R Betts Construction Limited Filleted accounts for Companies House (small and micro)

R BETTS CONSTRUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01113585

R Betts Construction Limited

Filleted Unaudited Financial Statements

30 September 2022

R Betts Construction Limited

Statement of Financial Position

30 September 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		208,633	104,843

Current assets

Debtors	6	683,881	538,066
Cash at bank and in hand		1,336,965	1,439,216
		------------	------------
		2,020,846	1,977,282

Creditors: amounts falling due within one year	7	529,454		600,237
		------------		------------
Net current assets			1,491,392	1,377,045
			------------	------------
Total assets less current liabilities			1,700,025	1,481,888

Provisions

Taxation including deferred tax	39,321	20,992
	------------	------------
Net assets	1,660,704	1,460,896
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,660,604	1,460,796
	------------	------------
Shareholders funds	1,660,704	1,460,896
	------------	------------

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 income statement has not been delivered.

For the year ending 30 September 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 .

R Betts Construction Limited

Statement of Financial Position (continued)

30 September 2022

These financial statements were approved by the board of directors and authorised for issue on 28 April 2023 , and are signed on behalf of the board by:

Mr S Halliwell	Mr I Scully
Director	Director

Company registration number: 01113585

R Betts Construction Limited

Notes to the Financial Statements

Year ended 30 September 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 1A Great Georges Road, Waterloo, Liverpool, L22 1RA.

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.

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.

Income tax

Deferred taxation is provided where there is a reasonable probability of the amount becoming payable in the foreseeable future.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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	-	25% reducing balance
Furniture & equipment	-	25% reducing balance
Motor vehicles	-	At directors valuation

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.

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

The company operates a defined contributions pension scheme. Contributions payable to this scheme are charged to the profit and loss account so as to spread the cost of the pension over the employee's expected working life. These contributions are invested separately from the company's assets. The number of directors for whom retirement benefits are accruing under money purchase pension schemes amounted to 2 (2020-2)

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2021: 9 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2021	84,724	76,736	228,828	390,288
Additions	19,079	6,805	106,801	132,685
Disposals	–	–	( 17,500)	( 17,500)
	---------	--------	---------	---------
At 30 September 2022	103,803	83,541	318,129	505,473
	---------	--------	---------	---------
Depreciation
At 1 October 2021	76,659	66,107	142,679	285,445
Charge for the year	6,785	4,359	17,151	28,295
Disposals	–	–	( 16,900)	( 16,900)
	---------	--------	---------	---------
At 30 September 2022	83,444	70,466	142,930	296,840
	---------	--------	---------	---------
Carrying amount
At 30 September 2022	20,359	13,075	175,199	208,633
	---------	--------	---------	---------
At 30 September 2021	8,065	10,629	86,149	104,843
	---------	--------	---------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	500,445	281,119
Other debtors	183,436	256,947
	---------	---------
	683,881	538,066
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	164,670	83,522
Corporation tax	146,487	171,637
Social security and other taxes	53,961	109,465
Contract liabilities	64,900	132,600
Other creditors	99,436	103,013
	---------	---------
	529,454	600,237
	---------	---------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions	39,321	20,992
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	39,321	20,992
	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Later than 5 years	22,000	17,750
	--------	--------

10. Related party transactions

R Betts Construction Limited had the following related parties during the year: R Betts Construction Pension Scheme (Common director)rent payable to pension scheme 2022 £22,000(2021 17,750)

11. Ultimate parent undertaking

The ultimate parent undertaking of this company is R Betts Holdings Limited, which is registered in England & Wales.