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Company Registration number: 04236195

Robert Skelton Contractors Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 June 2023

 

Robert Skelton Contractors Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Robert Skelton Contractors Limited

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,172,541

1,898,195

Other financial assets

5

608

608

 

2,173,149

1,898,803

Current assets

 

Stocks

6

436,179

495,164

Debtors

7

894,983

912,437

Cash at bank and in hand

 

5,386

10,057

 

1,336,548

1,417,658

Creditors: Amounts falling due within one year

8

(904,860)

(1,130,021)

Net current assets

 

431,688

287,637

Total assets less current liabilities

 

2,604,837

2,186,440

Creditors: Amounts falling due after more than one year

8

(482,513)

(360,337)

Provisions for liabilities

(312,891)

(253,725)

Net assets

 

1,809,433

1,572,378

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,809,333

1,572,278

Shareholders' funds

 

1,809,433

1,572,378

 

Robert Skelton Contractors Limited

Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 04236195

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

.........................................
Mr S Skelton
Company secretary and director

.........................................
Mr R J Skelton
Director

 

Robert Skelton Contractors Limited

Notes to the financial statements for the Year Ended 30 June 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Newhall Farm
Sunnyslack
Broughton Moor
Maryport
CA15 7RL
 

These financial statements were authorised for issue by the Board on 28 September 2023.

2

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

The financial statements have been prepared on the historical cost basis and in accordance with the
applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.

 

Robert Skelton Contractors Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporate tax charge is calculated on the basis of tax rates and laws that have been
enacted or substantively enacted by the reporting date in the countries where the company operates
and generates taxable income.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits
reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Robert Skelton Contractors Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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

Buildings

No charge

Plant and machinery

20% reducing balance

Office equipment

25% straight line

Tractors

25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Robert Skelton Contractors Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
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.

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.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 10).

 

Robert Skelton Contractors Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

4

TANGIBLE ASSETS

Buildings
£

Office equipment
£

Tractors
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

562,786

17,420

281,250

2,209,998

3,071,454

Additions

99,840

1,950

-

421,772

523,562

Disposals

-

-

-

(72,750)

(72,750)

At 30 June 2023

662,626

19,370

281,250

2,559,020

3,522,266

Depreciation

At 1 July 2022

12,232

12,609

117,086

1,031,332

1,173,259

Charge for the year

-

2,027

17,590

185,472

205,089

Eliminated on disposal

-

-

-

(28,623)

(28,623)

At 30 June 2023

12,232

14,636

134,676

1,188,181

1,349,725

Carrying amount

At 30 June 2023

650,394

4,734

146,574

1,370,839

2,172,541

At 30 June 2022

550,554

4,811

164,164

1,178,666

1,898,195

 

Robert Skelton Contractors Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

5

OTHER FINANCIAL ASSETS

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2022

608

608

At 30 June 2023

608

608

Carrying amount

At 30 June 2023

608

608

6

STOCKS

2023
£

2022
£

Paper and sawdust

60,996

31,600

Fertiliser

5,414

6,998

Firewood and biomass

269,874

342,840

Sheep

99,895

109,726

Fuel and feed

-

4,000

436,179

495,164

7

DEBTORS

Current

2023
£

2022
£

Trade debtors

454,627

384,105

Prepayments

-

5,774

Other debtors

440,356

522,558

 

894,983

912,437

 

Robert Skelton Contractors Limited

Notes to the financial statements for the Year Ended 30 June 2023 (continued)

8

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

509,918

705,694

Trade creditors

312,846

323,976

Taxation and social security

2,451

352

Other creditors

79,645

99,999

904,860

1,130,021

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £509,918 (2022 - £705,694).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

482,513

360,337

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £482,513 (2022 - £360,337).

9

RELATED PARTY TRANSACTIONS

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr R J Skelton

Directors loan account

45,822

22,338

(45,822)

22,338

         
       

Mr S Skelton

Directors loan account

45,822

22,338

(45,822)

22,338

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr R J Skelton

Directors loan account

21,244

45,822

(21,244)

45,822

         
       

Mr S Skelton

Directors loan account

21,244

45,822

(21,244)

45,822