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Registered number: 02797885
R E Buildings Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
BCS Accountants & Tax Consultants
60 Main Road
Bolton Le Sands
Carnforth
Lancashire
LA5 8DN
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02797885
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,288,737 1,059,018
1,288,737 1,059,018
CURRENT ASSETS
Stocks 5 343,334 282,747
Debtors 6 405,095 1,250,544
Cash at bank and in hand 2,461,280 838,903
3,209,709 2,372,194
Creditors: Amounts Falling Due Within One Year 7 (1,372,075 ) (712,492 )
NET CURRENT ASSETS (LIABILITIES) 1,837,634 1,659,702
TOTAL ASSETS LESS CURRENT LIABILITIES 3,126,371 2,718,720
Creditors: Amounts Falling Due After More Than One Year 8 - (41,727 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (213,404 ) (113,739 )
NET ASSETS 2,912,967 2,563,254
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 11 476,631 476,631
Profit and Loss Account 2,436,236 2,086,523
SHAREHOLDERS' FUNDS 2,912,967 2,563,254
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs R L Rawsthorne
Director
24/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
R E Buildings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02797885 . The registered office is Spout House Barn, Bay Horse, Lancaster, Lancashire, LA2 9DE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains
accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold 2% straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 20% reducing balance
Computer Equipment 20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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2.4. Leasing and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
2.5. Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
2.6. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
2.7. Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
2.8. Taxation
Deferred tax is provided for in full in respect of taxation deferred by timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. No provision has been made for taxation deferred on gains recognised on revaluing freehold property to it's market value as the company does not intend to sell the revalued assets.
2.9. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation.
Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2022: 28)
28 28
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 660,435 932,041 545,555 70,576 2,208,607
Additions - 364,350 144,638 3,742 512,730
Disposals - (127,754 ) (123,430 ) (7,950 ) (259,134 )
As at 31 December 2023 660,435 1,168,637 566,763 66,368 2,462,203
Depreciation
As at 1 January 2023 259,481 591,828 236,831 61,449 1,149,589
...CONTINUED
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Provided during the period 21,709 65,211 90,689 4,728 182,337
Disposals - (43,734 ) (106,776 ) (7,950 ) (158,460 )
As at 31 December 2023 281,190 613,305 220,744 58,227 1,173,466
Net Book Value
As at 31 December 2023 379,245 555,332 346,019 8,141 1,288,737
As at 1 January 2023 400,954 340,213 308,724 9,127 1,059,018
Tangible assets held at valuation
Included in Freehold Property are the workshops and yard which were revalued at 31 March 2014 at £600,000 based on a valuation prepared by James E Fish BSc MRICS of Armitstead Barnett. The historical cost of the assets is £209,514.
5. Stocks
2023 2022
£ £
Stock 311,434 255,297
Work in progress 31,900 27,450
343,334 282,747
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 68,982 201,642
Prepayments and accrued income 21,107 15,706
Intercompany Loan Account 315,006 1,033,196
405,095 1,250,544
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 863,142 480,901
HP/ Finance lease 64,424 32,118
Corporation tax 154,944 58,181
PAYE and NIC 25,832 17,363
VAT 114,592 74,687
Pension Fund 1,907 1,751
Trade creditors - credit cards 11,332 8,025
Other creditors (2) - 289
Accruals and deferred income 135,902 39,177
1,372,075 712,492
Svenska Handelsbanken hold a fixed and floating charge under a mortgage debenture, over all current and future assets of the company.
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
HP / Finance lease - > 1 Yr - 41,727
- 41,727
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
There were no directors loans or advances during the year.
11. Reserves
Revaluation Reserve
£
As at 1 January 2023 476,631
As at 31 December 2023 476,631
12. Related Party Transactions
The company was controlled by the three directors via their company Rawsthorne & Eastham Ltd.
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