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Registration number: 05513915

R & M Goldsmith Builders Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

R & M Goldsmith Builders Limited

Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,184

1,555

Current assets

 

Stocks

5

2,550

1,250

Debtors

6

15,112

18,194

Cash at bank and in hand

 

11,937

13,618

 

29,599

33,062

Creditors: Amounts falling due within one year

7

(19,197)

(19,502)

Net current assets

 

10,402

13,560

Total assets less current liabilities

 

11,586

15,115

Provisions for liabilities

(294)

(295)

Net assets

 

11,292

14,820

Capital and reserves

 

Called up share capital

10

10

Retained earnings

11,282

14,810

Shareholders' funds

 

11,292

14,820

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

R & M Goldsmith Builders Limited

Statement of Financial Position as at 30 June 2023

Approved and authorised by the director on 27 November 2023
 

.........................................

Mr RW Goldsmith

Director

Company registration number: 05513915

 

R & M Goldsmith Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Brebners
First Floor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of general builders.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The company made a profit for the year ended 30 June 2023, and had net assets of £11,292 at that date. At 30 June 2023 an amount of £10,005 was due to the director who has confirmed he will continue to support the company and will not call for repayment until such time as the company has sufficient working capital.

After making enquires, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax (where applicable), returns, rebates and discounts.

The company recognises turnover in respect of building services based upon the stage of completion of contracted works being done.

 

R & M Goldsmith Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

R & M Goldsmith Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

396

7,495

918

8,809

At 30 June 2023

396

7,495

918

8,809

Depreciation

At 1 July 2022

369

6,162

723

7,254

Charge for the year

8

333

30

371

At 30 June 2023

377

6,495

753

7,625

Carrying amount

At 30 June 2023

19

1,000

165

1,184

At 30 June 2022

27

1,333

195

1,555

5

Stocks

2023
£

2022
£

Raw materials and consumables

2,550

1,250

 

R & M Goldsmith Builders Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

2023
£

2022
£

Trade debtors

2,176

5,258

Other debtors

12,936

12,936

15,112

18,194

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

1,389

953

Taxation and social security

2,243

3,901

Other creditors

15,565

14,648

19,197

19,502