Registered number
13141619
RC Construction South West Limited
Filleted Accounts
31 January 2024
RC Construction South West Limited
Registered number: 13141619
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 47,190 57,462
Current assets
Stocks 1,000 1,000
Debtors 4 127,998 116,055
Cash at bank and in hand 217,246 151,125
346,244 268,180
Creditors: amounts falling due within one year 5 (120,122) (117,468)
Net current assets 226,122 150,712
Total assets less current liabilities 273,312 208,174
Provisions for liabilities (9,913) (7,082)
Net assets 263,399 201,092
Capital and reserves
Called up share capital 100 100
Profit and loss account 263,299 200,992
Shareholders' funds 263,399 201,092
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs C L Cottrell
Director
Approved by the board on 25 September 2024
RC Construction South West Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and office equipment 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Plant and equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 35,085 61,660 96,745
Additions 10,523 - 10,523
Disposals - (9,000) (9,000)
At 31 January 2024 45,608 52,660 98,268
Depreciation
At 1 February 2023 14,985 24,298 39,283
Charge for the year 7,658 8,075 15,733
On disposals - (3,938) (3,938)
At 31 January 2024 22,643 28,435 51,078
Net book value
At 31 January 2024 22,965 24,225 47,190
At 31 January 2023 20,100 37,362 57,462
4 Debtors 2024 2023
£ £
Trade debtors 117,747 104,144
Other debtors 10,251 11,911
127,998 116,055
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 44,053 53,792
Taxation and social security costs 64,782 53,894
Other creditors 11,287 9,782
120,122 117,468
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 2,492 2,492
7 Loans to directors
B/fwd Paid Repaid C/fwd
£ £ £ £
Mr R J Cottrell
Interest free and repayable on demand 1,201 - (1,201) -
Mrs C L Cottrell
Interest free and repayable on demand 1,201 - (1,201) -
2,402 - (2,402) -
8 Other information
RC Construction South West Limited is a private company limited by shares and incorporated in England. Its registered office is:
Jays Lodge
Morebath
Tiverton
Devon
EX16 9AL
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