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Registration number: 06008460

RES (Devon) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

RES (Devon) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

RES (Devon) Limited

Company Information

Director

Mr D Jeffery

Company secretary

Mr J P Welch

Registered office

Unit 9, Benning Court
Pottington Business Park
Barnstaple
Devon
EX31 1AB

Accountants

PGD Accountants
Certified Accountants
26 Spinney Close
Roundswell
Barnstaple
Devon
EX31 3RT

 

RES (Devon) Limited

(Registration number: 06008460)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,128

9,613

Current assets

 

Stocks

5

186,486

104,122

Debtors

6

119,707

132,809

Cash at bank and in hand

 

3

31

 

306,196

236,962

Creditors: Amounts falling due within one year

7

(308,994)

(337,808)

Net current liabilities

 

(2,798)

(100,846)

Total assets less current liabilities

 

39,330

(91,233)

Creditors: Amounts falling due after more than one year

7

(38,918)

(22,450)

Provisions for liabilities

4,310

(98)

Net assets/(liabilities)

 

4,722

(113,781)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

4,622

(113,881)

Shareholders' funds/(deficit)

 

4,722

(113,781)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 September 2024
 

 

RES (Devon) Limited

(Registration number: 06008460)
Balance Sheet as at 31 March 2024

.........................................
Mr D Jeffery
Director

 

RES (Devon) 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 9, Benning Court
Pottington Business Park
Barnstaple
Devon
EX31 1AB

These financial statements were authorised for issue by the director on 17 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.

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.

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.

 

RES (Devon) Limited

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

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% straight line

Furniture, fittings, tools and equipment

25% straight line

Office equipment

20% straight line

Motor vehicles

20% 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.

Trade 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 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.

 

RES (Devon) Limited

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

Trade creditors

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

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.

 

RES (Devon) Limited

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

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 the director) during the year, was 12 (2023 - 14).

 

RES (Devon) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

44,062

25,020

55,621

124,703

Additions

-

45,500

-

45,500

At 31 March 2024

44,062

70,520

55,621

170,203

Depreciation

At 1 April 2023

40,843

20,353

53,894

115,090

Charge for the year

1,671

10,600

714

12,985

At 31 March 2024

42,514

30,953

54,608

128,075

Carrying amount

At 31 March 2024

1,548

39,567

1,013

42,128

At 31 March 2023

3,219

4,667

1,727

9,613

5

Stocks

2024
£

2023
£

Work in progress

142,716

58,881

Other inventories

43,770

45,241

186,486

104,122

6

Debtors

Current

2024
£

2023
£

Trade debtors

101,133

101,461

Prepayments

1,802

1,802

Other debtors

16,772

29,546

 

119,707

132,809

7

Creditors

Creditors: amounts falling due within one year

 

RES (Devon) Limited

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

120,706

135,383

Trade creditors

 

133,349

171,655

Taxation and social security

 

27,100

24,086

Accruals and deferred income

 

1,300

1,260

Other creditors

 

26,539

5,424

 

308,994

337,808

 

RES (Devon) Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

38,918

22,450

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares Class A of £1 each

70

70

70

70

Ordinary shares Class B of £1 each

10

10

10

10

Ordinary shares Class C of £1 each

10

10

10

10

Ordinary shares Class D of £1 each

10

10

10

10

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,238

22,450

Hire purchase contracts

26,680

-

38,918

22,450

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,212

9,957

Bank overdrafts

2,369

12,644

Hire purchase contracts

12,098

-

Other borrowings

96,027

112,782

120,706

135,383

10

Related party transactions

 

RES (Devon) Limited

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

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Other payments made to company by director
£

At 31 March 2024
£

Mr D Jeffery

Loan from director interest free and repayable when company is in a position to do so

(112,782)

23,755

(7,000)

(96,027)

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Mr D Jeffery

Loan from director interest free and repayable when company is in a position to do so

(110,114)

(2,668)

(112,782)

 

RES (Devon) Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

30,000

30,000

Dividends paid to the director

2024
£

2023
£

Mr D Jeffery

Dividends

7,000

-