BigFt Construction Limited - Period Ending 2021-10-31
BigFt Construction Limited - Period Ending 2021-10-31
Filleted
Registration number:
BigFt Construction Limited
for the Year Ended 31 October 2021
BigFt Construction Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
BigFt Construction Limited
Company Information
Director |
Mr J Lynch |
Registered office |
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BigFt Construction Limited
(Registration number: 04196278)
Balance Sheet as at 31 October 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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( |
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Total equity |
( |
( |
For the financial 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.
Director's responsibilities:
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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BigFt Construction Limited
Notes to the Financial Statements for the Year Ended 31 October 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis. The directors will support the company for the foreseeable future and pay debts as they fall due.
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 sales/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.
Tangible assets
Tangible assets are stated in the balance sheet 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.
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:
BigFt Construction Limited
Notes to the Financial Statements for the Year Ended 31 October 2021
Asset class |
Depreciation method and rate |
Motor vehicles |
25% Reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
BigFt Construction Limited
Notes to the Financial Statements for the Year Ended 31 October 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2021 |
2020 |
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Depreciation expense |
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- |
BigFt Construction Limited
Notes to the Financial Statements for the Year Ended 31 October 2021
Tangible assets |
Motor vehicles |
Total |
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Cost or valuation |
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Additions |
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At 31 October 2021 |
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Depreciation |
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Charge for the year |
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At 31 October 2021 |
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Carrying amount |
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At 31 October 2021 |
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Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
Note |
2021 |
2020 |
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Trade debtors |
- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
- |
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196,438 |
226,538 |
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Creditors |
Creditors: amounts falling due within one year
BigFt Construction Limited
Notes to the Financial Statements for the Year Ended 31 October 2021
Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
311,686 |
551,962 |
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Other related parties |
94 |
- |
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Outstanding defined contribution pension costs |
94 |
- |
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Other creditors |
1,551 |
5,265 |
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Related party transactions |
Summary of transactions with other related parties
Cardigan Quays Ltd
Fforest Events Ltd
Fforest Camps Ltd
Fforest Canoes Ltd
Fforest General Stores Ltd
Pizza Tipi
Bigger Box Ltd
Beachbay Ltd
Fforest Land Ltd
Boy Ashore Ltd
The total amount owed to the above companies from BigFt Construction Ltd is £311,686.
During the year ended 31st October 2021 BigFt Construction Ltd provided construction services of £509,617 to Pizza Tipi Ltd, Fforest Camps Ltd and Cardigan Quays Ltd. These transactions were made in the ordinary course of business.
During the year ended 31st October 2021 BigFt Construction Ltd wrote off an intercompany debit balance of £162,663. This was agreed with the other related parties and is reflected in their accounts.