REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 30th September 2023 |
for |
R M Carson Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 30th September 2023 |
for |
R M Carson Limited |
R M Carson Limited (Registered number: 10963018) |
Contents of the Financial Statements |
For The Year Ended 30th September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
R M Carson Limited |
Company Information |
For The Year Ended 30th September 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Old Market Place |
Ripon |
North Yorkshire |
HG4 1EQ |
R M Carson Limited (Registered number: 10963018) |
Balance Sheet |
30th September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
R M Carson Limited (Registered number: 10963018) |
Balance Sheet - continued |
30th September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
R M Carson Limited (Registered number: 10963018) |
Notes to the Financial Statements |
For The Year Ended 30th September 2023 |
1. | STATUTORY INFORMATION |
R M Carson Limited is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements were prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued in August 2014. The financial statements have been prepared under the historical cost convention. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £. |
Turnover |
The turnover represents net invoiced sales of construction services, excluding value added tax. |
Turnover is measured at the fair value of the consideration received for services provided, net of any VAT and any discounts. Turnover is recognised when the amount of turnover can be measured reliably, it is probable the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually the date valuation applications of work completed are submitted. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of 4 years. |
Intangible assets are initially measured at cost. after initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a systematic basis over its expected useful life as follows: |
Plant and machinery 15% reducing balance |
Motor vehicles 25% reducing balance |
Computer equipment 25% straight line |
Stocks |
Stocks are valued at the lower of costs and net realisable value after taking into account obsolete items and are allocated on a first in first out method. |
Contract work in progress is valued at the cost plus attributable profit or net realisable value. Attributable profit is that part of the total profit on the contract which fairly reflects the work performed at the balance sheet date and which can be assessed with reasonable certainty. |
R M Carson Limited (Registered number: 10963018) |
Notes to the Financial Statements - continued |
For The Year Ended 30th September 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account, unless the asset is carried at a revalued amount and the impairment loss is a decrease to a previous revaluation. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
Interest receivable |
Interest income is recognised using the effective interest method. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
A basic financial liability that is a loan from a person who is a director and a shareholder is recorded at the initial transaction price and is not measured at fair value. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
R M Carson Limited (Registered number: 10963018) |
Notes to the Financial Statements - continued |
For The Year Ended 30th September 2023 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st October 2022 |
and 30th September 2023 |
AMORTISATION |
At 1st October 2022 |
and 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
6. | TANGIBLE FIXED ASSETS |
Computer & |
Plant and | Commercial | office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st October 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30th September 2023 |
DEPRECIATION |
At 1st October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30th September 2023 |
NET BOOK VALUE |
At 30th September 2023 |
At 30th September 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
R M Carson Limited (Registered number: 10963018) |
Notes to the Financial Statements - continued |
For The Year Ended 30th September 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade creditors |
Corporation Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts |
Accrued expenses |
9. | PROVISIONS FOR LIABILITIES |
30.9.23 | 30.9.22 |
£ | £ |
Deferred tax | 15,800 | 16,100 |
Deferred tax |
£ |
Balance at 1st October 2022 |
Decrease due to a reduction in |
accelerated capital allowances | (2,200 | ) |
Increase in provision re |
brought forward losses |
utilisation | 1,900 |
Balance at 30th September 2023 |
The provision for the deferred tax liability has arisen due to the net book value of fixed assets being significantly higher than the tax written down value of assets for capital allowance purposes. |
The difference in these values is expected to reduce in future periods and as a result the provision for deferred tax is due to a temporary timing difference and the provision will reduce in future periods. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | CAPITAL COMMITMENTS |
30.9.23 | 30.9.22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is R M Carson. |