S Voase Builders Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03439914 (England and Wales)

S Voase Builders Limited

Unaudited Financial Statements for the Year Ended 31st May 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Voase

V M Voase

K S C Ritchie

REGISTERED OFFICE:

Fretwells Business Park

Oslo Road

Sutton Fields Industrial Estate

Hull

East Yorkshire

HU7 0YN

REGISTERED NUMBER:

03439914 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Tangible assets

4

95,676

73,712

CURRENT ASSETS

Stocks

5

27,233

244,603

Debtors

6

727,240

998,914

Cash at bank and in hand

424,834

377,986

1,179,307

1,621,503

CREDITORS

Amounts falling due within one year

7

854,445

1,170,192

NET CURRENT ASSETS

324,862

451,311

TOTAL ASSETS LESS CURRENT LIABILITIES

420,538

525,023

PROVISIONS FOR LIABILITIES

21,576

15,936

NET ASSETS

398,962

509,087

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

398,960

509,085

SHAREHOLDERS' FUNDS

398,962

509,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th February 2024 and were signed on its behalf by:

V M Voase - Director

1.	STATUTORY INFORMATION

S Voase Builders Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to insert detail.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Interest

Interest income is recognised using the effective interest method.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Short leasehold property

Not depreciated

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Fixtures and fittings

15% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Amounts recoverable on contracts, which are included in work in progress, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included within creditors as payments received on account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st June 2022

22,888

65,389

123,349

211,626

Additions

1,517

4,862

35,650

42,029

Disposals

-

-

(13,333

)

(13,333

)

At 31st May 2023

24,405

70,251

145,666

240,322

DEPRECIATION

At 1st June 2022

16,971

43,146

77,797

137,914

Charge for year

938

3,597

12,726

17,261

Eliminated on disposal

-

-

(10,529

)

(10,529

)

At 31st May 2023

17,909

46,743

79,994

144,646

NET BOOK VALUE

At 31st May 2023

6,496

23,508

65,672

95,676

At 31st May 2022

5,917

22,243

45,552

73,712

5.

STOCKS

2023

2022

£

£

Raw materials

15,000

15,000

Work-in-progress

12,233

229,603

27,233

244,603

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

684,902

966,971

Other debtors

42,338

31,943

727,240

998,914

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

-

117,726

Trade creditors

479,647

592,531

Taxation and social security

270,695

382,509

Other creditors

104,103

77,426

854,445

1,170,192

8.	PENSION COMMITMENTS

The company contributes to employees' private defined contribution pension schemes. The charge for the year in respect of both current and former employees was £221,543 (2022 £51,424). The amount outstanding at the year end was £nil (2022 £nil).

9.	FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £62,500 (2022 - £87,500). The total commitment covers the period to November 2025.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £500,000 (2022 - £440,000) were paid to the directors .