Registered number
08780934
R C Construction SW Ltd
Filleted Accounts
31 December 2023
R C Construction SW Ltd
Registered number: 08780934
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 652,581 392,102
Current assets
Debtors 4 46,324 41,199
Cash at bank and in hand 415 105
46,739 41,304
Creditors: amounts falling due within one year 5 (65,459) (115,095)
Net current liabilities (18,720) (73,791)
Total assets less current liabilities 633,861 318,311
Creditors: amounts falling due after more than one year 6 (149,808) (119,676)
Net assets 484,053 198,635
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 225,000 -
Profit and loss account 258,953 198,535
Shareholders' funds 484,053 198,635
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A R Taylor
Director
Approved by the board on 15 April 2024
R C Construction SW Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings nil
Plant and machinery 10% to 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 25% reducing balance
The freehold building was revalued during the year at it's open market value. In the current circumstances there would be no tax due on the gain if the revaluation was realised.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 150,000 337,129 54,125 541,254
Additions - 50,086 10,000 60,086
Surplus on revaluation 225,000 - - 225,000
At 31 December 2023 375,000 387,215 64,125 826,340
Depreciation
At 1 January 2023 - 105,585 43,567 149,152
Charge for the year - 22,495 2,112 24,607
At 31 December 2023 - 128,080 45,679 173,759
Net book value
At 31 December 2023 375,000 259,135 18,446 652,581
At 31 December 2022 150,000 231,544 10,558 392,102
4 Debtors 2023 2022
£ £
Director's loan account (repaid after year end) - 35,208
Other debtors 46,324 5,991
46,324 41,199
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 16,776 17,387
Obligations under finance lease and hire purchase contracts 22,701 49,258
Trade creditors 2,529 3,957
Taxation and social security costs 23,453 44,493
65,459 115,095
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,711 25,070
Obligations under finance lease and hire purchase contracts 17,277 31,898
R C Construction and Scaffolding - company under common control 121,820 62,708
149,808 119,676
7 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 225,000 -
At 31 December 2023 225,000 -
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 128,671 48,290
9 Other information
R C Construction SW Ltd is a private company limited by shares and incorporated in England. Its registered office is:
40 Place Parc
Newquay
TR7 3HY
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