Silverfin false 31/03/2023 01/04/2022 31/03/2023 Paul Stunt 14/10/1994 03 November 2023 The principal activity of the company continued to be that of building construction. 02974289 2023-03-31 02974289 bus:Director1 2023-03-31 02974289 2022-03-31 02974289 core:CurrentFinancialInstruments 2023-03-31 02974289 core:CurrentFinancialInstruments 2022-03-31 02974289 core:ShareCapital 2023-03-31 02974289 core:ShareCapital 2022-03-31 02974289 core:RetainedEarningsAccumulatedLosses 2023-03-31 02974289 core:RetainedEarningsAccumulatedLosses 2022-03-31 02974289 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 02974289 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 02974289 bus:OrdinaryShareClass1 2023-03-31 02974289 2022-04-01 2023-03-31 02974289 bus:FullAccounts 2022-04-01 2023-03-31 02974289 bus:SmallEntities 2022-04-01 2023-03-31 02974289 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02974289 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02974289 bus:Director1 2022-04-01 2023-03-31 02974289 2021-04-01 2022-03-31 02974289 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 02974289 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02974289 (England and Wales)

R S R CONSTRUCTION LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

R S R CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

R S R CONSTRUCTION LIMITED

BALANCE SHEET

As at 31 March 2023
R S R CONSTRUCTION LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
2023 2022
£ £
Current assets
Stocks 444,263 666,350
Debtors 4 287,298 708,563
Cash at bank and in hand 1,469,516 420,778
2,201,077 1,795,691
Creditors: amounts falling due within one year 5 ( 1,528,309) ( 1,380,453)
Net current assets 672,768 415,238
Total assets less current liabilities 672,768 415,238
Net assets 672,768 415,238
Capital and reserves
Called-up share capital 6 1,000 1,000
Profit and loss account 671,768 414,238
Total shareholder's funds 672,768 415,238

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of R S R Construction Limited (registered number: 02974289) were approved and authorised for issue by the Director. They were signed on its behalf by:

Paul Stunt
Director

03 November 2023

R S R CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
R S R CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

R S R Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 189 Ringwood Road, Verwood, BH31 7AG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

4. Debtors

2023 2022
£ £
Trade debtors 119,293 172,220
Amounts owed by Parent undertakings 162,254 531,952
Other debtors 5,751 4,391
287,298 708,563

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 348,950 692,357
Amounts owed to Parent undertakings 612,000 413,000
Taxation and social security 436,547 206,187
Other creditors 130,812 68,909
1,528,309 1,380,453

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 £1.00 Ordinary shares of £ 1.00 each 1,000 1,000

7. Related party transactions

The company is a wholly owned subsidiary or RSR (Holdings) Limited. During the year, the parent company charged management fees and rent totalling £612,000 (2022: £102,000) to the company.