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 2020

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

2,593

3,458

CURRENT ASSETS

Stocks

1,012,854

847,750

Debtors

5

-

7,251

Cash at bank and in hand

1,487,993

1,380,079

2,500,847

2,235,080

CREDITORS

Amounts falling due within one year

6

177,551

198,851

NET CURRENT ASSETS

2,323,296

2,036,229

TOTAL ASSETS LESS CURRENT LIABILITIES

2,325,889

2,039,687

CREDITORS

Amounts falling due after more than one year

7

691,953

491,378

NET ASSETS

1,633,936

1,548,309

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,633,934

1,548,307

SHAREHOLDERS' FUNDS

1,633,936

1,548,309

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 and authorised for issue on 28 May 2021 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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the amount receivable. Grants relating to revenue are recognised in income over the period in which the income is receivable.

The company took out a Bounce Back Loan during the year. Under the terms of the Bounce Back Loan, the first year of interest on this loan is covered by the Government as a Business Interruption Payment (BIP). The estimated BIP met by the Government during the year totalled £312.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

Cost

At 1 September 2019

and 31 August 2020

7,937

Depreciation

At 1 September 2019

4,479

Charge for year

865

At 31 August 2020

5,344

Net book value

At 31 August 2020

2,593

At 31 August 2019

3,458

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/20

31/8/19

£

£

Other debtors

-

7,251

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/20

31/8/19

£

£

Bank loans and overdrafts

27,480

24,980

Trade creditors

2,445

27,565

Taxation and social security

64,710

55,529

Other creditors

82,916

90,777

177,551

198,851

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/8/20

31/8/19

£

£

Bank loans

691,953

491,378

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

177,600

-

Repayable by instalments

Bank loans more 5 yr by instal

374,033

391,058

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/8/20

31/8/19

£

£

Bank loans

719,433

516,358

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 2020 and 31 August 2019:

31/8/20

31/8/19

£

£

M Rickards and Mrs J Rickards

Balance outstanding at start of year

5,964

35,704

Amounts advanced

8,505

5,964

Amounts repaid

(14,700

)

(35,704

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(231

)

5,964

During the year the above loan was repaid by the directors, M Rickards and Mrs J Rickards. On 31 August 2020, a loan of £231 from M Rickards and Mrs J Rickards is included in other creditors. The loan is interest free and is repayable on demand.

10.	RELATED PARTY DISCLOSURES

Boardwalk Developments Ltd

A company controlled by M Rickards.

At 31 August 2020 Rickards Construction Ltd owed Boardwalk Developments Ltd £25,802 (2019 - £31,442) in relation to the expenses paid on the company's behalf during the year ended 31 August 2018.