Raceway Builders Ltd Small abridged accounts

Raceway Builders Ltd Small abridged accounts

RACEWAY BUILDERS LIMITED - Company Information

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Statement of Consent to Prepare Financial Statements
All of the members of Raceway Builders Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 2120838
Raceway Builders Ltd
Unaudited Financial Statements
31 May 2018
Raceway Builders Ltd
Financial Statements
Year ended 31 May 2018
Contents
Page
Directors' report
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the financial statements
5
The following pages do not form part of the financial statements
Detailed abridged income statement
10
Notes to the detailed abridged income statement
11
Raceway Builders Ltd
Directors' Report
Year ended 31 May 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2018 .
Directors
The directors who served the company during the year were as follows:
Mr J R Miller
Mrs J Miller
Mr S R Miller
Mr D Grey
Mr J Wheater
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 February 2019 and signed on behalf of the board by:
Mr J R Miller
Director
Registered office:
Don St Works
Don Street
Wheatley
Doncaster
South Yorkshire
DN1 2SF
Raceway Builders Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Raceway Builders Ltd
Year ended 31 May 2018
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2018, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARRISON SHIPLEY Chartered Certified Accountants
35 Potter Street Worksop Notts S80 2AE
14 February 2019
Raceway Builders Ltd
Abridged Statement of Income and Retained Earnings
Year ended 31 May 2018
2018
2017
Note
£
£
Gross profit
311,667
307,213
Administrative expenses
297,486
305,841
---------
---------
Operating profit
14,181
1,372
Interest receivable
449
821
Interest payable
–
155
---------
---------
Profit before taxation
5
14,630
2,038
Taxation on ordinary activities
6,360
( 534)
--------
-------
Profit for the financial year and total comprehensive income
8,270
2,572
--------
-------
Dividends paid and payable
( 19,000)
–
Retained earnings at the start of the year
960,432
957,860
---------
---------
Retained earnings at the end of the year
949,702
960,432
---------
---------
All the activities of the company are from continuing operations.
Raceway Builders Ltd
Abridged Statement of Financial Position
31 May 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
6
530,011
549,452
Current assets
Stocks
77,296
75,083
Debtors
279,554
212,532
Cash at bank and in hand
180,062
337,084
---------
---------
536,912
624,699
Creditors: amounts falling due within one year
117,121
213,619
---------
---------
Net current assets
419,791
411,080
---------
---------
Total assets less current liabilities
949,802
960,532
---------
---------
Net assets
949,802
960,532
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
949,702
960,432
---------
---------
Members funds
949,802
960,532
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 May 2018 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 .
These financial statements were approved by the board of directors and authorised for issue on 14 February 2019 , and are signed on behalf of the board by:
Mr J R Miller
Director
Company registration number: 2120838
Raceway Builders Ltd
Notes to the Financial Statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Don St Works, Don Street, Wheatley, Doncaster, South Yorkshire, DN1 2SF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Freehold Property
-
2% reducing balance
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% 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.
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 .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 19 (2017: 19 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
21,029
24,273
--------
--------
6. Tangible assets
£
Cost
At 1 June 2017
744,643
Additions
1,588
---------
At 31 May 2018
746,231
---------
Depreciation
At 1 June 2017
195,191
Charge for the year
21,029
---------
At 31 May 2018
216,220
---------
Carrying amount
At 31 May 2018
530,011
---------
At 31 May 2017
549,452
---------
7. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.
Raceway Builders Ltd
Management Information
Year ended 31 May 2018
The following pages do not form part of the financial statements.
Raceway Builders Ltd
Detailed Abridged Income Statement
Year ended 31 May 2018
2018
2017
£
£
Turnover
1,875,232
2,013,428
Cost of sales
Opening stock - raw materials
3,000
3,000
Opening stock - work in progress
72,083
39,000
Purchases
1,297,014
1,451,295
Wages and salaries
294,314
311,773
Pension costs - defined contribution
2,816
2,259
------------
------------
1,669,227
1,807,327
Closing stock - raw materials
3,000
3,000
Closing stock - work in progress
74,296
72,083
------------
------------
1,591,931
1,732,244
------------
------------
Other operating income
28,366
26,029
---------
---------
Gross profit
311,667
307,213
Overheads
Administrative expenses
297,486
305,841
---------
---------
Operating profit
14,181
1,372
Interest receivable
449
821
Interest payable
–
(155)
--------
-------
Profit before taxation
14,630
2,038
--------
-------
Raceway Builders Ltd
Notes to the Detailed Abridged Income Statement
Year ended 31 May 2018
2018
2017
£
£
Other operating income
Other operating income
28,366
26,029
--------
--------
Administrative expenses
Directors salaries
160,561
159,341
Directors pension contributions
5,879
4,903
Wages and salaries
13,346
13,972
Rates and water
290
2,889
Light and heat
2,080
1,866
Insurance
22,600
21,345
Repairs and maintenance (allowable)
4,983
5,808
Motor expenses
37,346
41,149
Telephone
4,738
4,589
Printing postage and stationery
1,879
3,246
Sundry expenses
16,043
16,879
Legal and professional fees (allowable)
750
750
Accountancy fees
4,000
3,900
Depreciation of tangible assets
21,029
24,273
(Gain)/loss on disposal of tangible assets
–
(1,167)
Bank charges
1,962
2,098
---------
---------
297,486
305,841
---------
---------
Interest receivable
Interest on cash and cash equivalents
449
821
----
----
Interest payable
Interest on bank loans and overdrafts
–
155
----
----