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S RICHARDSON CONTRACTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023






S RICHARDSON CONTRACTING LIMITED (REGISTERED NUMBER: SC437182)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

S RICHARDSON CONTRACTING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTOR: S Richardson





REGISTERED OFFICE: 2 Academy Place
Langholm
Dumfriesshire
DG13 0BA





REGISTERED NUMBER: SC437182 (Scotland)





ACCOUNTANTS: JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL

S RICHARDSON CONTRACTING LIMITED (REGISTERED NUMBER: SC437182)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,083,341 1,157,047

CURRENT ASSETS
Debtors 5 636,143 321,223
Cash at bank 77,783 134,863
713,926 456,086
CREDITORS
Amounts falling due within one year 6 444,383 427,046
NET CURRENT ASSETS 269,543 29,040
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,352,884

1,186,087

CREDITORS
Amounts falling due after more than one
year

7

(196,807

)

(276,264

)

PROVISIONS FOR LIABILITIES (150,000 ) (149,000 )
NET ASSETS 1,006,077 760,823

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,005,977 760,723
SHAREHOLDERS' FUNDS 1,006,077 760,823

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

S RICHARDSON CONTRACTING LIMITED (REGISTERED NUMBER: SC437182)

BALANCE SHEET - continued
31ST MARCH 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17th October 2023 and were signed by:





S Richardson - Director


S RICHARDSON CONTRACTING LIMITED (REGISTERED NUMBER: SC437182)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

S Richardson Contracting Limited is a private company, limited by shares , registered in Scotland. 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
The company provides forestry contracting services. Turnover represents the value, net of value added tax and discounts, of work carried out in respect of services provided to customers. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be measured reliably.

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.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


S RICHARDSON CONTRACTING LIMITED (REGISTERED NUMBER: SC437182)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 13 ) .

S RICHARDSON CONTRACTING LIMITED (REGISTERED NUMBER: SC437182)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2022 10,237 1,855,669 64,321 1,248 1,931,475
Additions - 359,150 - 1,287 360,437
Disposals - (355,796 ) - - (355,796 )
At 31st March 2023 10,237 1,859,023 64,321 2,535 1,936,116
DEPRECIATION
At 1st April 2022 - 742,565 30,624 1,239 774,428
Charge for year - 261,740 8,424 427 270,591
Eliminated on disposal - (192,244 ) - - (192,244 )
At 31st March 2023 - 812,061 39,048 1,666 852,775
NET BOOK VALUE
At 31st March 2023 10,237 1,046,962 25,273 869 1,083,341
At 31st March 2022 10,237 1,113,104 33,697 9 1,157,047

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Plant and
machinery
£   
COST
At 1st April 2022 1,324,447
Additions 314,299
Disposals (344,996 )
At 31st March 2023 1,293,750
DEPRECIATION
At 1st April 2022 261,467
Charge for year 227,105
Eliminated on disposal (185,868 )
At 31st March 2023 302,704
NET BOOK VALUE
At 31st March 2023 991,046
At 31st March 2022 1,062,980

S RICHARDSON CONTRACTING LIMITED (REGISTERED NUMBER: SC437182)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 392,044 170,159
Other debtors 244,099 151,064
636,143 321,223

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts and finance leases 188,281 241,284
Trade creditors 70,939 43,266
Taxation and social security 138,075 89,661
Other creditors 47,088 52,835
444,383 427,046

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts and finance leases 196,807 276,264

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 385,088 517,548

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
S Richardson
Balance outstanding at start of year 130,472 70,676
Amounts advanced 126,848 103,285
Amounts repaid (43,270 ) (43,489 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 214,050 130,472

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
S RICHARDSON CONTRACTING LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S Richardson Contracting Limited for the year ended 31st March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of S Richardson Contracting Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of S Richardson Contracting Limited and state those matters that we have agreed to state to the director of S Richardson Contracting Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that S Richardson Contracting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S Richardson Contracting Limited. You consider that S Richardson Contracting 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 financial statements of S Richardson Contracting 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 financial statements.






JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL


17th October 2023