Rand Contracting Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07324802 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Rand Contracting Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr F D Rand

Mrs C H Rand

Mr R Rand

Mr C Rand

REGISTERED OFFICE:

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

REGISTERED NUMBER:

07324802 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

3,725,655

2,907,797

CURRENT ASSETS

Stocks

1,458,801

1,255,951

Debtors

374,414

1,039,537

Cash at bank

417,682

172,907

2,250,897

2,468,395

CREDITORS

Amounts falling due within one year

1,001,589

954,028

NET CURRENT ASSETS

1,249,308

1,514,367

TOTAL ASSETS LESS CURRENT LIABILITIES

4,974,963

4,422,164

CREDITORS

Amounts falling due after more than one year

(953,422

)

(525,366

)

PROVISIONS FOR LIABILITIES

(187,638

)

(266,051

)

NET ASSETS

3,833,903

3,630,747

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

3,833,803

3,630,647

SHAREHOLDERS' FUNDS

3,833,903

3,630,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 17 August 2023 and were signed on its behalf by:

Mr F D Rand - Director

Mrs C H Rand - Director

Mr R Rand - Director

Mr C Rand - Director

1.	STATUTORY INFORMATION

Rand Contracting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover represents net invoiced income for sales of arable crops, contract baling activities, haulage activities, livestock activities, and arable subsidies, excluding value added tax.

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.

Short leasehold

10% on cost

Motor vehicles

25% on reducing balance

Tractors & combines

15% on reducing balance

Plant & machinery

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

5,468,397

Additions

2,008,173

Disposals

(1,120,935

)

At 31 March 2023

6,355,635

DEPRECIATION

At 1 April 2022

2,560,600

Charge for year

663,433

Eliminated on disposal

(594,053

)

At 31 March 2023

2,629,980

NET BOOK VALUE

At 31 March 2023

3,725,655

At 31 March 2022

2,907,797

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

Totals

£

COST

At 1 April 2022

3,157,152

Additions

1,901,745

Transfer to ownership

(1,406,782

)

At 31 March 2023

3,652,115

DEPRECIATION

At 1 April 2022

1,043,820

Charge for year

394,888

Transfer to ownership

(579,315

)

At 31 March 2023

859,393

NET BOOK VALUE

At 31 March 2023

2,792,722

At 31 March 2022

2,113,332

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

100

Ordinary

£1

100

100