4 01/03/2023 28/02/2024 2024-02-28 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09513944 2023-03-01 2024-02-28 09513944 2024-02-28 09513944 2023-02-28 09513944 2022-03-01 2023-02-28 09513944 2023-02-28 09513944 2022-02-28 09513944 core:PlantMachinery 2023-03-01 2024-02-28 09513944 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-28 09513944 core:MotorVehicles 2023-03-01 2024-02-28 09513944 bus:Director1 2023-03-01 2024-02-28 09513944 core:WithinOneYear 2024-02-28 09513944 core:WithinOneYear 2023-02-28 09513944 core:AfterOneYear 2024-02-28 09513944 core:AfterOneYear 2023-02-28 09513944 core:ShareCapital 2024-02-28 09513944 core:ShareCapital 2023-02-28 09513944 core:RetainedEarningsAccumulatedLosses 2024-02-28 09513944 core:RetainedEarningsAccumulatedLosses 2023-02-28 09513944 bus:SmallEntities 2023-03-01 2024-02-28 09513944 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 09513944 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 09513944 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 09513944 bus:AbridgedAccounts 2023-03-01 2024-02-28
Company registration number: 09513944
Start Right Reinforcement & Formwork Limited
Formerly Start Right Reinforcement Limited
Unaudited filleted abridged financial statements
28 February 2024
Start Right Reinforcement & Formwork Limited
Abridged statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 99,608 65,540
_______ _______
99,608 65,540
Current assets
Stocks 121,325 22,592
Debtors 279,494 327,312
Cash at bank and in hand 13,167 56,519
_______ _______
413,986 406,423
Creditors: amounts falling due
within one year 6 ( 257,739) ( 190,389)
_______ _______
Net current assets 156,247 216,034
_______ _______
Total assets less current liabilities 255,855 281,574
Creditors: amounts falling due
after more than one year 7 ( 94,117) ( 136,982)
Provisions for liabilities ( 17,800) ( 12,600)
_______ _______
Net assets 143,938 131,992
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 143,936 131,990
_______ _______
Shareholders funds 143,938 131,992
_______ _______
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 28 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr T Carrick Mr C Crane
Director Director
Company registration number: 09513944
Start Right Reinforcement & Formwork Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard Mead, Victoria Avenue, Brandon, Suffolk, IP27 0HZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
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:
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 33 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
£
Cost
At 1 March 2023 118,573
Additions 60,248
Disposals ( 26,486)
_______
At 28 February 2024 152,335
_______
Depreciation
At 1 March 2023 53,034
Charge for the year 15,615
Disposals ( 15,922)
_______
At 28 February 2024 52,727
_______
Carrying amount
At 28 February 2024 99,608
_______
At 28 February 2023 65,539
_______
6. Creditors: amounts falling due within one year
Creditors include net obligations under hire purchase contracts which are secured of £29,306 (2023, £5, 586). The hire purchase contracts are secured on the assets concerned.
7. Creditors: amounts falling due after more than one year
Creditors include net obligations under hire purchase contracts which are secured of £19,117 (2023 £11,982). The hire purchase contracts are secured on the assets concerned.