Regency Builders of Salisbury Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04911847 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

REGENCY BUILDERS OF SALISBURY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Commons

C M Sellwood

REGISTERED OFFICE:

Wellington Barn

Britford Farm

Britford

SP5 4DY

REGISTERED NUMBER:

04911847 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Tangible assets

4

16,132

17,925

CURRENT ASSETS

Stocks

-

2,850

Debtors

5

6,133

2,674

6,133

5,524

CREDITORS

Amounts falling due within one year

6

29,558

33,947

NET CURRENT LIABILITIES

(23,425

)

(28,423

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,293

)

(10,498

)

CREDITORS

Amounts falling due after more than one year

7

1,748

4,641

NET LIABILITIES

(9,041

)

(15,139

)

CAPITAL AND RESERVES

Called up share capital

8

300

300

Retained earnings

(9,341

)

(15,439

)

SHAREHOLDERS' FUNDS

(9,041

)

(15,139

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 May 2020 and were signed on its behalf by:

S Commons - Director

1.	STATUTORY INFORMATION

Regency Builders of Salisbury 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.

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 financial statements have been prepared on a going concern basis which is thought to be appropriate

because the directors intend to provide additional funds to meet the company's liabilities as they fall due. The

financial statements do not contain any adjustments that might be necessary if the additional funds were not

available.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

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

-

10% on reducing balance

Motor vehicles

-

10% on reducing balance

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low

value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit

and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

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 Statement of Income and

Retained Earnings, 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. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

of the future payments is treated as a liability.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event

that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can

be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount

after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

29,090

DEPRECIATION

At 1 January 2019

11,165

Charge for year

1,793

At 31 December 2019

12,958

NET BOOK VALUE

At 31 December 2019

16,132

At 31 December 2018

17,925

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

14,275

NET BOOK VALUE

At 31 December 2019

14,275

At 31 December 2018

14,275

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

6,133

2,674

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

1,617

919

Hire purchase contracts

3,495

4,096

Taxation and social security

21,346

16,966

Other creditors

3,100

11,966

29,558

33,947

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

1,748

4,641

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

300

Ordinary

£1

300

300

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2019 and

31 December 2018:

2019

2018

£

£

D D Robertson

Balance outstanding at start of year

-

-

Amounts advanced

3,777

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,777

-

C M Sellwood

Balance outstanding at start of year

-

11,585

Amounts advanced

1,449

22,502

Amounts repaid

-

(34,087

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,449

-

10.	RELATED PARTY DISCLOSURES

At the year end debtors due within one year include £5,226 (2018 - creditor £7,454) which is owed by the

directors of the company.