R B Construction (South West) Limited - Period Ending 2023-01-31

R B Construction (South West) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 8

R B Construction (South West) Limited

Company Information

Directors

Mrs R Bailey Mr A Bailey Mrs M L Richardson Mr S Richardson

Registered office

6 Houndiscombe Road Plymouth Devon PL4 6HH

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R B Construction (South West) Limited
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R B Construction (South West) Limited for the year ended 31 January 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of R B Construction (South West) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of R B Construction (South West) Limited and state those matters that we have agreed to state to the Board of Directors of R B Construction (South West) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R B Construction (South West) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R B Construction (South West) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of R B Construction (South West) Limited. You consider that R B Construction (South West) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of R B Construction (South West) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

1 June 2023

R B Construction (South West) Limited

(Registration number: 09372307)
Balance Sheet as at 31 January 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	36,665	25,974
Current assets
Stocks	5	374,422	595,617
Debtors	6	124,225	114,497
Cash at bank and in hand		152,367	9,217
		651,014	719,331
Creditors: Amounts falling due within one year	7	(82,971)	(110,702)
Net current assets		568,043	608,629
Total assets less current liabilities		604,708	634,603
Creditors: Amounts falling due after more than one year	7	(37,950)	(42,224)
Provisions for liabilities		(9,166)	-
Net assets		557,592	592,379
Capital and reserves
Called up share capital		400	400
Retained earnings		557,192	591,979
Shareholders' funds		557,592	592,379

R B Construction (South West) Limited

(Registration number: 09372307)
Balance Sheet as at 31 January 2023

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 June 2023 and signed on its behalf by:
 

.........................................

Mr A Bailey

Director

.........................................

Mr S Richardson

Director

R B Construction (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
Hazel House
David's Lane
Filham
Ivybridge
Devon
PL21 0DW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Computer equipment	25% reducing balance
Motor vehicles	25% reducing balance

R B Construction (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Work in progress

Work in progress comprises the purchase of the land and property, the direct costs and, where applicable, those overheads that have been incurred in bringing the work in progress to their present state and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

R B Construction (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4	Tangible assets

	Office equipment  £	Motor vehicles  £	Plant and Machinery £	Total £
Cost or valuation
At 1 February 2022	1,006	25,853	8,836	35,695
Additions	500	-	24,034	24,534
Disposals	-	-	(2,160)	(2,160)
At 31 January 2023	1,506	25,853	30,710	58,069
Depreciation
At 1 February 2022	488	6,463	2,770	9,721
Charge for the year	255	4,847	7,121	12,223
Eliminated on disposal	-	-	(540)	(540)
At 31 January 2023	743	11,310	9,351	21,404
Carrying amount
At 31 January 2023	763	14,543	21,359	36,665
At 31 January 2022	518	19,390	6,066	25,974

5

Stocks

	2023 £	2022 £
Work in progress	374,422	595,617

6

Debtors

	2023 £	2022 £
Trade debtors	6,945	9,028
Other debtors	117,280	105,469
	124,225	114,497

R B Construction (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Loans and borrowings		20,593	15,618
Trade creditors		3,888	24,531
Taxation and social security		26,013	68,628
Accruals and deferred income		32,477	1,925
		82,971	110,702

Creditors: amounts falling due after more than one year

	Note	2023 £	2022 £
Due after one year
Loans and borrowings		37,950	42,224

8	Related party transactions

During the year the company made advances totalling £60,225 (2022: £84,875) to the directors Mr and Mrs Richardson. Mr and Mrs Richardson repaid £42,562 (2022: £22,458) during the year. The balance outstanding as at 31 January 2023 was £52,572 (2022: £39,078). Interest is charged at HMRC official rates per annum and is calculated on a monthly basis. Interest of £580 (2022: £362) was charged on the outstanding balance during the year.

The maximum overdrawn balance during the year was £57,572 (2022: £39,078).


During the year the company made advances totalling £60,225 (2022: £58,000) to the directors Mr and Mrs Bailey. Mr and Mrs Bailey repaid £42,562 (2022: £19,283) during the year. The balance outstanding as at 31 January 2023 was £57,354 (2022: £39,079). Interest is charged at HMRC official rates per annum and is calculated on a monthly basis. Interest of £613 (2022: £362) was charged on the outstanding balance during the year.

The maximum overdrawn balance during the year was £57,354 (2022: £39,079).


During the year the company made sub contractor payments of £63,514 (2022: £39,500) to S R Construction (South West) Limited. Mr and Mrs Richardson are the shareholders of this company, and Mr Richardson the sole director.