T & B Builders Limited Filleted accounts for Companies House (small and micro)

T & B BUILDERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10152787

T & B Builders Limited

Filleted Unaudited Financial Statements

31 March 2021

T & B Builders Limited

Statement of Financial Position

31 March 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	685,000	685,000

Current assets

Cash at bank and in hand	26,505	8,373

Creditors: amounts falling due within one year	6	281,297	208,142
		---------	---------
Net current liabilities		254,792	199,769
		---------	---------
Total assets less current liabilities		430,208	485,231

Creditors: amounts falling due after more than one year	7	364,700	378,731

Provisions	15,587	15,587
	---------	---------
Net assets	49,921	90,913
	---------	---------

T & B Builders Limited

Statement of Financial Position (continued)

31 March 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	8	100	100
Profit and loss account	9	49,821	90,813
		--------	--------
Shareholder funds		49,921	90,913
		--------	--------

These 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 11 March 2022 , and are signed on behalf of the board by:

Mr A M Ellis
Director

Company registration number: 10152787

T & B Builders Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3B Swallowfield Courtyard, Wolverhampton Road, Oldbury, West Midlands, B69 2JG. The trading address of the company is Bloomfield Road, Tipton, West Midlands, DY4 9BS.

2. Statement of compliance

These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (C) No disclosure has been given for the aggregate remuneration of key management personnel.

Income 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value by independent specialists at least every three years and any changes in fair value are recognised in profit or loss.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Average number of employees

During the year the average number of employees was nil (2019: nil)

5. Tangible assets

	Investment property
	£
Cost
At 1 April 2020 and 31 March 2021	685,000
	---------
Depreciation
At 1 April 2020 and 31 March 2021	–
	---------
Carrying amount
At 31 March 2021	685,000
	---------
At 31 March 2020	685,000
	---------

Investment property was valued at £685,000 by GJS Dillon, independent property consultants, on 9 January 2019. It is the director's view that this is still an accurate reflection of the fair value. In line with the accounting policy investment property will be valued at least every three years.

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	13,754	16,208
Trade creditors	–	56,249
Amounts owed to group undertakings	266,166	127,792
Accruals and deferred income	1,250	1,250
Corporation tax	127	6,643
	---------	---------
	281,297	208,142
	---------	---------

7. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	364,700	378,731
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

9. Reserves

Included within retained earnings are undistributable reserves of £66,449. This relates to the £82,036 fair value adjustment to the investment properties, less the deferred tax of £15,587.

10. Charges on assets

A charge in favour of Lloyds Bank Plc was lodged with Companies House on 30 April 2019. This charge represents mortgages of £394,939 at the balance sheet date which are secured against the investment properties held.

11. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr A M Ellis	–	–	–
	----	----	----

	2020
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr A M Ellis	100	( 100)	–
	----	----	----