Burnt Orange Construction Ltd Filleted accounts for Companies House (small and micro)

BURNT ORANGE CONSTRUCTION LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10865114

Burnt Orange Construction Ltd

Filleted Unaudited Financial Statements

31 January 2023

Burnt Orange Construction Ltd

Statement of Financial Position

31 January 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	5		930,467		686,019

Current assets

Stocks		40,000	40,000
Debtors	6	2,101,765	1,549,425
Cash at bank and in hand		22,441	10,868
		------------	------------
		2,164,206	1,600,293

Creditors: amounts falling due within one year	7	2,361,789		2,063,544
		------------		------------
Net current liabilities			197,583		463,251
			---------		---------
Total assets less current liabilities			732,884		222,768

Creditors: amounts falling due after more than one year	8	679,848	368,922
		---------	---------
Net assets/(liabilities)		53,036	( 146,154)
		---------	---------

Capital and reserves

Called up share capital	9	201	201
Profit and loss account		52,835	( 146,355)
		--------	---------
Shareholders funds/(deficit)		53,036	( 146,154)
		--------	---------

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 January 2023 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 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 financial statements .

Burnt Orange Construction Ltd

Statement of Financial Position (continued)

31 January 2023

These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:

Mr A Gordon	Mr P Reed
Director	Director

Company registration number: 10865114

Burnt Orange Construction Ltd

Notes to the Financial Statements

Year ended 31 January 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 Juliet Way, Purfleet, South Ockendon, RM15 4YD, England.

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.

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.

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.

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	-	25% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 29 (2022: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2022	494,995	14,714	431,618	941,327
Additions	316,548	670	56,995	374,213
	---------	--------	---------	------------
At 31 January 2023	811,543	15,384	488,613	1,315,540
	---------	--------	---------	------------
Depreciation
At 1 February 2022	25,939	8,353	221,016	255,308
Charge for the year	81,512	2,334	45,919	129,765
	---------	--------	---------	------------
At 31 January 2023	107,451	10,687	266,935	385,073
	---------	--------	---------	------------
Carrying amount
At 31 January 2023	704,092	4,697	221,678	930,467
	---------	--------	---------	------------
At 31 January 2022	469,056	6,361	210,602	686,019
	---------	--------	---------	------------

6. Debtors

	2023	2022
	£	£
Trade debtors	1,421,348	1,044,129
Amounts owed by related undertakings	44,421	45,941
Other debtors	635,996	459,355
	------------	------------
	2,101,765	1,549,425
	------------	------------

Included in other debtors is an amount of £100,000 (2022: £100,000) which represents amounts recoverable under contracts.

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	907,397	915,039
Accruals and deferred income	102,051	51,218
Social security and other taxes	37,549	13,270
Obligations under finance leases and hire purchase contracts	205,893	410,126
Director loan accounts	11,993	57,187
Amounts owed to related undertakings	760,000	248,000
Other creditors	326,906	358,704
	------------	------------
	2,361,789	2,063,544
	------------	------------

Amounts owed to Barclays Bank PLC are secured against the assets of the company via a debenture.

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

	2023	2022
	£	£
Bank loans and overdrafts	23,333	33,333
Amounts owed to related undertakings	179,574	184,974
Obligations under finance leases and hire purchase contracts	476,941	150,615
	---------	---------
	679,848	368,922
	---------	---------

9. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	200	200	200	200
Ordinary Class B shares of £ 1 each	1	1	1	1
	----	----	----	----
	201	201	201	201
	----	----	----	----

10. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2023	2022	2023	2022
	£	£	£	£
Related Parties	(1,409,256)	(2,674,802)	( 1,386,957)	( 669,850)
	------------	------------	------------	---------

The above transactions represent the net of sales and purchases with related parties in the year.