Red Oak Builders Ltd
Registered number: 09424129
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,712 16,413
Current assets
Debtors 4 13,727 20,051
Cash at bank and in hand 118,277 137,652
132,004 157,703
Creditors: amounts falling due within one year 5 (94,470) (93,660)
Net current assets 37,534 64,043
Total assets less current liabilities 97,246 80,456
Creditors: amounts falling due after more than one year 6 (23,334) (32,500)
Net assets 73,912 47,956
Capital and reserves
Called up share capital 100 100
Profit and loss account 73,812 47,856
Shareholders' funds 73,912 47,956
The director is 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 director acknowledges his 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.
L Woodhead
Director
Approved by the board on 22 November 2023
Red Oak Builders Ltd
Notes to the Accounts
for the year ended 28 February 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 9,395 63,709 73,104
Additions 2,826 69,574 72,400
At 28 February 2023 12,221 133,283 145,504
Depreciation
At 1 March 2022 8,045 48,646 56,691
Charge for the year 2,444 26,657 29,101
At 28 February 2023 10,489 75,303 85,792
Net book value
At 28 February 2023 1,732 57,980 59,712
At 28 February 2022 1,350 15,063 16,413
4 Debtors 2023 2022
£ £
Trade debtors 13,727 20,051
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 - 525
Trade creditors 4,696 8,447
Corporation tax 11,153 20,615
Other taxes and social security costs 15,816 17,442
Other creditors 52,805 36,631
94,470 93,660
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,334 32,500
7 Events after the reporting date
No events existed at the time of writing this report that would have a material affect on these accounts.
8 Controlling party
During the year under review the company was under the control of the two directors and joint shareholders.
9 Other information
Red Oak Builders Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1a Hemdean Gardens
West End
Southampton
Hampshire
SO30 3BB
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