R B Construction (South West) Limited - Period Ending 2024-01-31
R B Construction (South West) Limited - Period Ending 2024-01-31
Registration number:
R B Construction (South West) Limited
for the Year Ended 31 January 2024
R B Construction (South West) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
R B Construction (South West) Limited
Company Information
Directors |
Mrs R Bailey Mr A Bailey Mrs M L Richardson Mr S Richardson |
Registered office |
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Accountants |
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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 2024
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 2024 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.
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6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
R B Construction (South West) Limited
(Registration number: 09372307)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
400 |
400 |
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Retained earnings |
439,437 |
557,192 |
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Shareholders' funds |
439,837 |
557,592 |
R B Construction (South West) Limited
(Registration number: 09372307)
Balance Sheet as at 31 January 2024
For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Mr A Bailey
Director
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Mr S Richardson
Director
R B Construction (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Hazel House
David's Lane
Filham
Ivybridge
Devon
PL21 0DW
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 2024
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
R B Construction (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Office equipment |
Motor vehicles |
Plant and Machinery |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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R B Construction (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Related party transactions |
During the year the company made advances totalling £62,000 (2023: £60,225) to the directors Mr and Mrs Richardson. Mr and Mrs Richardson repaid £64,562 (2023: £42,562) during the year. The balance outstanding as at 31 January 2024 was £55,720 (2023: £52,572). Interest is charged at HMRC official rates per annum and is calculated on a monthly basis. Interest of £709 (2023: £580) was charged on the outstanding balance during the year.
The maximum overdrawn balance during the year was £55,720 (2023: £57,572).
During the year the company made advances totalling £62,000 (2023: £60,225) to the directors Mr and Mrs Bailey. Mr and Mrs Bailey repaid £64,562 (2023: £42,562) during the year. The balance outstanding as at 31 January 2024 was £55,575 (2023: £57,354). Interest is charged at HMRC official rates per annum and is calculated on a monthly basis. Interest of £782 (2023: £613) was charged on the outstanding balance during the year.
The maximum overdrawn balance during the year was £55,575 (2023: £57,354).
During the year the company made sub contractor payments of £49,000(2023: £63,514) to S R Construction (South West) Limited. Mr and Mrs Richardson are the shareholders of this company, and Mr Richardson the sole director.