RFM Construction Limited - Period Ending 2019-03-31

Registration number: 03123895

RFM Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

RFM Construction Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

RFM Construction Limited

(Registration number: 03123895)
Balance Sheet as at 31 March 2019

	Note	2019		2018
		£	£	£	£
Fixed assets
Tangible assets	4		30,681		31,124
Current assets
Debtors	5	660,957		13,838
Cash at bank and in hand		102,249		2,454
		763,206		16,292
Creditors: Amounts falling due within one year	6	(560,078)		(23,854)
Net current assets/(liabilities)			203,128		(7,562)
Total assets less current liabilities			233,809		23,562
Provisions for liabilities			(6,000)		(6,000)
Net assets			227,809		17,562
Capital and reserves
Called up share capital	8	100		100
Profit and loss account		227,709		17,462
Total equity			227,809		17,562

For the financial year ending 31 March 2019 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 accounts for the year in question in accordance with section 476; and
•	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 Board on 22 July 2019 and signed on its behalf by:
 

......................................... I Flanagan Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

RFM Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Glenewes House
Gate Way Drive
Yeadon
Leeds
LS19 7XY

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

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 value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Page 2

RFM Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	10% straight line
Office equipment	33% straight line

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 3

RFM Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2018 - 2).

Page 4

RFM Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4	Tangible assets

	Leasehold improvements £	Office equipment  £	Total £
Cost
At 1 April 2018	36,980	541	37,521
Additions	-	3,550	3,550
At 31 March 2019	36,980	4,091	41,071
Depreciation
At 1 April 2018	5,856	541	6,397
Charge for the year	3,700	293	3,993
At 31 March 2019	9,556	834	10,390
Carrying amount
At 31 March 2019	27,424	3,257	30,681
At 31 March 2018	31,124	-	31,124

5

Debtors

	2019 £	2018 £
Trade debtors	351,584	712
Amounts owed by group undertakings	-	13,126
Other debtors	309,373	-
	660,957	13,838

6

Creditors

	2019 £	2018 £
Due within one year
Loans and borrowings	977	977
Trade creditors	453,489	230
Taxation and social security	97,935	3,132
Accruals and deferred income	7,300	4,015
Other creditors	377	15,500
	560,078	23,854

Page 5

RFM Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	977	977

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Page 6