Realistic Home Improvements Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07830649 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

For The Year Ended 31 October 2021

for

Realistic Home Improvements Limited

Page

Report of the Directors

1

Balance Sheet

2

Notes to the Financial Statements

4

The directors present their report with the financial statements of the company for the year ended 31 October 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2020 to the date of this report.

R Barrett

Mrs J Barrett

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R Barrett - Director

7 April 2022

FIXED ASSETS

Intangible assets

4

-

2,749

Tangible assets

5

82,704

49,815

82,704

52,564

CURRENT ASSETS

Stocks

36,346

22,066

Debtors

6

637,445

363,301

Cash at bank

67,678

28,736

741,469

414,103

CREDITORS

Amounts falling due within one year

7

768,292

506,638

NET CURRENT LIABILITIES

(26,823

)

(92,535

)

TOTAL ASSETS LESS CURRENT LIABILITIES

55,881

(39,971

)

CREDITORS

Amounts falling due after more than one year

8

(39,568

)

(55,344

)

PROVISIONS FOR LIABILITIES

(13,918

)

(4,827

)

NET ASSETS/(LIABILITIES)

2,395

(100,142

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,295

(100,242

)

SHAREHOLDERS' FUNDS

2,395

(100,142

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 7 April 2022 and were signed on its behalf by:

R Barrett - Director

1.	STATUTORY INFORMATION

Realistic Home Improvements Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07830649

Registered office:

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

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.

On 11 March 2020 the coronavirus disease called 'Covid-19' was assessed as a pandemic and on 23 March 2020 a lockdown was imposed across the United Kingdom to stop the spread of the virus. Economic uncertainties have arisen across the global economy, however to date this has had relatively little impact on the business, other than delaying construction.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised at the point of customer acceptance as all goods are made to measure to the customers' specification. Turnover is deferred based on percentage of completion at the year-end.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2020

and 31 October 2021

27,495

AMORTISATION

At 1 November 2020

24,746

Charge for year

2,749

At 31 October 2021

27,495

NET BOOK VALUE

At 31 October 2021

-

At 31 October 2020

2,749

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2020

21,391

95,693

117,084

Additions

-

43,700

43,700

At 31 October 2021

21,391

139,393

160,784

DEPRECIATION

At 1 November 2020

851

66,418

67,269

Charge for year

214

10,597

10,811

At 31 October 2021

1,065

77,015

78,080

NET BOOK VALUE

At 31 October 2021

20,326

62,378

82,704

At 31 October 2020

20,540

29,275

49,815

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2020

33,214

Transfer to ownership

(5,750

)

At 31 October 2021

27,464

DEPRECIATION

At 1 November 2020

13,737

Charge for year

3,836

Transfer to ownership

(1,617

)

At 31 October 2021

15,956

NET BOOK VALUE

At 31 October 2021

11,508

At 31 October 2020

19,477

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Trade debtors

627,030

334,309

Other debtors

10,415

28,992

637,445

363,301

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans and overdrafts

10,000

4,167

Hire purchase contracts (see note 9)

5,896

9,232

Trade creditors

49,116

84,837

Taxation and social security

229,141

130,735

Other creditors

474,139

277,667

768,292

506,638

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans

35,833

45,833

Hire purchase contracts (see note 9)

3,735

9,511

39,568

55,344

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.10.21

31.10.20

£

£

Net obligations repayable:

Within one year

5,896

9,232

Between one and five years

3,735

9,511

9,631

18,743

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2021 and 31 October 2020:

31.10.21

31.10.20

£

£

R Barrett

Balance outstanding at start of year

28,727

3,224

Amounts advanced

10,365

38,992

Amounts repaid

(29,024

)

(13,489

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

10,068

28,727

Mrs J Barrett

Balance outstanding at start of year

(8,283

)

(31,179

)

Amounts advanced

8,355

28,396

Amounts repaid

-

(5,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

72

(8,283

)

The loans are repayable demand and interest has been charged at official HMRC rates.