Road Solutions Limited 04350972 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Construction of Roads and Motorways Digita Accounts Production Advanced 6.30.9574.0 true 04350972 2022-04-01 2023-03-31 04350972 2023-03-31 04350972 core:CurrentFinancialInstruments 2023-03-31 04350972 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04350972 core:Non-currentFinancialInstruments 2023-03-31 04350972 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04350972 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 04350972 core:FurnitureFittingsToolsEquipment 2023-03-31 04350972 core:MotorVehicles 2023-03-31 04350972 core:OtherPropertyPlantEquipment 2023-03-31 04350972 bus:SmallEntities 2022-04-01 2023-03-31 04350972 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04350972 bus:FullAccounts 2022-04-01 2023-03-31 04350972 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04350972 bus:RegisteredOffice 2022-04-01 2023-03-31 04350972 bus:Director1 2022-04-01 2023-03-31 04350972 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04350972 core:Goodwill 2022-04-01 2023-03-31 04350972 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 04350972 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 04350972 core:MotorVehicles 2022-04-01 2023-03-31 04350972 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04350972 core:PlantMachinery 2022-04-01 2023-03-31 04350972 countries:EnglandWales 2022-04-01 2023-03-31 04350972 2022-03-31 04350972 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 04350972 core:FurnitureFittingsToolsEquipment 2022-03-31 04350972 core:MotorVehicles 2022-03-31 04350972 core:OtherPropertyPlantEquipment 2022-03-31 04350972 2021-04-01 2022-03-31 04350972 2022-03-31 04350972 core:CurrentFinancialInstruments 2022-03-31 04350972 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04350972 core:Non-currentFinancialInstruments 2022-03-31 04350972 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 04350972 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 04350972 core:FurnitureFittingsToolsEquipment 2022-03-31 04350972 core:MotorVehicles 2022-03-31 04350972 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04350972

Road Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Road Solutions Limited

Director's Report for the Year Ended 31 March 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director of the company

The director who held office during the year was as follows:

Mr Matthew Inman

Principal activity

The principal activity of the company is Construction of Roads and Motorways

Small companies provision statement

This report has 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.

Approved and authorised by the director on 23 December 2023
 

.........................................
Mr Matthew Inman
Director

 

Road Solutions Limited

(Registration number: 04350972)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

4,924

7,216

Tangible assets

6

14,339

17,862

 

19,263

25,078

Current assets

 

Stocks

7

6,000

8,000

Debtors

8

28,652

144,486

 

34,652

152,486

Creditors: Amounts falling due within one year

9

(182,335)

(175,124)

Net current liabilities

 

(147,683)

(22,638)

Total assets less current liabilities

 

(128,420)

2,440

Creditors: Amounts falling due after more than one year

9

(38,495)

(43,396)

Provisions for liabilities

(2,724)

(3,394)

Net liabilities

 

(169,639)

(44,350)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(170,639)

(45,350)

Shareholders' deficit

 

(169,639)

(44,350)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. The profit and loss account has not been delivered to the Registrar of Companies.

Approved and authorised by the director on 23 December 2023
 

 

Road Solutions Limited

(Registration number: 04350972)
Balance Sheet as at 31 March 2023

.........................................
Mr Matthew Inman
Director

 

Road Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Unit 2a, Building 3
Barnsley Business & Innovation Centre
Innovation Way, Wilthorpe
Barnsley
S75 1JL

These financial statements were authorised for issue by the director on 23 December 2023.

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.

The presentation currency is GBP, rounded to the nearest £

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.

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.

 

Road Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Patent

Straight line over 10 years

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.

 

Road Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

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 company 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 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.

 

Road Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

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

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,245

5,345

Amortisation expense

2,292

2,292

 

Road Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

22,922

22,922

At 31 March 2023

22,922

22,922

Amortisation

At 1 April 2022

15,706

15,706

Amortisation charge

2,292

2,292

At 31 March 2023

17,998

17,998

Carrying amount

At 31 March 2023

4,924

4,924

At 31 March 2022

7,216

7,216

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

5,128

36,183

28,540

69,851

Additions

721

-

-

721

At 31 March 2023

5,849

36,183

28,540

70,572

Depreciation

At 1 April 2022

4,114

25,630

22,245

51,989

Charge for the year

347

2,638

1,259

4,244

At 31 March 2023

4,461

28,268

23,504

56,233

Carrying amount

At 31 March 2023

1,388

7,915

5,036

14,339

At 31 March 2022

-

10,553

7,309

17,862

 

Road Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Stocks

2023
£

2022
£

Other inventories

6,000

8,000

8

Debtors

Current

2023
£

2022
£

Trade debtors

6,260

1,614

Prepayments

11,054

9,208

Other debtors

11,338

133,664

 

28,652

144,486

 

Road Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

112,017

90,313

Trade creditors

 

18,941

27,389

Taxation and social security

 

-

314

Accruals and deferred income

 

711

400

Other creditors

 

50,666

56,708

 

182,335

175,124

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

38,495

43,396

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

38,495

43,396

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,442

5,442

Bank overdrafts

17,732

18,153

Other borrowings

88,843

66,718

112,017

90,313