Randall Builders Limited Filleted accounts for Companies House (small and micro)

RANDALL BUILDERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06380769

RANDALL BUILDERS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2022

RANDALL BUILDERS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2022

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

RANDALL BUILDERS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	M C Randall
	D Randall
	D A Randall

Company secretary	M C Randall

Registered office	Tower House
	Lucy Tower Street
	Lincoln
	LN1 1XW

Accountants	Streets LLP
	Chartered Accountants
	Tower House
	Lucy Tower Street
	Lincoln
	Lincolnshire
	LN1 1XW

Bankers	HSBC
	26 Market Place
	Sleaford
	Lincolnshire
	NG34 7SB

RANDALL BUILDERS LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		23,051	26,844

Current assets

Stocks		44,468	45,586
Debtors	6	144,236	184,790
Cash at bank and in hand		60,033	91,879
		-----------	-----------
		248,737	322,255

Creditors: amounts falling due within one year	7	69,041		91,589
		-----------		-----------
Net current assets			179,696	230,666
			-----------	-----------
Total assets less current liabilities			202,747	257,510

Creditors: amounts falling due after more than one year	8		39,932	52,467

Provisions

Taxation including deferred tax	4,344	5,056
	-----------	-----------
Net assets	158,471	199,987
	-----------	-----------

RANDALL BUILDERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	30	30
Profit and loss account	158,441	199,957
	-----------	-----------
Shareholders funds	158,471	199,987
	-----------	-----------

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 28 February 2022 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 26 September 2022 , and are signed on behalf of the board by:

M C Randall	D Randall
Director	Director

D A Randall
Director

Company registration number: 06380769

RANDALL BUILDERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW.

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 measuread at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The UK economy continues to be affected by a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

Income tax

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.

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	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2021: 5 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 March 2021	6,582	56,866	10,334	73,782
Additions	595	–	5,088	5,683
Disposals	–	–	( 4,512)	( 4,512)
	--------	---------	---------	---------
At 28 February 2022	7,177	56,866	10,910	74,953
	--------	---------	---------	---------
Depreciation
At 1 March 2021	5,823	37,344	3,771	46,938
Charge for the year	191	4,881	999	6,071
Disposals	–	–	( 1,107)	( 1,107)
	--------	---------	---------	---------
At 28 February 2022	6,014	42,225	3,663	51,902
	--------	---------	---------	---------
Carrying amount
At 28 February 2022	1,163	14,641	7,247	23,051
	--------	---------	---------	---------
At 28 February 2021	759	19,522	6,563	26,844
	--------	---------	---------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	129,412	172,189
Other debtors	14,824	12,601
	-----------	-----------
	144,236	184,790
	-----------	-----------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	10,927	–
Trade creditors	33,164	40,843
Corporation tax	1,919	33,881
Social security and other taxes	17,564	6,681
Other creditors	5,467	10,184
	---------	---------
	69,041	91,589
	---------	---------

Included within creditors: amounts falling due within one year is an amount of £2,467 secured on the asset in which it relates.

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	39,932	50,000
Other creditors	–	2,467
	---------	---------
	39,932	52,467
	---------	---------

9. Directors' advances, credits and guarantees

At the beginning of the year, the balance on the directors' loan account was £629. During the year the directors withdrew amounts totalling £14,880, leaving the balance overdrawn by £14,251 at the year end. This balance will be fully repaid within 9 months of the year end. Interest is charged at 3% on the overdrawn balance.