R Betts Construction Limited Filleted accounts for Companies House (small and micro)

R BETTS CONSTRUCTION LIMITED - Company Information

7 false false false false false false false false false true false false false false false false No description of principal activity 2019-10-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 01113585 2019-10-01 2020-09-30 01113585 2020-09-30 01113585 2019-09-30 01113585 2018-10-01 2019-09-30 01113585 2019-09-30 01113585 core:PlantMachinery 2019-10-01 2020-09-30 01113585 core:FurnitureFittings 2019-10-01 2020-09-30 01113585 bus:Director1 2019-10-01 2020-09-30 01113585 bus:Director5 2019-10-01 2020-09-30 01113585 core:PlantMachinery 2019-09-30 01113585 core:FurnitureFittings 2019-09-30 01113585 core:MotorVehicles 2019-09-30 01113585 core:PlantMachinery 2020-09-30 01113585 core:FurnitureFittings 2020-09-30 01113585 core:MotorVehicles 2020-09-30 01113585 core:MotorVehicles 2019-10-01 2020-09-30 01113585 core:WithinOneYear 2020-09-30 01113585 core:WithinOneYear 2019-09-30 01113585 core:ShareCapital 2020-09-30 01113585 core:ShareCapital 2019-09-30 01113585 core:RetainedEarningsAccumulatedLosses 2020-09-30 01113585 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2019-09-30 01113585 core:RestatedAmount 2019-09-30 01113585 core:MoreThanFiveYears 2020-09-30 01113585 core:MoreThanFiveYears 2019-09-30 01113585 core:AcceleratedTaxDepreciationDeferredTax 2020-09-30 01113585 core:AcceleratedTaxDepreciationDeferredTax 2019-09-30 01113585 core:PlantMachinery 2019-09-30 01113585 core:FurnitureFittings 2019-09-30 01113585 core:MotorVehicles 2019-09-30 01113585 bus:SmallEntities 2019-10-01 2020-09-30 01113585 bus:AuditExemptWithAccountantsReport 2019-10-01 2020-09-30 01113585 bus:FullAccounts 2019-10-01 2020-09-30 01113585 bus:SmallCompaniesRegimeForAccounts 2019-10-01 2020-09-30 01113585 bus:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30

COMPANY REGISTRATION NUMBER: 01113585

R Betts Construction Limited

Filleted Unaudited Financial Statements

30 September 2020

R Betts Construction Limited

Statement of Financial Position

30 September 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		110,609	67,898

Current assets

Debtors	6	527,287	529,136
Cash at bank and in hand		1,892,799	98,609
		------------	---------
		2,420,086	627,745

Creditors: amounts falling due within one year	7	1,149,007		236,635
		------------		---------
Net current assets			1,271,079	391,110
			------------	---------
Total assets less current liabilities			1,381,688	459,008

Provisions

Taxation including deferred tax	23,012	14,900
	------------	---------
Net assets	1,358,676	444,108
	------------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,358,576	444,008
	------------	---------
Shareholders funds	1,358,676	444,108
	------------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 September 2020 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 .

R Betts Construction Limited

Statement of Financial Position (continued)

30 September 2020

These financial statements were approved by the board of directors and authorised for issue on 26 May 2021 , and are signed on behalf of the board by:

Mr T J Betts	Mr S Halliwell
Director	Director

Company registration number: 01113585

R Betts Construction Limited

Notes to the Financial Statements

Year ended 30 September 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1A Great Georges Road, Waterloo, Liverpool, L22 1RA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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

Deferred taxation is provided where there is a reasonable probability of the amount becoming payable in the foreseeable future.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

Plant & machinery	-	25% reducing balance
Furniture & equipment	-	25% reducing balance
Motor vehicles	-	At directors valuation

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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

The company operates a defined contributions pension scheme. Contributions payable to this scheme are charged to the profit and loss account so as to spread the cost of the pension over the employee's expected working life. These contributions are invested separately from the company's assets. The number of directors for whom retirement benefits are accruing under money purchase pension schemes amounted to 2 (2019-2)

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2019: 6 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2019	74,181	65,796	156,395	296,372
Additions	–	2,012	81,428	83,440
Disposals	–	–	( 8,995)	( 8,995)
	--------	--------	---------	---------
At 30 September 2020	74,181	67,808	228,828	370,817
	--------	--------	---------	---------
Depreciation
At 1 October 2019	73,760	60,818	93,896	228,474
Charge for the year	105	1,746	37,078	38,929
Disposals	–	–	( 7,195)	( 7,195)
	--------	--------	---------	---------
At 30 September 2020	73,865	62,564	123,779	260,208
	--------	--------	---------	---------
Carrying amount
At 30 September 2020	316	5,244	105,049	110,609
	--------	--------	---------	---------
At 30 September 2019	421	4,978	62,499	67,898
	--------	--------	---------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	343,468	242,271
Other debtors	183,819	286,865
	---------	---------
	527,287	529,136
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	106,694	69,199
Corporation tax	239,668	3,159
Social security and other taxes	546,561	25,256
Contract liabilities	183,400	–
Short term loan	–	110,000
Other creditors	72,684	29,021
	------------	---------
	1,149,007	236,635
	------------	---------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions	23,012	14,900
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	23,012	14,900
	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Later than 5 years	13,500	13,500
	--------	--------

10. Related party transactions

R Betts Construction Limited had the following related parties during the year: R Betts Construction Pension Scheme (Common director) 2020 2019 £ £ Rent payable to pension scheme 13,500 13,500

11. Ultimate parent undertaking

The ultimate parent undertaking of this company is R Betts Holdings Limited, which is registered in England & Wales.