Rickards Construction Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03737310 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2018

for

Rickards Construction Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M Rickards

Mrs J Rickards

SECRETARY:

Mrs J Rickards

REGISTERED OFFICE:

Hillsboro

Brockworth Road

Churchdown

Gloucester

Gloucestershire

GL3 2NH

REGISTERED NUMBER:

03737310 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

The White House

162 Hucclecote Road

Hucclecote

Gloucester

Gloucestershire

GL3 3SH

BANKERS:

Lloyds Bank

19 Eastgate Street

Gloucester

Gloucestershire

GL1 1NU

FIXED ASSETS

Tangible assets

4

4,611

1,772

CURRENT ASSETS

Stocks

985,742

686,007

Debtors

5

37,205

6,849

Cash at bank and in hand

1,009,462

1,756,213

2,032,409

2,449,069

CREDITORS

Amounts falling due within one year

6

138,254

577,950

NET CURRENT ASSETS

1,894,155

1,871,119

TOTAL ASSETS LESS CURRENT LIABILITIES

1,898,766

1,872,891

CREDITORS

Amounts falling due after more than one year

7

514,864

537,130

NET ASSETS

1,383,902

1,335,761

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,383,900

1,335,759

SHAREHOLDERS' FUNDS

1,383,902

1,335,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 May 2019 and were signed on its behalf by:

M Rickards - Director

1.	STATUTORY INFORMATION

Rickards Construction Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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 year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

Cost

At 1 September 2017

4,087

Additions

5,950

Disposals

(2,100

)

At 31 August 2018

7,937

Depreciation

At 1 September 2017

2,315

Charge for year

1,536

Eliminated on disposal

(525

)

At 31 August 2018

3,326

Net book value

At 31 August 2018

4,611

At 31 August 2017

1,772

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/18

31/8/17

£

£

Other debtors

37,205

6,849

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/18

31/8/17

£

£

Bank loans and overdrafts

22,780

21,900

Trade creditors

6,477

2,933

Taxation and social security

15,713

157,932

Other creditors

93,284

395,185

138,254

577,950

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/8/18

31/8/17

£

£

Bank loans

514,864

537,130

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

418,447

439,499

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/8/18

31/8/17

£

£

Bank loans

537,644

559,030

The bank loans are secured by a legal mortgage in the banks standard form over various freehold

properties owned and held in stock at the year end and also by an unlimited debenture in the banks

standard form over the remaining assets of the company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2018 and

31 August 2017:

31/8/18

31/8/17

£

£

M Rickards and Mrs J Rickards

Balance outstanding at start of year

(342,144

)

(116,178

)

Amounts advanced

396,713

6,810

Amounts repaid

(18,865

)

(232,776

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,704

(342,144

)

During the year the above loan was advanced to the directors, M Rickards and Mrs J Rickards. The

loan was repaid to the company in full within nine months of the year end.

10.	RELATED PARTY DISCLOSURES

Boardwalk Developments Ltd

A company controlled by M Rickards.

During the year Boardwalk Developments Ltd paid expenses totalling £45,000 on behalf of Rickards

Construction Ltd. At 31 August 2018 Rickards Construction Ltd owed Boardwalk Developments Ltd

£38,880 in relation to the expenses paid on the company's behalf.