RBC Construction (Coventry) Limited Filleted accounts for Companies House (small and micro)
RBC Construction (Coventry) Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
07154277
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Investments |
7 |
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--------- |
--------- |
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Current assets
Stocks |
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Debtors |
8 |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
9 |
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--------- |
--------- |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
10 |
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Provisions
Pensions and similar obligations |
11 |
512,211 |
455,133 |
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Net assets |
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------------ |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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--------- |
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Shareholders funds |
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--------- |
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Director's responsibilities:
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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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
30 November 2023
, and are signed on behalf of the board by:
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Director |
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Company registration number:
07154277
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Notes to the Financial Statements |
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 The Quadrant, Coventry, West Midlands, CV1 2EL.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Retirement benefits
The company provides pension benefits for senior employees, under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 7 to the financial statements.
Revenue recognition
Income tax
Tangible assets
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 |
- |
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Fixtures & fittings |
- |
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Motor Vehicles |
- |
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Equipment |
- |
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Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in joint ventures
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.
Stocks
Provisions
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
1
).
5.
Retirement benefit schemes
2023 |
2022 |
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£ |
£ |
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Charge to profit or loss in respect of defined benefit schemes |
57,078 |
35,133 |
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The company provided pension benefits in respect of Mr Robin Callaway. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The number of directors to whom pension benefits are accruing under this pension agreement is 1 (2022: 1).
The contributions and potential liabilities of the company in respect of the pension agreement are fixed at least until the date of retirement of the employee which is over 10 years from the year end date.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors are of the opinion that it does not bear any of the hallmarks of what is usually considered to be a defined benefit scheme and therefore no further disclosures are considered necessary in order to understand the nature and measurement of the liability.
The directors are also of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities.
6.
Tangible assets
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 March 2022 |
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– |
– |
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Additions |
– |
– |
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------- |
------- |
-------- |
---- |
-------- |
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At 28 February 2023 |
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------- |
-------- |
---- |
-------- |
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Depreciation |
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At 1 March 2022 |
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– |
– |
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Charge for the year |
– |
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------- |
------- |
-------- |
---- |
-------- |
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At 28 February 2023 |
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------- |
------- |
-------- |
---- |
-------- |
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Carrying amount |
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At 28 February 2023 |
– |
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------- |
------- |
-------- |
---- |
-------- |
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At 28 February 2022 |
– |
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– |
– |
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------- |
------- |
-------- |
---- |
-------- |
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7.
Investments
Other investments other than loans |
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£ |
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Cost |
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At 1 March 2022 and 28 February 2023 |
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--------- |
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Impairment |
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At 1 March 2022 and 28 February 2023 |
– |
--------- |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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8.
Debtors
2023 |
2022 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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--------- |
--------- |
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9.
Creditors:
amounts falling due within one year
2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
– |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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– |
Other creditors |
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--------- |
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10.
Creditors:
amounts falling due after more than one year
2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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--------- |
--------- |
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11.
Provisions
Pensions and similar obligations |
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£ |
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At 1 March 2022 |
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Additions |
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--------- |
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At 28 February 2023 |
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12.
Financial instruments
The company had not carried out any fair value adjustments in the year.
Hedge accounting
The company does not carry out any hedging activities.
13.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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(
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(
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2022 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
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(
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(
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(
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14.
Related party transactions
Remuneration of key management personnel The remuneration of key management personnel is as follows:
2023 | 2022 | ||
£ | £ | ||
Aggregate compensation | 57,078 | 35,133 | |