REGISTERED NUMBER: |
Audited Financial Statements |
for the Period 1 October 2020 to 31 March 2022 |
for |
BUILDTRUST LTD |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Period 1 October 2020 to 31 March 2022 |
for |
BUILDTRUST LTD |
BUILDTRUST LTD (Registered number: 06709217) |
Contents of the Financial Statements |
for the Period 1 October 2020 to 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BUILDTRUST LTD |
Company Information |
for the Period 1 October 2020 to 31 March 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Certified Accountants & |
Registered Auditors |
130a Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1AF |
BANKERS: |
2 Edgware |
Leicestrshire |
LE87 2BB |
BUILDTRUST LTD (Registered number: 06709217) |
Balance Sheet |
31 March 2022 |
31.3.22 | 30.9.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
BUILDTRUST LTD (Registered number: 06709217) |
Notes to the Financial Statements |
for the Period 1 October 2020 to 31 March 2022 |
1. | STATUTORY INFORMATION |
BUILDTRUST LTD is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
Taxation |
Taxation for the period 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 period 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. |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
BUILDTRUST LTD (Registered number: 06709217) |
Notes to the Financial Statements - continued |
for the Period 1 October 2020 to 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
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. |
Hire purchase and leasing commitments |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2020 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2022 |
DEPRECIATION |
At 1 October 2020 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 30 September 2020 |
5. | STOCKS |
31.3.22 | 30.9.20 |
£ | £ |
Raw materials |
Work-in-progress |
BUILDTRUST LTD (Registered number: 06709217) |
Notes to the Financial Statements - continued |
for the Period 1 October 2020 to 31 March 2022 |
6. | DEBTORS |
31.3.22 | 30.9.20 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Rent deposit | 4,250 | 4,250 |
Deferred tax asset |
Accelerated capital allowances |
Amounts falling due after more than one year: |
Amounts receivable in respect of hire purchase contracts |
2,590 |
10,180 |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 30.9.20 |
£ | £ |
Trade and other creditors |
Tax | ( |
) |
Social security and other taxes |
VAT | 362,614 | 246,808 |
Directors' current accounts | 110,748 | 130 |
Accruals and deferred income |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.22 | 30.9.20 |
£ | £ |
Bank loans (see note 9) |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 41,627 | 50,000 |
BUILDTRUST LTD (Registered number: 06709217) |
Notes to the Financial Statements - continued |
for the Period 1 October 2020 to 31 March 2022 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.22 | 30.9.20 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 41,627 | 50,000 |
10. | SECURED DEBTS |
The bank has a fixed and floating charge by the way of debenture over all the assets of the company which the bank will hold this debenture as security of all debts and other liabilities owed to the bank. This is to include all present and future loans or facilities has granted to the company and to its connected companies. |
11. | 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. |
12. | DEFERRED TAX |
£ |
Balance at 1 October 2020 | ( |
) |
Provided during period | ( |
) |
Balance at 31 March 2022 | ( |
) |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 30.9.20 |
value: | £ | £ |
Ordinary shares | £1.00 | 100 | 100 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2020 |
Profit for the period |
Dividends | ( |
) |
At 31 March 2022 |
BUILDTRUST LTD (Registered number: 06709217) |
Notes to the Financial Statements - continued |
for the Period 1 October 2020 to 31 March 2022 |
15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw your attention to notes of the financial statements, which describes the Company's assessment of the COVID-19 impact on its ability to continue as a going concern. The Company have explained that the events arising from the COVID-19 outbreak do not impact its use of the going concern basis of preparation nor do they cast significant doubt about the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Our opinion is not modified in this respect. |
for and on behalf of |
16. | CONTINGENT LIABILITIES |
The company had no contingent liabilities as at 31st March 2022. |
17. | OTHER FINANCIAL COMMITMENTS |
The company had no capital or other financial commitments other than those stated in the financial statements as at 31st March 2022. |
18. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 March 2022 and the year ended 30 September 2020: |
31.3.22 | 30.9.20 |
£ | £ |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
At the end of the period the company owed the director the sum of £110,748 (2020: £130). This amount was lent to the company interest free and without any other repayment terms attached to it. |
19. | RELATED PARTY DISCLOSURES |
During the period, total dividends of £181,500 (2020 - £76,000) were paid to the director . |
The company it's operating from an office based in to a property which it is under the common control of the same director and shareholder of which Buildtrust Limited pays quarterly rent of £4,250. During the period the total amount of £25,500 was paid. |
During the current year the amount of rent paid to Homes We Trust Limited amounted to £25,500 (2020: £17,000) of which £4,250 was for Rent Deposit (2020: £4,250). |
The rent period during the year changed from quarterly to monthly payments with no rent paid in advance. |
Rent paid in advance £nil (2020: £Nil). |
During the year the company advanced the sum of £33,530 leaving an amount outstanding of £119,527 (2020: £85,997) to Homes We Trust Limited to finance the acquisition of the freehold property. This amount was lent interest free and without any other repayment terms attached to it. |
BUILDTRUST LTD (Registered number: 06709217) |
Notes to the Financial Statements - continued |
for the Period 1 October 2020 to 31 March 2022 |
20. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
21. | POST BALANCE SHEET EVENTS |
There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note. |
The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither Buildtrust Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes. |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr I R Nistorel. |
23. | GOING CONCERN CONSIDERATION |
The Company's management does not see a severe impact of COVID-19 outbreak to its activity. The Company tested the financial impact on the following areas of financial statements that can be affected: |
- Breach of trade contracts |
- Revenue |
- Cost of sales |
- Expenditure |
- Inventories fair value measurements |
- Debt repayment |
24. | DISCLOSURE OF RISKS |
Brexit |
The Company need to continue to assess the nature and extent of risks and uncertainties arising from Brexit. The UK and EU are still within negotiations as to how the future trading relationship will operate after the transition period has ended. The conclusion of those discussions and subsequent agreements may impact on the future performance and position of the business including its solvency, liquidity and going concern. As such, appropriate disclosures should be given as part of the reporting requirements within the Strategic Report/Directors' Report. |
Coronavirus |
The spread of coronavirus (COVID-19) is having a disrupting effect on global markets, staffing, supply chains, and general business operations. Whilst the outbreak was initially focussed in China, it has spread across a significant number of countries worldwide. |
As such, the Company should assess the nature and extent of risks and uncertainties arising from the coronavirus. In doing so, the Company should consider what disclosures should be included within the Strategic Report/Directors' Report, where relevant. |
It is important to remember that the disclosures needed in the Strategic Report/Directors' Report are likely to change over time as new information comes to light. |
The ongoing Russia-Ukraine Conflict |
The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither Buildtrust Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes.period |