Shaun Ramsey Construction (North East) Limited 31/12/2017 iXBRL

Shaun Ramsey Construction (North East) Limited 31/12/2017 iXBRL

SHAUN RAMSEY CONSTRUCTION (NORTH EAST) LIMITED - Company Information

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Company registration number: 06763748
SHAUN RAMSEY CONSTRUCTION (NORTH EAST) LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 December 2017
SHAUN RAMSEY CONSTRUCTION (NORTH EAST) LIMITED
Company number: 06763748
CONTENTS
Statement of financial position
Notes to the financial statements
SHAUN RAMSEY CONSTRUCTION (NORTH EAST) LIMITED
Company number: 06763748
STATEMENT OF FINANCIAL POSITION
AS AT 31ST DECEMBER 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 122,042 131,109
_______ _______
122,042 131,109
Current assets
Debtors 6 100,948 177,349
Cash at bank and in hand 159,692 25,002
_______ _______
260,640 202,351
Creditors: amounts falling due
within one year 7 ( 171,600) ( 172,387)
_______ _______
Net current assets 89,040 29,964
_______ _______
Total assets less current liabilities 211,082 161,073
Provisions for liabilities ( 22,902) ( 26,222)
_______ _______
Net assets 188,180 134,851
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 8 188,179 134,850
_______ _______
Shareholder funds 188,180 134,851
_______ _______
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:
....................
Mr Shaun Ramsey
Director
Company registration number: 06763748
SHAUN RAMSEY CONSTRUCTION (NORTH EAST) LIMITED
Company number: 06763748
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2017
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 121 Darras Road, Darras Hall, Newcastle upon Tyne, NE20 9PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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 and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the year end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Staff costs
The average number of persons employed by the company during the year amounted to 8 (2016: 8 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st January 2017 65,011 5,828 116,562 187,401
Additions 15,769 2,098 33,250 51,117
Disposals - - ( 56,609) ( 56,609)
_______ _______ _______ _______
At 31st December 2017 80,780 7,926 93,203 181,909
_______ _______ _______ _______
Depreciation
At 1st January 2017 22,252 2,772 31,268 56,292
Charge for the year 8,779 773 15,700 25,252
Disposals - - ( 21,677) ( 21,677)
_______ _______ _______ _______
At 31st December 2017 31,031 3,545 25,291 59,867
_______ _______ _______ _______
Carrying amount
At 31st December 2017 49,749 4,381 67,912 122,042
_______ _______ _______ _______
At 31st December 2016 42,759 3,056 85,294 131,109
_______ _______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 35,279 83,948
Other debtors 65,669 93,401
_______ _______
100,948 177,349
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 110,863 123,011
Corporation tax 45,200 34,400
Social security and other taxes 10,437 9,118
Other creditors 5,100 5,858
_______ _______
171,600 172,387
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
1st January 2017 Advances to the director Amounts repaid 31st December 2017
£ £ £ £
Mr Shaun Ramsey 21,026 37,326 ( 21,026) 37,326
_______ _______ _______ _______
2016
1st January 2016 Advances to the director Amounts repaid 31st December 2016
£ £ £ £
Mr Shaun Ramsey 32,446 21,026 ( 32,446) 21,026
_______ _______ _______ _______