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Registration number: 05221089

R M Norman Builders Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

R M Norman Builders Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

R M Norman Builders Limited

Company Information

Directors

Mr Andrew Robert Norman

Mr Richard Melvern Norman

Mr Kevin James Norman

Company secretary

Mrs Deborah Anne Cawley

Registered office

Burleigh
Holmes Farm
Pebble Hill Road
Betchworth
Surrey
RH3 7BW

Accountants

MSH Accountancy Limited
3 Bank Buildings
149 High Street
Cranleigh
Surrey
GU6 8BB

 

R M Norman Builders Limited

(Registration number: 05221089)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

10,689

13,566

Current assets

 

Stocks

6

-

55,000

Debtors

7

437,634

251,994

Cash at bank and in hand

 

303,916

270,172

 

741,550

577,166

Creditors: Amounts falling due within one year

8

(196,209)

(304,199)

Net current assets

 

545,341

272,967

Net assets

 

556,030

286,533

Capital and reserves

 

Called up share capital

9

3,004

3,004

Retained earnings

553,026

283,529

Shareholders' funds

 

556,030

286,533

 

R M Norman Builders Limited

(Registration number: 05221089)
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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

.........................................
Mr Kevin James Norman
Director

 

R M Norman Builders 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.

The address of its registered office is:
Burleigh
Holmes Farm
Pebble Hill Road
Betchworth
Surrey
RH3 7BW
United Kingdom

These financial statements were authorised for issue by the Board on 26 March 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/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 current 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.

 

R M Norman Builders Limited

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

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.

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

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.

Trade 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 company will not be able to collect all amounts due according to the original terms of the receivables.

 

R M Norman Builders Limited

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

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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

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.

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.

 

R M Norman Builders Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

R M Norman Builders Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

10,000

10,000

At 30 June 2023

10,000

10,000

Amortisation

At 1 July 2022

10,000

10,000

At 30 June 2023

10,000

10,000

Carrying amount

At 30 June 2023

-

-

5

Tangible assets

Plant, machinery and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

10,118

59,484

69,602

Additions

290

-

290

At 30 June 2023

10,408

59,484

69,892

Depreciation

At 1 July 2022

6,209

49,827

56,036

Charge for the year

753

2,414

3,167

At 30 June 2023

6,962

52,241

59,203

Carrying amount

At 30 June 2023

3,446

7,243

10,689

At 30 June 2022

3,909

9,657

13,566

 

R M Norman Builders Limited

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

6

Stocks

2023
£

2022
£

Work in progress

-

55,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

388,689

250,236

Other debtors

48,945

1,758

 

437,634

251,994

 

R M Norman Builders Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,228

246,063

Taxation and social security

155,540

52,960

Other creditors

36,441

5,176

196,209

304,199

 

R M Norman Builders Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

A Ordinary of £1 each

1,000

1,000

1,000

1,000

B Ordinary of £1 each

1,000

1,000

1,000

1,000

C Ordinary of £1 each

3

3

3

3

D Ordinary of £1 each

1

1

1

1

 

3,004

3,004

3,004

3,004

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £34.9218 (2022 - £59.75) per each Ordinary

 

34,922

 

59,746

Interim dividend of £96.766 (2022 - £74.27) per each A Ordinary

 

96,766

 

74,270

Interim dividend of £50.9108 (2022 - £53.43) per each B Ordinary

 

50,911

 

53,426

Interim dividend of £16,970.26 (2022 - £887.41) per each C Ordinary

 

50,911

 

2,662

Interim dividend of £10,000.00 (2022 - £Nil) per each D Ordinary

 

10,000

 

-

   

243,509

 

190,104

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

22,984

22,984