Option One Builders Limited - Period Ending 2023-04-30
Option One Builders Limited - Period Ending 2023-04-30
Registration number:
Option One Builders Limited
for the Year Ended 30 April 2023
Option One Builders Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Option One Builders Limited
(Registration number: 03747883)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Option One Builders Limited
(Registration number: 03747883)
Balance Sheet as at 30 April 2023
For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Option One Builders Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of building services to commercial and domestic customers in the ordinary course of the company’s activities. Turnover is shown net of value added tax 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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Option One Builders Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% reducing balance |
Plant and machinery |
20% reducing balance |
Office equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Option One Builders Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
||
Cost or valuation |
|||||
At 1 May 2022 |
|
|
|
|
|
At 30 April 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 May 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 April 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 30 April 2023 |
|
|
|
|
|
At 30 April 2022 |
|
|
|
|
Total |
|||||
Cost or valuation |
|||||
At 1 May 2022 |
|
||||
At 30 April 2023 |
|
||||
Depreciation |
|||||
At 1 May 2022 |
|
||||
Charge for the year |
|
||||
At 30 April 2023 |
|
||||
Carrying amount |
|||||
At 30 April 2023 |
|
||||
At 30 April 2022 |
|
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Option One Builders Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
||
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Other creditors |
|
|
|
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Creditors: amounts falling due after more than one year
2023 |
2022 |
|
Due after one year |
||
Loans and borrowings |
|
|