Company Registration No. 12510706 (England and Wales)
R T Foster Ltd
Unaudited accounts
for the year ended 30 June 2023
R T Foster Ltd
Unaudited accounts
Contents
R T Foster Ltd
Statement of financial position
as at 30 June 2023
Tangible assets
716,561
725,227
Cash at bank and in hand
260,169
336,406
Creditors: amounts falling due within one year
(113,842)
(267,817)
Net current assets
383,042
350,566
Total assets less current liabilities
1,099,603
1,075,793
Provisions for liabilities
Deferred tax
(127,708)
(59,214)
Net assets
971,895
1,016,579
Called up share capital
101
101
Share premium
734,400
734,400
Profit and loss account
237,394
282,078
Shareholders' funds
971,895
1,016,579
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2023 and were signed on its behalf by
Roger Foster
Director
Company Registration No. 12510706
R T Foster Ltd
Notes to the Accounts
for the year ended 30 June 2023
R T Foster Ltd is a private company, limited by shares, registered in England and Wales, registration number 12510706. The registered office is 2 Bailey Hill, Castle Cary, Somerset, BA7 7AD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
33% straight line
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
R T Foster Ltd
Notes to the Accounts
for the year ended 30 June 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2022
15,000
880,521
250
895,771
Additions
-
272,261
-
272,261
Disposals
-
(191,305)
-
(191,305)
At 30 June 2023
15,000
961,477
250
976,727
At 1 July 2022
5,750
164,674
120
170,544
Charge for the year
3,000
148,655
63
151,718
On disposals
-
(62,096)
-
(62,096)
At 30 June 2023
8,750
251,233
183
260,166
At 30 June 2023
6,250
710,244
67
716,561
At 30 June 2022
9,250
715,847
130
725,227
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Amounts falling due within one year
Trade debtors
118,873
203,491
Accrued income and prepayments
83,842
31,880
Other debtors
4,000
16,606
R T Foster Ltd
Notes to the Accounts
for the year ended 30 June 2023
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Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
9,572
Trade creditors
14,809
37,891
Taxes and social security
1,631
68,208
Other creditors
1,889
3,767
Loans from directors
21,731
53,498
The finance leases and hire purchase contracts are secured on the assets concerned.
The finance leases and hire purchase contracts are secured on the assets concerned.
8
Capital commitments
2023
2022
Amounts contracted but not provided for in the accounts
250,000
285,000
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Average number of employees
During the year the average number of employees was 10 (2022: 8).