General Information
Roy Vincent Limited is a private company, limited by shares, registered in England and Wales, registration number 08198552, registration address The Old Dairy, Blandford Forum, Dorset, DT11 8DE.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The Director recognise that the current Covid-19 pandemic means that there is material uncertainty over future revenues and ability to trade. The directors acknowledge the uncertainty arising from the potential effects on their business of current public health restrictions both domestic and abroad, and how things may evolve during the pandemic. The directors believe that the company is well positioned to deal with the short-term consequences of the pandemic over the next 12 months from the date that the financial statements are authorised for issue, and therefore they have been prepared on the Going Concern basis.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities described below.
Construction Contracts
When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
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 balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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 Motor vehicles - 25% on reducing balance Equipment - 15% on reducing balance
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 5 (2019 : 5).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 October 2019 |
175,948 |
|
185,800 |
|
4,953 |
|
366,701 |
| Additions |
36,324 |
|
- |
|
5,069 |
|
41,393 |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 30 September 2020 |
212,272 |
|
185,800 |
|
10,022 |
|
408,094 |
| Depreciation |
| At 01 October 2019 |
42,427 |
|
57,507 |
|
1,869 |
|
101,803 |
| Charge for year |
36,897 |
|
32,073 |
|
974 |
|
69,944 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 30 September 2020 |
79,324 |
|
89,580 |
|
2,843 |
|
171,747 |
| Net book values |
| Closing balance as at 30 September 2020 |
132,948 |
|
96,220 |
|
7,179 |
|
236,347 |
| Opening balance as at 01 October 2019 |
133,521 |
|
128,293 |
|
3,084 |
|
264,898 |
|
| 4. |
Stocks
|
2020
£ |
|
2019
£ |
| Stocks |
111,203 |
|
- |
|
111,203 |
|
- |
|
| 5. |
Debtors: amounts falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Debtors |
168,316 |
|
105,709 |
| Amount Owed by Participating Interests |
442,801 |
|
- |
| Prepayments & Accrued Income |
- |
|
285 |
| Amounts Recoverable on Contracts |
239,428 |
|
142,642 |
|
850,545 |
|
248,636 |
|
| 6. |
Creditors: amount falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Creditors |
233,488 |
|
207,609 |
| Bank Loans & Overdrafts |
50,000 |
|
- |
| Hire Purchases within one year |
12,973 |
|
12,973 |
| Corporation Tax |
251,661 |
|
139,652 |
| PAYE & Social Security |
2,881 |
|
3,303 |
| CIS Control Account |
5,230 |
|
6,856 |
| Accrued Expenses |
57,474 |
|
36,850 |
| Company credit card |
7,990 |
|
(2,511) |
| Directors' Current Accounts |
55,118 |
|
61,177 |
| VAT |
162,399 |
|
75,345 |
|
839,214 |
|
541,254 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2020
£ |
|
2019
£ |
| Hire Purchases more than one year |
11,333 |
|
24,334 |
|
11,333 |
|
24,334 |
|
| 8. |
Provisions for liabilities
|
2020
£ |
|
2019
£ |
| Deferred Tax |
44,283 |
|
49,445 |
| Pension Provisions |
717 |
|
662 |
|
45,000 |
|
50,107 |
|
| 9. |
Share Capital
Allotted, called up and fully paid
|
2020
£ |
|
2019
£ |
|
100
Ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
| 10. |
Related Party
During the year £80,000 of dividends were paid to the directors.
Included in creditors is a loan from the director Mr R Vincent and the balance outstanding at the end of the year was £55,118 (2019 - £61,177). The loan is interest free and repayable on demand.
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