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Registration number: NI068895

Richard Rodgers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Richard Rodgers Limited

(Registration number: NI068895)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

114,652

134,650

Current assets

 

Stocks

6

195,000

195,000

Debtors

7

159,514

156,758

Cash at bank and in hand

 

8,399

1,302

 

362,913

353,060

Creditors: Amounts falling due within one year

8

(47,769)

(60,978)

Net current assets

 

315,144

292,082

Net assets

 

429,796

426,732

Capital and reserves

 

Called up share capital

9

10,000

10,000

Profit and loss account

419,796

416,732

Total equity

 

429,796

426,732

 

Richard Rodgers Limited

(Registration number: NI068895)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 August 2023 and signed on its behalf by:
 

.........................................
Mr Richard Rodgers
Director

 

Richard Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 13 Race Road, Portglenone, Ballymena, BT44 8EP.

The principal activity of the company is the construction of residential dwellings.

These financial statements were authorised for issue by the Board on 7 August 2023.

2

Accounting policies

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a 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 sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

 

Richard Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet 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

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

 

Richard Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 (including directors) during the year, was 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

5,000

5,000

At 31 March 2023

5,000

5,000

Amortisation

At 1 April 2022

5,000

5,000

At 31 March 2023

5,000

5,000

Carrying amount

At 31 March 2023

-

-

 

Richard Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

7,525

282,037

289,562

At 31 March 2023

7,525

282,037

289,562

Depreciation

At 1 April 2022

3,527

151,385

154,912

Charge for the year

400

19,598

19,998

At 31 March 2023

3,927

170,983

174,910

Carrying amount

At 31 March 2023

3,598

111,054

114,652

At 31 March 2022

3,998

130,652

134,650

Included within the net book value of land and buildings above is £3,598 (2022 - £3,998) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Work in progress

195,000

195,000

7

Debtors

2023
£

2022
£

Trade debtors

-

390

Amounts due from associated company

44,704

30,096

Other debtors

114,810

126,272

159,514

156,758

 

Richard Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

2023
£

2022
£

Trade creditors

38,705

34,155

Taxation and social security

-

1,963

Other creditors

9,064

24,860

47,769

60,978

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000