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Registration number: 06936881

A. J. Raucki & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

A. J. Raucki & Son Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

A. J. Raucki & Son Limited

(Registration number: 06936881)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

204,859

177,492

Current assets

 

Stocks

5

22,844

51,500

Debtors

6

18,214

7,799

Cash at bank and in hand

 

92,951

98,983

 

134,009

158,282

Creditors: Amounts falling due within one year

7

(86,378)

(86,491)

Net current assets

 

47,631

71,791

Total assets less current liabilities

 

252,490

249,283

Creditors: Amounts falling due after more than one year

7

(111,299)

(139,918)

Provisions for liabilities

(4,980)

-

Net assets

 

136,211

109,365

Capital and reserves

 

Called up share capital

150,010

150,010

Retained earnings

(13,799)

(40,645)

Shareholders' funds

 

136,211

109,365

 

A. J. Raucki & Son Limited

(Registration number: 06936881)
Balance Sheet as at 30 June 2023

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.

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 29 January 2024 and signed on its behalf by:
 

Mr J Raucki
Director

   
     
 

A. J. Raucki & Son 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:
Lyme Tree Farm Off Lydeard Mead
Bishops Lydeard
Taunton
Somerset
TA4 3UD
England

These financial statements were authorised for issue by the Board on 29 January 2024.

2

Accounting policies

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

Going concern

With the continued support from the directors and ongoing profits, the directors consider the entity to be a going concern.

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, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred 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.

 

A. J. Raucki & Son Limited

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

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

Motor vehicles

20% reducing balance

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Land and buildings

Nil

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.

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

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 stocks 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.

 

A. J. Raucki & Son Limited

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

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 group 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 10 (2022 - 9).

 

A. J. Raucki & Son Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

151,601

5,155

40,050

82,378

279,184

Additions

-

2,124

4,282

31,535

37,941

At 30 June 2023

151,601

7,279

44,332

113,913

317,125

Depreciation

At 1 July 2022

-

3,701

35,369

62,621

101,691

Charge for the year

-

554

1,184

8,837

10,575

At 30 June 2023

-

4,255

36,553

71,458

112,266

Carrying amount

At 30 June 2023

151,601

3,024

7,779

42,455

204,859

At 30 June 2022

151,601

1,454

4,680

19,757

177,492

Included within the net book value of land and buildings above is £151,601 (2022 - £151,601) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

20,644

48,000

Other inventories

2,200

3,500

22,844

51,500

6

Debtors

2023
£

2022
£

Trade debtors

15,796

5,558

Prepayments

2,418

2,241

18,214

7,799

 

A. J. Raucki & Son Limited

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

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

8,000

8,000

Trade creditors

 

29,586

19,243

Amounts due to related parties

15,000

15,000

Social security and other taxes

 

30,767

41,548

Accruals

 

3,025

2,700

 

86,378

86,491

Due after one year

 

Loans and borrowings

8

111,299

139,918

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

111,299

139,918

2023
£

2022
£

Current loans and borrowings

Other borrowings

8,000

8,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £21,512 (2022 - £752).

10

Transition to FRS 102

The date of transition to FRS 102 1A was 1 July 2021. There were no transitional adjustments.