Redridge Building Contractors Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04453219 (England and Wales)

REDRIDGE BUILDING CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S E Redington

D Redington

REGISTERED OFFICE:

Unit 3, Horizon Business Village

1 Brooklands Road

Weybridge

Surrey

KT13 0TJ

REGISTERED NUMBER:

04453219 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

FIXED ASSETS

Tangible assets

5

266,848

94,778

CURRENT ASSETS

Debtors

6

4,485,306

3,864,245

Cash at bank

208,006

190,561

4,693,312

4,054,806

CREDITORS

Amounts falling due within one year

7

2,856,743

2,324,805

NET CURRENT ASSETS

1,836,569

1,730,001

TOTAL ASSETS LESS CURRENT LIABILITIES

2,103,417

1,824,779

CREDITORS

Amounts falling due after more than one year

8

507,537

593,432

NET ASSETS

1,595,880

1,231,347

CAPITAL AND RESERVES

Called up share capital

9

142

142

Share premium

999,958

999,958

Retained earnings

595,780

231,247

SHAREHOLDERS' FUNDS

1,595,880

1,231,347

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 9 February 2024 and were signed on its behalf by:

S E Redington - Director

1.	STATUTORY INFORMATION

Redridge Building Contractors 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is attributable to works completed on building contracts recognised on an accruals basis, net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold improvement - 20% reducing balance

Plant and machinery - 20% reducing balance

Fixtures and fittings - 20% reducing balance

Motor vehicles - 10% reducing balance

Computer equipment - 20% reducing balance

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 23 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2022

1,650

26,860

4,370

Additions

16,587

-

35,145

Disposals

(1,650

)

-

-

At 30 September 2023

16,587

26,860

39,515

DEPRECIATION

At 1 October 2022

1,322

24,773

3,120

Charge for year

401

417

836

Eliminated on disposal

(1,382

)

-

-

At 30 September 2023

341

25,190

3,956

NET BOOK VALUE

At 30 September 2023

16,246

1,670

35,559

At 30 September 2022

328

2,087

1,250

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2022

108,735

25,923

167,538

Additions

146,000

2,717

200,449

Disposals

(21,250

)

-

(22,900

)

At 30 September 2023

233,485

28,640

345,087

DEPRECIATION

At 1 October 2022

22,712

20,833

72,760

Charge for year

11,826

1,276

14,756

Eliminated on disposal

(7,895

)

-

(9,277

)

At 30 September 2023

26,643

22,109

78,239

NET BOOK VALUE

At 30 September 2023

206,842

6,531

266,848

At 30 September 2022

86,023

5,090

94,778

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade debtors

2,317,506

1,442,202

Associated company loan

689,607

699,468

Other loans

65,813

95,000

Other taxes and social security

33,853

184,412

Deferred tax asset

-

16,448

Prepayments and accrued income

1,378,527

1,426,715

4,485,306

3,864,245

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Bank loans and overdrafts

53,332

84,768

Trade creditors

2,708,299

2,060,219

Other creditors

25,000

30,693

Hire purchase

26,331

6,564

Credit cards

36,836

114,951

Accruals and deferred income

6,945

27,610

2,856,743

2,324,805

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.23

30.9.22

£

£

Bank loans - 1-2 years

53,332

53,332

Bank loans - 2-5 years

159,996

159,996

Bank loans more 5 yr by instal

186,673

346,673

Hire purchase contracts

107,536

33,431

507,537

593,432

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

186,673

346,673

The bank loan is secured by a fixed and floating charge over the company's assets. The bank loan bears interest at 3.5% over the base rate of Coutts & Co.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.23

30.9.22

value:

£

£

142

ordinary shares

£1

142

142

10.	RELATED PARTY DISCLOSURES

Loans provided by the company to:

Loans at 1 October 2022

Net loans advanced/ (repaid

)

Interest Charged

Interest paid

Loans at 30 September 2023

£

£

£

£

£

Associated companies

699,468

(9,861

)

-

-

689,607

11.	ULTIMATE CONTROLLING PARTY

The controlling party is S E Redington.