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Company No: 09308007 (England and Wales)

RAY CHAPMAN FABRICATION LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

RAY CHAPMAN FABRICATION LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

RAY CHAPMAN FABRICATION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
RAY CHAPMAN FABRICATION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 44,640 57,410
44,640 57,410
Current assets
Stocks 3,706 2,004
Debtors 4 68,117 60,101
Cash at bank and in hand 4,395 27,886
76,218 89,991
Creditors: amounts falling due within one year 5 ( 72,330) ( 51,282)
Net current assets 3,888 38,709
Total assets less current liabilities 48,528 96,119
Creditors: amounts falling due after more than one year 6 ( 30,000) ( 50,000)
Provision for liabilities 7 ( 2,207) ( 7,449)
Net assets 16,321 38,670
Capital and reserves
Called-up share capital 100 100
Profit and loss account 16,221 38,570
Total shareholders' funds 16,321 38,670

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ray Chapman Fabrication Limited (registered number: 09308007) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr J Sisterson
Director

23 August 2024

RAY CHAPMAN FABRICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
RAY CHAPMAN FABRICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ray Chapman Fabrication Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Workshop Rushall Hall Farm, Hall Lane, Rushall, IP21 4QB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the profit or loss over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Pensions

Defined Contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contribution are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company independently administered funds.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 31,417 68,760 2,635 5,706 108,518
Additions 1,398 0 0 476 1,874
At 30 November 2023 32,815 68,760 2,635 6,182 110,392
Accumulated depreciation
At 01 December 2022 22,414 23,856 2,371 2,467 51,108
Charge for the financial year 2,484 11,226 66 868 14,644
At 30 November 2023 24,898 35,082 2,437 3,335 65,752
Net book value
At 30 November 2023 7,917 33,678 198 2,847 44,640
At 30 November 2022 9,003 44,904 264 3,239 57,410

4. Debtors

2023 2022
£ £
Trade debtors 64,529 55,988
Prepayments 3,588 1,596
Corporation tax 0 2,517
68,117 60,101

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 20,000 20,000
Trade creditors 28,604 10,913
Amounts owed to directors 10,807 807
Accruals 2,927 2,738
Other taxation and social security 7,528 8,577
Other creditors 2,464 8,247
72,330 51,282

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 30,000 50,000

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 7,449) ( 2,442)
Credited/(charged) to the Income Statement 5,242 ( 5,007)
At the end of financial year ( 2,207) ( 7,449)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 8,482) ( 10,908)
Tax losses carry forward 6,275 3,459
( 2,207) ( 7,449)

8. Related party transactions

Transactions with the entity's directors

At the start of the year the company owed the director £807. No amounts were repaid during the year and a loan of £10,000 was made by the director. At the end of the year the director is owed £10,807.