Paul Riches Skips Limited Filleted accounts for Companies House (small and micro)

PAUL RICHES SKIPS LIMITED - Company Information

34 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 250,000 237,500 12,500 250,000 12,500 xbrli:pure xbrli:shares iso4217:GBP 03664780 2021-01-01 2021-12-31 03664780 2021-12-31 03664780 2020-12-31 03664780 2020-01-01 2020-12-31 03664780 2020-12-31 03664780 core:NetGoodwill 2021-01-01 2021-12-31 03664780 core:LandBuildings 2021-01-01 2021-12-31 03664780 core:PlantMachinery 2021-01-01 2021-12-31 03664780 core:FurnitureFittings 2021-01-01 2021-12-31 03664780 core:MotorVehicles 2021-01-01 2021-12-31 03664780 bus:Director5 2021-01-01 2021-12-31 03664780 core:NetGoodwill 2020-12-31 03664780 core:NetGoodwill 2021-12-31 03664780 core:LandBuildings 2020-12-31 03664780 core:PlantMachinery 2020-12-31 03664780 core:FurnitureFittingsToolsEquipment 2020-12-31 03664780 core:MotorVehicles 2020-12-31 03664780 core:LandBuildings 2021-12-31 03664780 core:PlantMachinery 2021-12-31 03664780 core:FurnitureFittingsToolsEquipment 2021-12-31 03664780 core:MotorVehicles 2021-12-31 03664780 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 03664780 core:WithinOneYear 2021-12-31 03664780 core:WithinOneYear 2020-12-31 03664780 core:ShareCapital 2021-12-31 03664780 core:ShareCapital 2020-12-31 03664780 core:RetainedEarningsAccumulatedLosses 2021-12-31 03664780 core:RetainedEarningsAccumulatedLosses 2020-12-31 03664780 core:NetGoodwill 2020-12-31 03664780 core:LandBuildings 2020-12-31 03664780 core:PlantMachinery 2020-12-31 03664780 core:FurnitureFittingsToolsEquipment 2020-12-31 03664780 core:MotorVehicles 2020-12-31 03664780 bus:SmallEntities 2021-01-01 2021-12-31 03664780 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 03664780 bus:FullAccounts 2021-01-01 2021-12-31 03664780 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 03664780 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 03664780 core:OfficeEquipment 2021-01-01 2021-12-31

COMPANY REGISTRATION NUMBER: 03664780

Paul Riches Skips Limited

Filleted Unaudited Financial Statements

31 December 2021

Paul Riches Skips Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	–	12,500
Tangible assets	6	1,397,925	1,497,065
		------------	------------
		1,397,925	1,509,565

Current assets

Debtors	7	383,847	388,900
Cash at bank and in hand		2,540,399	1,925,880
		------------	------------
		2,924,246	2,314,780

Creditors: amounts falling due within one year	8	300,038		277,433
		------------		------------
Net current assets			2,624,208	2,037,347
			------------	------------
Total assets less current liabilities			4,022,133	3,546,912

Provisions

Taxation including deferred tax	200,319	218,223
	------------	------------
Net assets	3,821,814	3,328,689
	------------	------------

Paul Riches Skips Limited

Statement of Financial Position (continued)

31 December 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	3,821,812	3,328,687
	------------	------------
Shareholders funds	3,821,814	3,328,689
	------------	------------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 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 .

These financial statements were approved by the board of directors and authorised for issue on 27 May 2022 , and are signed on behalf of the board by:

Mr P Riches
Director

Company registration number: 03664780

Paul Riches Skips Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Deferred taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Freehold buildings	-	2% straight line
Skips	-	25% reducing balance
Oil tank	-	25% reducing balance
Lorries and vans	-	25% reducing balance

	Office Equipment	-	25% reducing balance

Freehold land is not depreciated.

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

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 34 (2020: 30 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2021 and 31 December 2021	250,000
	---------
Amortisation
At 1 January 2021	237,500
Charge for the year	12,500
	---------
At 31 December 2021	250,000
	---------
Carrying amount
At 31 December 2021	–
	---------
At 31 December 2020	12,500
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2021	424,910	360,867	1,055,488	1,071,432	2,912,697
Additions	–	33,260	34,900	161,300	229,460
Disposals	–	–	–	( 4,490)	( 4,490)
	---------	---------	------------	------------	------------
At 31 December 2021	424,910	394,127	1,090,388	1,228,242	3,137,667
	---------	---------	------------	------------	------------
Depreciation
At 1 January 2021	76,387	261,888	467,189	610,168	1,415,632
Charge for the year	4,908	28,952	149,355	144,874	328,089
Disposals	–	–	–	( 3,979)	( 3,979)
	---------	---------	------------	------------	------------
At 31 December 2021	81,295	290,840	616,544	751,063	1,739,742
	---------	---------	------------	------------	------------
Carrying amount
At 31 December 2021	343,615	103,287	473,844	477,179	1,397,925
	---------	---------	------------	------------	------------
At 31 December 2020	348,523	98,979	588,299	461,264	1,497,065
	---------	---------	------------	------------	------------

The freehold property and buildings comprise freehold land which is not depreciated.

7. Debtors

	2021	2020
	£	£
Trade debtors	302,138	254,081
Other debtors	81,709	134,819
	---------	---------
	383,847	388,900
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	34,757	45,289
Corporation tax	152,524	91,988
Social security and other taxes	101,926	130,036
Other creditors	10,831	10,120
	---------	---------
	300,038	277,433
	---------	---------