Registration number:
ID Building Services Ltd
for the Year Ended 31 March 2022
ID Building Services Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
ID Building Services Ltd
Company Information
Directors |
Mrs Elena Dontsu Mr Iurie Dontu |
Registered office |
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Accountants |
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ID Building Services Ltd
(Registration number: 10680027)
Balance Sheet as at 31 March 2022
Note |
2022 |
(As restated) |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
166 |
15,490 |
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Shareholders' funds |
167 |
15,491 |
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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ID Building Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates 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 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
ID Building Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Prior period restatement |
During the preparation of these financial statements, the Directors identified several errors in the accounts of the prior year. An error was attributable to an incorrect classification in the amount of £2,993 between line items 'cash at bank and in hand' and 'other creditors'. A further error related to incomplete revenue recognition in the amount of £44,397, caused by erroneous accounting for receipt of a £35,500 loan. These amounts have been corrected in line items 'turnover', 'debtors' and 'creditors: amounts falling due within one year'. In addition, a director's loan balance to the amount of £32,500 was erroneously omitted from the financial statements. A corresponding receivable should have been recognised but was stated as impaired in full in the prior year.
ID Building Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
As stated in previous year's financial statements |
Restatement |
As restated |
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Cash at bank and in hand |
6,166 |
2,993 |
9,159 |
Other creditors |
(5,963) |
(2,993) |
(40,756) |
Debtors |
3,856 |
79,897 |
79,897 |
Turnover |
(45,173) |
(44,397) |
(89,570) |
Creditors: amounts falling due within one year |
- |
(35,500) |
(35,500) |
Administrative expenses |
(20,635) |
(32,500) |
(53,135) |
Director's loan |
8,256 |
32,500 |
40,756 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Debtors |
Current |
2022 |
(As restated) |
Trade debtors |
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Other debtors |
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ID Building Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Loans and borrowings |
2022 |
(As restated) |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
ID Building Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Directors' remuneration
The directors' remuneration for the year was as follows:
2022 |
2021 |
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Remuneration |
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Summary of transactions with other related parties
Expenditure with and payables to related parties
2022 |
Other related parties |
Receipt of services |
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Amounts payable to related party |
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Summary of transactions with entities with joint control or significant interest
Income and receivables from related parties
2022 |
Entities with joint control or significant influence |
Amounts receivable from related parties |
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2021 |
Entities with joint control or significant influence |
Provision of services |
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Amounts receivable from related parties |
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ID Building Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022
Loans from related parties
2022 |
Key management |
Total |
At start of period |
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At end of period |
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2021 |
Key management |
Total |
Advanced |
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At end of period |
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Terms of loans from related parties