ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2016.0.208 2016.0.2082017-05-312017-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseSoftware Developmentfalse2016-05-09101699562016-05-08101699562016-05-092017-05-31101699562017-05-3110169956 c:Director1 2016-05-092017-05-3110169956 d:MotorVehicles 2016-05-092017-05-3110169956 d:MotorVehicles 2017-05-3110169956 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-05-092017-05-3110169956 d:ComputerEquipment 2016-05-092017-05-3110169956 d:ComputerEquipment 2017-05-3110169956 d:ComputerEquipment d:OwnedOrFreeholdAssets 2016-05-092017-05-3110169956 d:OwnedOrFreeholdAssets 2016-05-092017-05-3110169956 d:CurrentFinancialInstruments 2017-05-3110169956 d:CurrentFinancialInstruments d:WithinOneYear 2017-05-3110169956 d:ShareCapital 2017-05-3110169956 d:RetainedEarningsAccumulatedLosses 2017-05-3110169956 c:OrdinaryShareClass1 2016-05-092017-05-3110169956 c:OrdinaryShareClass1 2017-05-3110169956 c:FRS102 2016-05-092017-05-3110169956 c:AuditExempt-NoAccountantsReport 2016-05-092017-05-3110169956 c:FullAccounts 2016-05-092017-05-3110169956 c:PrivateLimitedCompanyLtd 2016-05-092017-05-3110169956 c:Director1 2017-05-31xbrli:sharesiso4217:GBPxbrli:pure

Registered number: 10169956
















BUILD IT LOVE IT LTD


UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2017

































BUILD IT LOVE IT LTD
REGISTERED NUMBER:10169956

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2017

2017
Note
£

Fixed assets
  

Tangible assets
 4 
7,128

  
7,128

Current assets
  

Debtors: amounts falling due within one year
 5 
10,089

  
10,089

Creditors: amounts falling due within one year
 6 
(10,548)

Net current (liabilities)/assets
  
 
 
(459)

Total assets less current liabilities
  
6,669

Provisions for liabilities
  

Deferred tax
  
(1,212)

  
 
 
(1,212)

Net assets
  
5,457


Capital and reserves
  

Called up share capital 
  
1,000

Profit and loss account
  
4,457

  
5,457


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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BUILD IT LOVE IT LTD
REGISTERED NUMBER:10169956
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B B Caylor
Director

Date: 8 February 2018
The notes on pages 3 to 7 form part of these financial statements.

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BUILD IT LOVE IT LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017

1.


General information

Build It Love It Ltd is a private limited company, limited by shares, registered in England and Wales, registered number 10169956. The registered office is PO Box EX20 1BR, 7 Broadpark, Okehampton, Devon, EX20 1BR.

2.Accounting policies

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

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BUILD IT LOVE IT LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017

2.Accounting policies (continued)

 
2.4

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.6

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

FINANCE COSTS

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

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BUILD IT LOVE IT LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017

2.Accounting policies (continued)

 
2.10

CURRENT AND DEFERRED TAXATION

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including the director, during the period was 1.


4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost or valuation


Additions
7,349
2,423
9,772



At 31 May 2017

7,349
2,423
9,772



Depreciation


Charge for the period on owned assets
1,837
807
2,644



At 31 May 2017

1,837
807
2,644



Net book value



At 31 May 2017
5,512
1,616
7,128

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BUILD IT LOVE IT LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017

5.


Debtors

2017
£


Other debtors
10,089

10,089



6.


Creditors: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017
£

Corporation tax
8,048

Accruals and deferred income
2,500

10,548



7.


Deferred taxation



2017


£






Charged to profit or loss
(1,212)



At end of year
(1,212)

The deferred taxation balance is made up as follows:

2017
£


Accelerated capital allowances
(1,212)

(1,212)


8.


Share capital

2017
£
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID


1,000 Ordinary shares of £1 each
1,000



Page 6


BUILD IT LOVE IT LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017

9.


Transactions with directors

During the period, the director maintained a loan with the company. At the end of the period the director owed the company £10,089. Interest has been charged at HMRC official rates where overdrawn and there are no set repayment terms.

 
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