ROY BEECH (CONTRACTORS) LIMITED
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 380,551 348,754
Current assets
Stocks 200,146 207,583
Debtors 4 306,394 308,521
Cash at bank and in hand 1,256,752 887,254
1,763,292 1,403,358
Creditors: amounts falling due within one year 5 (867,299) (752,331)
Net current assets 895,993 651,027
Total assets less current liabilities 1,276,544 999,781
Creditors: amounts falling due after more than one year 6 (23,524) (31,743)
Provisions for liabilities (844,219) (568,130)
Net assets 408,801 399,908
Capital and reserves
Called up share capital 6,314 6,314
Capital redemption reserve 43,836 43,836
Profit and loss account 358,651 349,758
Shareholders' funds 408,801 399,908
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.
A.M. WILLIAMS
Director
Approved by the board on 24 November 2023
ROY BEECH (CONTRACTORS) LIMITED
Notes to the Accounts
for the year ended 31 May 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 rendering of services. 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 over its expected useful life, as follows:
Plant and machinery 25% reducing balance basis
Fixtures, fittings and equipment 25% reducing balance basis
Computers and peripheral equipment 33⅓% straight line basis
Motor vehicles: Vans 50% straight line basis
Cars 30% reducing balance basis
Others 25% reducing balance basis
Depreciation is charged on a pro rata basis in the year of acquisition. No depreciation is charged in the year of disposal.
Stocks and work in progress
Stocks of unallocated materials and consumables are stated at the directors' valuation at the lower of cost and net realisable value after making adequate allowance for sub-standard, obsolete or slow-moving items.
Work-in-progress substantially complete at the year end is stated at the amount subsequently invoiced less provision for costs still to be incurred. All other work-in-progress is stated at the valuation of a director of the company at direct cost plus an appropriate proportion of attributable overheads, based on normal levels of activity.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction 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. 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. 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. 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 possible that economic benefit will be transferred to settle the obligation and the amount of the obligation can be reliably estimated.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 36 37
3 Tangible fixed assets
Land and buildings Plant, machinery and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 29,343 928,504 771,219 1,729,066
Additions - 58,283 152,733 211,016
Disposals - (16,925) (36,047) (52,972)
At 31 May 2023 29,343 969,862 887,905 1,887,110
Depreciation
At 1 June 2022 3,196 766,783 610,333 1,380,312
Charge for the year - 55,461 117,812 173,273
On disposals - (16,861) (30,165) (47,026)
At 31 May 2023 3,196 805,383 697,980 1,506,559
Net book value
At 31 May 2023 26,147 164,479 189,925 380,551
At 31 May 2022 26,147 161,721 160,886 348,754
Freehold land and buildings: 2023 2022
£ £
Historical cost 26,147 26,147
Cumulative depreciation based on historical cost - -
26,147 26,147
Buildings erected on short leasehold land
Historical cost 3,196 3,196
Cumulative depreciation based on historical cost 3,196 3,196
Net book value of plant, machinery and vehicles included above held under hire purchase and lease purchase contracts 130,640 98,863
4 Debtors 2023 2022
£ £
Trade debtors 292,288 270,475
Other debtors 14,106 18,245
Taxes and social security costs - 19,801
306,394 308,521
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan account (unsecured) - -
Obligations under finance lease and hire purchase contracts 82,490 64,389
Trade creditors 521,341 615,735
Taxes and social security costs 263,149 71,888
Directors' loan accounts 319 319
867,299 752,331
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 23,524 31,743
7 Contingent liabilities
There is a contingent liability for remedial work in respect of contractual warranties which cannot be estimated.
8 Controlling party
The ultimate controlling parties at the Balance Sheet date were Messrs. I.D. Jennings and A.M. Williams, each of whom owned 50% of the issued share capital in the company.
9 Other information
ROY BEECH (CONTRACTORS) LIMITED (Registered number 00533310) is a private company limited by shares and incorporated in England. Its registered office is North Street, Stoke-on-Trent, Staffordshire, ST4 7DJ.
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