Company registration number 02191516 (England and Wales)
RAPPA FENCING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
RAPPA FENCING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RAPPA FENCING LIMITED
BALANCE SHEET
AS AT
30 MARCH 2023
30 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,715,134
1,687,085
Current assets
Stocks
850,791
815,461
Debtors
4
290,591
240,077
Cash at bank and in hand
377,412
370,095
1,518,794
1,425,633
Creditors: amounts falling due within one year
5
(856,692)
(927,316)
Net current assets
662,102
498,317
Total assets less current liabilities
2,377,236
2,185,402
Creditors: amounts falling due after more than one year
6
(463,746)
(494,893)
Provisions for liabilities
(8,000)
(5,000)
Net assets
1,905,490
1,685,509
Capital and reserves
Called up share capital
100
100
Other reserves
6,150
6,150
Profit and loss reserves
1,899,240
1,679,259
Total equity
1,905,490
1,685,509
RAPPA FENCING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2023
30 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
Mrs A L McCann
Director
Company Registration No. 02191516
RAPPA FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
- 3 -
1
Accounting policies
Company information
Rappa Fencing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Steepleton Hill, Stockbridge, Hampshire, United Kingdom, SO20 6JE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of land and buildings. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
3 years/7 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax charge for the year.
RAPPA FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
The company operates a defined contribution pension scheme in respect of various employees.
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.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
29
31
RAPPA FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2022
1,530,000
630,367
2,160,367
Additions
102,205
102,205
Disposals
(28,865)
(28,865)
At 30 March 2023
1,530,000
703,707
2,233,707
Depreciation and impairment
At 1 April 2022
473,282
473,282
Depreciation charged in the year
66,940
66,940
Eliminated in respect of disposals
(21,649)
(21,649)
At 30 March 2023
518,573
518,573
Carrying amount
At 30 March 2023
1,530,000
185,134
1,715,134
At 31 March 2022
1,530,000
157,085
1,687,085
The fair value of the company's land and buildings was revalued on 31 March 2018. It is considered that there has been no significant change in that value. An independent valuer was not involved. The land and buildings were valued by the directors. The basis of the valuation is open market value.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2023
2022
£
£
Cost
1,556,170
1,556,170
Accumulated depreciation
-
-
Carrying value
1,556,170
1,556,170
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
132,022
67,000
Other debtors
158,569
173,077
290,591
240,077
RAPPA FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and other borrowings
49,987
42,030
Trade creditors
385,282
509,385
Taxation and social security
115,171
93,673
Other creditors
306,252
282,228
856,692
927,316
Bank loans and other borrowings of £49,987 (2022 - £42,030) are secured by Barclays with fixed and floating charges over all of the assets
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and other borrowings
463,746
494,893
Bank loans and other borrowings of £463,746 (2022 - £494,893) are secured by Barclays with fixed and floating charges over all of the assets
7
Directors' transactions
Description
% Rate
Opening balance
Closing balance
£
£
Directors' Loan
-
44,455
44,455
44,455
44,455
The director's loan is repayable on demand. The loan was repaid on 24 September 2023.