number of its staff during the accounting period but come peak visitor season there had been some relaxation of restrictions and people were able to visit again so the impact was mitigated. The activity of static vans however has remained relatively uninterrupted. The directors have reviewed the company's current and forecasted financial situation and have assessed that the company has adequate resources to meet the ongoing obligations of the business for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and Machinery	-	20% - 33% Reducing balance

No depreciation has been provided for in respect of land and buildings as, in the opinion of the directors, the current market value of these assets exceeds the amounts at which they are carried in the financial statements.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2020: 10 ).

5. Tax on profit/(loss)

Major components of tax expense/(income)

	2021	2020
	£	£

Current tax:

UK current tax expense	50,474	–

Deferred tax:

Origination and reversal of timing differences	( 4,436)	( 358)
	--------	----
Tax on profit/(loss)	46,038	( 358)
	--------	----

6. Tangible assets

	£
Cost
At 1 November 2020	585,210
Additions	13,622
	---------
At 31 October 2021	598,832
	---------
Depreciation
At 1 November 2020	144,378
Charge for the year	27,010
	---------
At 31 October 2021	171,388
	---------
Carrying amount
At 31 October 2021	427,444
	---------
At 31 October 2020	440,832
	---------

7. Investments

	£
Cost
At 1 November 2020 and 31 October 2021	21,397
	--------
Impairment
At 1 November 2020 and 31 October 2021	9,584
	--------
Carrying amount
At 31 October 2021	11,813
	--------
At 31 October 2020	11,813
	--------

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	10,375	10,375	10,375	10,375
	--------	--------	--------	--------

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	23,677	5,327
Later than 1 year and not later than 5 years	–	23,677
	--------	--------
	23,677	29,004
	--------	--------

11. Related party transactions

The company was under the control of the directors throughout the current and previous year. During the year the company paid £nil (2020 - £1,946) to The Fairmuir Property Investment Company Limited, a subsidiary company. Interbild Limited also paid expenses amounting to £823 (2020 - £750) on behalf of the subsidiary company. At the year end the balance owing from The Fairmuir Property Investment Company Limited was £138,907 (2020 - £147,829). At the year end, the directors were due £40,490 (2020 - £62,146) disclosed within Creditors; Amounts falling due within one year. These loans are interest free, unsecured, and have no set repayment terms. Dividends of £3,440 (2020 - £3,440) were paid to the directors in the year.