R Nye Construction Ltd 09188033 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is construction. Digita Accounts Production Advanced 6.30.9574.0 true true 09188033 2023-01-01 2023-12-31 09188033 2023-12-31 09188033 core:RetainedEarningsAccumulatedLosses 2023-12-31 09188033 core:ShareCapital 2023-12-31 09188033 core:CurrentFinancialInstruments 2023-12-31 09188033 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09188033 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 09188033 core:FurnitureFittingsToolsEquipment 2023-12-31 09188033 core:MotorVehicles 2023-12-31 09188033 bus:SmallEntities 2023-01-01 2023-12-31 09188033 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09188033 bus:FilletedAccounts 2023-01-01 2023-12-31 09188033 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09188033 bus:RegisteredOffice 2023-01-01 2023-12-31 09188033 bus:Director2 2023-01-01 2023-12-31 09188033 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09188033 core:ComputerEquipment 2023-01-01 2023-12-31 09188033 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 09188033 core:MotorVehicles 2023-01-01 2023-12-31 09188033 core:PlantMachinery 2023-01-01 2023-12-31 09188033 countries:EnglandWales 2023-01-01 2023-12-31 09188033 2022-12-31 09188033 core:FurnitureFittingsToolsEquipment 2022-12-31 09188033 core:MotorVehicles 2022-12-31 09188033 2022-01-01 2022-12-31 09188033 2022-12-31 09188033 core:RetainedEarningsAccumulatedLosses 2022-12-31 09188033 core:ShareCapital 2022-12-31 09188033 core:CurrentFinancialInstruments 2022-12-31 09188033 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09188033 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 09188033 core:FurnitureFittingsToolsEquipment 2022-12-31 09188033 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09188033

R Nye Construction Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

R Nye Construction Ltd

(Registration number: 09188033)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,059

1,960

Current assets

 

Debtors

5

21,300

32,313

Cash at bank and in hand

 

7,335

3,441

 

28,635

35,754

Creditors: Amounts falling due within one year

6

(19,002)

(21,358)

Net current assets

 

9,633

14,396

Total assets less current liabilities

 

10,692

16,356

Creditors: Amounts falling due after more than one year

6

(9,917)

(16,082)

Provisions for liabilities

(174)

(174)

Net assets

 

601

100

Capital and reserves

 

Called up share capital

100

100

Retained earnings

501

-

Shareholders' funds

 

601

100

 

R Nye Construction Ltd

(Registration number: 09188033)
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.

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 17 September 2024 and signed on its behalf by:
 

.........................................

R Nye
Director

 

R Nye Construction Ltd

Notes to the 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.

Principal activity

The principal activity of the Company is construction.

These financial statements were authorised for issue by the Board on 17 September 2024.

The address of its registered office is:
18 Ravenswood
Hassocks
West Sussex
BN6 8PB
United Kingdom

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.

Going concern

These financial statements have been prepared on the going concern basis.

 

R Nye Construction Ltd

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

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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

Motor vehicles

3 year straight line

Tools and equipment

5 year straight line

Computer equipment

5 year straight line

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.

 

R Nye Construction Ltd

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

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

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.

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.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amount due from customers for services performed in the ordinary course of the business.

 

R Nye Construction Ltd

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

Financial instruments

Classification
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

 

R Nye Construction Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

5,721

12,995

18,716

Additions

585

-

585

At 31 December 2023

6,306

12,995

19,301

Depreciation

At 1 January 2023

4,483

12,273

16,756

Charge for the year

764

722

1,486

At 31 December 2023

5,247

12,995

18,242

Carrying amount

At 31 December 2023

1,059

-

1,059

At 31 December 2022

1,238

722

1,960

5

Debtors

Current

2023
£

2022
£

Trade debtors

19,500

24,000

Other debtors

1,800

8,313

 

21,300

32,313

 

R Nye Construction Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7,000

7,835

Taxation and social security

 

9,983

11,507

Accruals and deferred income

 

1,650

1,650

Other creditors

 

369

366

 

19,002

21,358

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9,917

16,082

7

Related party transactions

Director

During the year the directors were granted dividends of £15,474 (2022: £13,584). The directors received £17,274 from the company (2022: £21,898), repaid £nil (2022: £nil) and offset £15,474 through dividends (2022: £13,584). At the balance sheet date, amounts owed by the directors were £1,800 (2022: £8,314).

8

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

9

Dividends

2023

2022

£

£

Final dividend of £155 (2022 - £136) per ordinary share

15,474

13,584