Registered number
10671474
Rack Construction Ltd
Filleted Accounts
31 March 2023
Rack Construction Ltd
Registered number: 10671474
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 73,170 93,377
Current assets
Debtors 4 55,686 131,375
Cash at bank and in hand 106,312 127,840
161,998 259,215
Creditors: amounts falling due within one year 5 (45,737) (34,918)
Net current assets 116,261 224,297
Total assets less current liabilities 189,431 317,674
Creditors: amounts falling due after more than one year 6 (87,221) (55,134)
Net assets 102,210 262,540
Capital and reserves
Called up share capital 100 100
Profit and loss account 102,110 262,440
Shareholders' funds 102,210 262,540
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Natasha Kelly
Director
Approved by the board on 13 November 2023
Rack Construction Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 5 years
Equipment, fixtures & fittings over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Equipment, fixtures & fittings Plant & Machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 3,078 51,241 73,679 127,998
Additions - 10,620 - 10,620
At 31 March 2023 3,078 61,861 73,679 138,618
Depreciation
At 1 April 2022 1,565 12,810 20,246 34,621
Charge for the year 837 15,465 14,525 30,827
At 31 March 2023 2,402 28,275 34,771 65,448
Net book value
At 31 March 2023 676 33,586 38,908 73,170
At 31 March 2022 1,513 38,431 53,433 93,377
4 Debtors 2023 2022
£ £
Trade debtors 36,433 113,722
Other debtors 19,253 17,653
55,686 131,375
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 7,540 7,540
Trade creditors 665 25,327
Taxation and social security costs 23,721 6,480
Other creditors 3,811 (14,429)
45,737 34,918
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,594 31,667
Obligations under finance lease and hire purchase contracts 15,927 23,467
Other creditors 49,700 -
87,221 55,134
7 Other information
Rack Construction Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 Marguerite Gardens
Upton
Pontefract
WF9 1PG
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