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Registration number: 06637268

RK Bell Projects Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

RK Bell Projects Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

RK Bell Projects Ltd

(Registration number: 06637268)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

753,990

730,565

Investments

5

100,000

-

 

853,990

730,565

Current assets

 

Stocks

6

250

250

Debtors

7

1,821,936

1,808,197

Cash at bank and in hand

 

1,076,757

1,630,060

 

2,898,943

3,438,507

Creditors: Amounts falling due within one year

8

(2,140,625)

(2,449,134)

Net current assets

 

758,318

989,373

Total assets less current liabilities

 

1,612,308

1,719,938

Creditors: Amounts falling due after more than one year

8

(186,782)

(192,031)

Provisions for liabilities

(182,357)

(182,641)

Net assets

 

1,243,169

1,345,266

Capital and reserves

 

Called up share capital

1,200

1,200

Retained earnings

1,241,969

1,344,066

Shareholders' funds

 

1,243,169

1,345,266

 

RK Bell Projects Ltd

(Registration number: 06637268)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 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.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

N R Bell
Director

   
     
 

RK Bell Projects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Dunwear Depot
Bridgwater
Somerset
TA7 0AA

These financial statements were authorised for issue by the Board on 5 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Group accounts not prepared

The company was entitled to exemption from preparing group accounts under s399 of the Companies Act 2006 and therefore the accounts present information about the company only and do not include consolidated financial information as the parent of a group.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

RK Bell Projects Ltd

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

Contract revenue recognition

Turnover is recognised in-line with monthly valuations for individual contracts. The overall profit margin on each contract is reviewed and, where necessary. a cost accrual provided to bring the actual profit margin on the sales recognised in turnover to date in line with the overall profit margin for the contract. Contract cost provisions are included in creditors due within one year as accruals. If a contract is loss-making then the loss is recognised within cost of sales immediately

Government grants

Government grants are recognised at fair value when there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Grants related to the purchase of assets are treated as deferred income and allocated to the income statement over the useful lives of the related assets while grants related to expenses are treated as other income in the income statement.

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.

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

Fixtures & fittings

20-33% on cost

Motor vehicles

25% on reducing balance

Plant & Machinery

20% on reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

RK Bell Projects Ltd

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

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.

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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

RK Bell Projects Ltd

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 30 (2022 - 31).

The employees are employed by R. K. Bell Limited, a company also controlled by the Managing Director.

R K Bell Projects Limited are recharged wages costs by R. K. Bell Limited.

 

RK Bell Projects Ltd

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

4

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

62,969

471,663

609,324

1,143,956

Additions

9,941

41,261

239,238

290,440

Disposals

-

(43,336)

(88,995)

(132,331)

At 31 December 2023

72,910

469,588

759,567

1,302,065

Depreciation

At 1 January 2023

20,035

123,526

269,830

413,391

Charge for the year

19,214

75,858

107,739

202,811

Eliminated on disposal

-

(34,014)

(34,113)

(68,127)

At 31 December 2023

39,249

165,370

343,456

548,075

Carrying amount

At 31 December 2023

33,661

304,218

416,111

753,990

At 31 December 2022

42,934

348,137

339,494

730,565

5

Investments

2023
£

2022
£

Investments in subsidiaries

100,000

-

Subsidiaries

£

Cost or valuation

Additions

100,000

Carrying amount

At 31 December 2023

100,000

6

Stocks

2023
£

2022
£

Other inventories

250

250

 

RK Bell Projects Ltd

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

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,432,880

1,479,473

Amounts owed by related parties

10

276,287

-

Other debtors

 

105,709

318,195

Prepayments

 

7,060

10,529

 

1,821,936

1,808,197

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

122,303

100,293

Trade creditors

 

1,084,497

1,077,915

Amounts due to related parties

10

293,073

573,852

Social security and other taxes

 

7,814

6,083

Other creditors

 

5,287

-

Accruals

 

598,075

603,975

Corporation tax liability

29,576

87,016

 

2,140,625

2,449,134

Due after one year

 

Loans and borrowings

9

186,782

192,031

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

186,782

192,031

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

122,303

100,293

Hire purchase liabilities are secured against the tangible assets of the company to which they relate.

 

RK Bell Projects Ltd

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

10

Related party transactions

Key management personnel

Director

Summary of transactions with key management

A director has continued to provide a loan to the company and the balance at the year end was £172 (2022 - £171,241). The loan is interest free and repayable on demand.
 

Summary of transactions with subsidiaries

GWorks Surfacing Limited

During the year R K Bell Projects Limited provided a loan to GWorks Surfacing Limited. The balance owing at the year end was £260,942 (2022 - Nil).

The loan is interest free and repayable on demand.