Registered number
05889078
Restormel Building Contractors Limited
Unaudited Filleted Accounts
31 March 2023
Restormel Building Contractors Limited
Registered number: 05889078
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 32,359 19,792
Current assets
Stocks 832,534 262,534
Debtors 4 59,613 56,086
Cash at bank and in hand - 530,237
892,147 848,857
Creditors: amounts falling due within one year 5 (146,218) (206,599)
Net current assets 745,929 642,258
Total assets less current liabilities 778,288 662,050
Creditors: amounts falling due after more than one year 6 (16,846) -
Net assets 761,442 662,050
Capital and reserves
Called up share capital 2 2
Profit and loss account 761,440 662,048
Shareholders' funds 761,442 662,050
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.
I Carter
Director
Approved by the board on 27 November 2023
Restormel Building Contractors Limited
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:
Plant and machinery 25% on the reducing balance
Motor vehicles 25% on the reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 4,050 42,794 46,844
Additions - 27,386 27,386
Disposals - (16,995) (16,995)
At 31 March 2023 4,050 53,185 57,235
Depreciation
At 1 April 2022 2,769 24,283 27,052
Charge for the year 320 10,466 10,786
On disposals - (12,962) (12,962)
At 31 March 2023 3,089 21,787 24,876
Net book value
At 31 March 2023 961 31,398 32,359
At 31 March 2022 1,281 18,511 19,792
4 Debtors 2023 2022
£ £
Trade debtors 53,319 -
Other debtors 6,294 56,086
59,613 56,086
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 748 -
Obligations under finance lease and hire purchase contracts 4,211 -
Trade creditors 116,823 114,159
Taxation and social security costs 24,436 92,440
146,218 206,599
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 16,846 -
7 Other information
Restormel Building Contractors Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Barn, High Street
Lanjeth
St Austell
Cornwall
PL26 7TD
Restormel Building Contractors Limited 05889078 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 I Carter No description of principal activity 05889078 2021-04-01 2022-03-31 05889078 core:WithinOneYear 2022-03-31 05889078 core:AfterOneYear 2022-03-31 05889078 core:ShareCapital 2022-03-31 05889078 core:RetainedEarningsAccumulatedLosses 2022-03-31 05889078 2022-04-01 2023-03-31 05889078 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05889078 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05889078 bus:Director40 2022-04-01 2023-03-31 05889078 1 2022-04-01 2023-03-31 05889078 2 2022-04-01 2023-03-31 05889078 core:PlantMachinery 2022-04-01 2023-03-31 05889078 core:Vehicles 2022-04-01 2023-03-31 05889078 countries:England 2022-04-01 2023-03-31 05889078 bus:FRS102 2022-04-01 2023-03-31 05889078 bus:FullAccounts 2022-04-01 2023-03-31 05889078 2023-03-31 05889078 core:WithinOneYear 2023-03-31 05889078 core:AfterOneYear 2023-03-31 05889078 core:ShareCapital 2023-03-31 05889078 core:RetainedEarningsAccumulatedLosses 2023-03-31 05889078 core:PlantMachinery 2023-03-31 05889078 core:Vehicles 2023-03-31 05889078 2022-03-31 05889078 core:PlantMachinery 2022-03-31 05889078 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure