IRIS Accounts Production v23.2.0.158 04481241 Board of Directors Board of Directors 1.2.22 31.1.23 31.1.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure044812412022-01-31044812412023-01-31044812412022-02-012023-01-31044812412021-01-31044812412021-02-012022-01-31044812412022-01-3104481241ns16:EnglandWales2022-02-012023-01-3104481241ns15:PoundSterling2022-02-012023-01-3104481241ns11:Director12022-02-012023-01-3104481241ns11:Director22022-02-012023-01-3104481241ns11:PrivateLimitedCompanyLtd2022-02-012023-01-3104481241ns11:SmallEntities2022-02-012023-01-3104481241ns11:AuditExempt-NoAccountantsReport2022-02-012023-01-3104481241ns11:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-3104481241ns11:SmallCompaniesRegimeForAccounts2022-02-012023-01-3104481241ns11:FullAccounts2022-02-012023-01-3104481241ns11:RegisteredOffice2022-02-012023-01-3104481241ns6:CurrentFinancialInstruments2023-01-3104481241ns6:CurrentFinancialInstruments2022-01-3104481241ns6:ShareCapital2023-01-3104481241ns6:ShareCapital2022-01-3104481241ns6:RetainedEarningsAccumulatedLosses2023-01-3104481241ns6:RetainedEarningsAccumulatedLosses2022-01-3104481241ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-02-012023-01-3104481241ns6:PlantMachinery2022-02-012023-01-3104481241ns6:MotorVehicles2022-02-012023-01-3104481241ns6:LandBuildings2022-01-3104481241ns6:PlantMachinery2022-01-3104481241ns6:MotorVehicles2022-01-3104481241ns6:LandBuildings2022-02-012023-01-3104481241ns6:LandBuildings2023-01-3104481241ns6:PlantMachinery2023-01-3104481241ns6:MotorVehicles2023-01-3104481241ns6:LandBuildings2022-01-3104481241ns6:PlantMachinery2022-01-3104481241ns6:MotorVehicles2022-01-3104481241ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-3104481241ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-31
REGISTERED NUMBER: 04481241 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Ray West Builders Limited

Ray West Builders Limited (Registered number: 04481241)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ray West Builders Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mrs K J Cordrey
Mr R F West





REGISTERED OFFICE: Lime Burners Cottage
Warham Road
Wells Next The Sea
Norfolk
NR23 1NE





REGISTERED NUMBER: 04481241 (England and Wales)





ACCOUNTANTS: Steve Pye & Co.
Chartered Certified Accountants
Unit 8
Home Farm
Norwich Road
Norwich
Norfolk
NR10 5PQ

Ray West Builders Limited (Registered number: 04481241)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 17,631 14,054

CURRENT ASSETS
Stocks 28,108 24,614
Debtors 6 1,267 4,486
Cash at bank 150,186 90,009
179,561 119,109
CREDITORS
Amounts falling due within one year 7 133,987 95,538
NET CURRENT ASSETS 45,574 23,571
TOTAL ASSETS LESS CURRENT
LIABILITIES

63,205

37,625

PROVISIONS FOR LIABILITIES 3,059 2,379
NET ASSETS 60,146 35,246

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 60,046 35,146
60,146 35,246

Ray West Builders Limited (Registered number: 04481241)

Balance Sheet - continued
31 January 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:




Mr R F West - Director



Mrs K J Cordrey - Director


Ray West Builders Limited (Registered number: 04481241)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Ray West Builders 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
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.

Going concern
The accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - in accordance with the property
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Ray West Builders Limited (Registered number: 04481241)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. ACCOUNTING POLICIES - continued

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Ray West Builders Limited (Registered number: 04481241)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. ACCOUNTING POLICIES - continued

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 Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Ray West Builders Limited (Registered number: 04481241)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 February 2022 1,534 42,703 26,996 71,233
Additions - 8,942 - 8,942
At 31 January 2023 1,534 51,645 26,996 80,175
DEPRECIATION
At 1 February 2022 - 32,764 24,415 57,179
Charge for year - 4,720 645 5,365
At 31 January 2023 - 37,484 25,060 62,544
NET BOOK VALUE
At 31 January 2023 1,534 14,161 1,936 17,631
At 31 January 2022 1,534 9,939 2,581 14,054

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,267 4,486

Ray West Builders Limited (Registered number: 04481241)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 551 3,653
Trade creditors 7,110 4,522
Taxation and social security 44,256 28,247
Other creditors 82,070 59,116
133,987 95,538