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Registration number: 04687784

R & C Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

R & C Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

R & C Developments Limited

Company Information

Directors

Mr N S Croom

Mr P W Dunell

Company secretary

Mr P W Dunell

Registered office

Unit 27
Rockhaven Business Centre
Longhedge
Salisbury
Wiltshire
SP4 6RT

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

R & C Developments Limited

(Registration number: 04687784)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Tangible assets

5

16,336

17,470

Investment property

6

212,219

209,719

Debtors

8

10,580

4,784

 

239,135

231,973

Current assets

 

Stocks

7

139,352

150,757

Debtors

8

113,070

22,946

Cash at bank and in hand

 

2,777

66,353

 

255,199

240,056

Creditors: Amounts falling due within one year

9

(50,633)

(69,983)

Net current assets

 

204,566

170,073

Total assets less current liabilities

 

443,701

402,046

Provisions for liabilities

(3,747)

(3,919)

Net assets

 

439,954

398,127

Capital and reserves

 

Called up share capital

10

16

16

Retained earnings

439,938

398,111

Shareholders' funds

 

439,954

398,127

For the financial year ending 31 March 2024 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.

 

R & C Developments Limited

(Registration number: 04687784)
Balance Sheet as at 31 March 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
Mr N S Croom
Director

.........................................
Mr P W Dunell
Company secretary and director

 

R & C Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 27
Rockhaven Business Centre
Longhedge
Salisbury
Wiltshire
SP4 6RT

These financial statements were authorised for issue by the Board on 3 September 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.

 

R & C Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

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

20% Reducing Balance

Fixtures and Fittings

10% Reducing Balance

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

 

R & C Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

10 Years

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.

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.

 

R & C Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

R & C Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

15,000

15,000

At 31 March 2024

15,000

15,000

Amortisation

At 1 April 2023

15,000

15,000

At 31 March 2024

15,000

15,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

9,525

3,914

22,160

35,599

Additions

1,960

-

-

1,960

At 31 March 2024

11,485

3,914

22,160

37,559

Depreciation

At 1 April 2023

4,387

3,005

10,737

18,129

Charge for the year

628

182

2,284

3,094

At 31 March 2024

5,015

3,187

13,021

21,223

Carrying amount

At 31 March 2024

6,470

727

9,139

16,336

At 31 March 2023

5,138

909

11,423

17,470

 

R & C Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Investment properties

2024
£

At 1 April

209,719

Fair value adjustments

2,500

At 31 March

212,219

Fixed asset investments comprise investment property £212,219 (2023 - £209,719), The historic cost of the property is £219,719.
The commercial investment properties are stated at fair value as provided by the director Mr N S Croom.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Work in progress

138,902

150,307

Other inventories

450

450

139,352

150,757

8

Debtors

Current

2024
£

2023
£

Trade debtors

66,043

8,096

Prepayments

151

149

Other debtors

46,876

14,701

 

113,070

22,946

Non-current

2024
£

2023
£

Other debtors

10,580

4,784

 

10,580

4,784

 

R & C Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,176

35,346

Taxation and social security

44,653

33,932

Other creditors

804

705

50,633

69,983

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

6

6

6

6

Ordinary B of £1 each

10

10

10

10

16

16

16

16

 

R & C Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Dividends

2024

2023

£

£

Interim dividends of £4,062 (2023 - £4,062) per ordinary share were paid to Directors in the year.

40,620

40,620

 

 

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr P W Dunell

Loan from Director is interest free and repayable on demand.

(120)

-

(312)

(432)

Mr N S Croom

Loan to Director is chargede interest at HMRC's official rate and is repayable on demand.

14,701

17,487

(312)

31,876