Rye Demolition Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05755522 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019

FOR

RYE DEMOLITION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

7

DIRECTORS:

Mr S Barlow

Mrs K Barlow

SECRETARY:

Kerry Secretarial Services Limited

REGISTERED OFFICE:

c/o Elco Accounting

Basing House

46 High Street

Rickmansworth

Hertfordshire

WD3 1HP

REGISTERED NUMBER:

05755522 (England and Wales)

ACCOUNTANTS:

Elco Accounting Limited

Chartered Certified Accountants

Basing House

46 High Street

Rickmansworth

Hertfordshire

WD3 1HP

FIXED ASSETS

Tangible assets

4

16,381

17,733

CURRENT ASSETS

Stocks

392,455

966,695

Debtors

5

1,307,917

946,098

Cash at bank

130,895

712,323

1,831,267

2,625,116

CREDITORS

Amounts falling due within one year

6

1,583,410

2,447,510

NET CURRENT ASSETS

247,857

177,606

TOTAL ASSETS LESS CURRENT LIABILITIES

264,238

195,339

PROVISIONS FOR LIABILITIES

1,392

1,392

NET ASSETS

262,846

193,947

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

262,746

193,847

SHAREHOLDERS' FUNDS

262,846

193,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 applicable to companies subject to the small companies regime.

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 3 December 2019 and were signed on its behalf by:

Mr S Barlow - Director

1.	STATUTORY INFORMATION

Rye Demolition Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The directors have indicated that they will continue to support the company and are of the opinion that the

company will continue to receive financial support for the foreseeable future from the directors and it's creditors

to enable the company to continue it's activities.

Turnover

Turnover represents net invoiced fees for the provision of demolition services. Turnover is recognised as goods

and services are supplied. Turnover wholly arises in the United Kingdom.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of

its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realised the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method 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. Financial assets classified as

receivable within one year are not amortised.

Impairment of financial assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash

generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its

recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued

amount where the impairment loss is a revaluation decrease.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the

asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within

one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

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 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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period . The

capital element of the future payments is treated as a liability.

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.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2018

69,575

-

48,823

118,398

Additions

-

1,780

-

1,780

At 30 April 2019

69,575

1,780

48,823

120,178

DEPRECIATION

At 1 May 2018

57,797

-

42,868

100,665

Charge for year

2,944

445

(257

)

3,132

At 30 April 2019

60,741

445

42,611

103,797

NET BOOK VALUE

At 30 April 2019

8,834

1,335

6,212

16,381

At 30 April 2018

11,778

-

5,955

17,733

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

1,005,264

815,862

Other debtors

302,653

130,236

1,307,917

946,098

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans and overdrafts

9,025

22,042

Trade creditors

642,841

1,163,651

Amounts owed to group undertakings

406,255

516,433

Taxation and social security

49,367

35,057

Other creditors

475,922

710,327

1,583,410

2,447,510

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.19

30.4.18

£

£

Bank loans

9,025

22,042

A debenture exists on all monies due or to become due from the company to its bankers.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 April 2019 and the period

ended 30 April 2018:

30.4.19

30.4.18

£

£

Mr S Barlow

Balance outstanding at start of year

35,252

-

Amounts advanced

56,000

35,252

Amounts repaid

(91,252

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

35,252

9.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of Rye Plant Hire Limited. The principle place of this company is

Wilton farm, Marlow Road, Little Marlow, Bucks SL7 3RR. The registered office of the company is Basing House,

46 High Street, Rickmansworth, Hertfordshire, England, WD3 1HP.

Mr. Simon Barlow, the director of the company has 100% ownership of Rye Plant Hire Limited, in which he is

also one of the directors of the company.

During the year, Rye Plant Hire Ltd invoiced Rye Demolition Ltd. As at the year end, the intercompany balance

owed to Rye Plant Hire Ltd was £406,256 (2018: £516,433).

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Rye Demolition Limited for the year ended 30 April 2019 which comprise the Income Statement,

Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Rye Demolition Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rye Demolition Limited and state those matters that we have agreed to state to the Board of Directors of Rye Demolition Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Rye Demolition Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rye Demolition Limited. You consider that Rye Demolition Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Rye Demolition Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Elco Accounting Limited

Chartered Certified Accountants

Basing House

46 High Street

Rickmansworth

Hertfordshire

WD3 1HP

3 December 2019