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COMPANY REGISTRATION NUMBER: 01258815
Ranton Building Supplies Limited
Filleted Unaudited Financial Statements
30 June 2023
Ranton Building Supplies Limited
Financial Statements
Year ended 30 June 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
Ranton Building Supplies Limited
Balance Sheet
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,278,290
1,266,278
Current assets
Stocks
301,972
336,890
Debtors
6
231,768
209,558
Cash at bank and in hand
1,376,370
1,136,126
------------
------------
1,910,110
1,682,574
Creditors: amounts falling due within one year
7
871,884
711,036
------------
------------
Net current assets
1,038,226
971,538
------------
------------
Total assets less current liabilities
2,316,516
2,237,816
Provisions
32,716
32,577
------------
------------
Net assets
2,283,800
2,205,239
------------
------------
Capital and reserves
Called up share capital
6,000
6,000
Revaluation reserve
467,861
467,861
Profit and loss account
1,809,939
1,731,378
------------
------------
Shareholders funds
2,283,800
2,205,239
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ranton Building Supplies Limited
Balance Sheet (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr H P Hamplett
Mrs P Hamplett
Director
Director
Company registration number: 01258815
Ranton Building Supplies Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Conduit Road, Norton Canes, Cannock, Staffordshire, WS11 9TJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. 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 £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lifes and residual values deemed appropriate by the directors. Estimated useful lifes and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lifes and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Turnover is recognised upon delivery of goods to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Freehold property - 2% straight line Land is not depreciated.
Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measures at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without under cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. Investment properties whose fair value cannot be measured reliably without under cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a FIFO basis.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 20 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
1,094,822
263,716
21,104
330,985
1,710,627
Additions
22,064
44,995
67,059
Disposals
( 14,598)
( 20,000)
( 34,598)
------------
---------
--------
---------
------------
At 30 June 2023
1,094,822
271,182
21,104
355,980
1,743,088
------------
---------
--------
---------
------------
Depreciation
At 1 July 2022
202,319
16,540
225,490
444,349
Charge for the year
7,484
685
37,414
45,583
Disposals
( 5,978)
( 19,156)
( 25,134)
------------
---------
--------
---------
------------
At 30 June 2023
203,825
17,225
243,748
464,798
------------
---------
--------
---------
------------
Carrying amount
At 30 June 2023
1,094,822
67,357
3,879
112,232
1,278,290
------------
---------
--------
---------
------------
At 30 June 2022
1,094,822
61,397
4,564
105,495
1,266,278
------------
---------
--------
---------
------------
Included within the above is investment property as follows:
£
------------
At 1 July 2022 and 30 June 2023
750,000
------------
The fair value of investment property at 30 June 2022 is represented by:
£
Valuation in 2002 407,861
Valuation in 2009 10,000
Valuation in 2019 50,000
Cost 282,139
---------
750,000
---------
Investment property was valued on an open market basis on 11 September 2018 by Andrew Dixon & Co.
Included in land and buildings is freehold land of £22,000 (2022 - £22,000) which is not depreciated.
6. Debtors
2023
2022
£
£
Trade debtors
193,203
184,796
Other debtors
38,565
24,762
---------
---------
231,768
209,558
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
441,896
352,135
Corporation tax
23,977
Social security and other taxes
79,788
86,247
Other creditors
326,223
272,654
---------
---------
871,884
711,036
---------
---------