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Registration number: 01229123

R.C.P. Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

R.C.P. Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

R.C.P. Developments Limited

Company Information

Directors

J W Penson

R Penson

Company secretary

M Penson

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

NatWest
Chatham Customer Service Centre
Western Avenue
Chatham Maritime
ME4 4RT

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

R.C.P. Developments Limited

(Registration number: 01229123)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

87,639

74,675

Current assets

 

Stocks

5

7,525

7,700

Debtors

6

69,348

69,082

Cash at bank and in hand

 

51,507

57,622

 

128,380

134,404

Creditors: Amounts falling due within one year

7

(86,888)

(96,542)

Net current assets

 

41,492

37,862

Total assets less current liabilities

 

129,131

112,537

Provisions for liabilities

(16,548)

(9,801)

Net assets

 

112,583

102,736

Capital and reserves

 

Called up share capital

8

5,000

5,000

Retained earnings

107,583

97,736

Shareholders' funds

 

112,583

102,736

For the financial year ended 31 May 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 14 February 2024 and signed on its behalf by:
 

J W Penson
Director

 

R.C.P. Developments Limited

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

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Holybred Farm, Holybread Lane, Little Baddow, Chelmsford, Essex, CM3 4BW.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of building services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Amounts recoverable on contracts, which are included in debtors, are stated at the expected sales value based on stage of completion. Payments in advance and or in excess of the amounts recoverable on contract value are included within other creditors.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

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

Depreciation

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

Asset class

Depreciation method and rate

Improvements to property

10% on cost

Plant and machinery

20% reducing balance

 

R.C.P. Developments Limited

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

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

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 (including directors) during the year, was 11 (2022 - 11).

 

R.C.P. Developments Limited

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

4

Tangible assets

Improvements to property
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

16,908

134,133

100,827

251,868

Additions

-

-

35,233

35,233

Disposals

-

-

(10,825)

(10,825)

At 31 May 2023

16,908

134,133

125,235

276,276

Depreciation

At 1 June 2022

12,992

103,735

60,466

177,193

Charge for the year

489

7,600

11,125

19,214

Eliminated on disposal

-

-

(7,770)

(7,770)

At 31 May 2023

13,481

111,335

63,821

188,637

Carrying amount

At 31 May 2023

3,427

22,798

61,414

87,639

At 31 May 2022

3,916

30,398

40,361

74,675

5

Stocks

2023
£

2022
£

Stocks

7,525

7,700

6

Debtors

2023
£

2022
£

Trade debtors

3,917

28,000

Prepayments

4,316

6,079

Amounts recoverable on long term contracts

20,874

35,003

Accrued income

40,241

-

69,348

69,082

 

R.C.P. Developments Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

50,824

62,743

Other creditors

516

1,225

Taxation and social security

25,312

22,849

Accruals and deferred income

10,236

9,725

86,888

96,542

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000