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Company registration number: 07615774
R. M. Corbett Ltd
Unaudited filleted financial statements
31 March 2024
R. M. Corbett Ltd
Contents
Statement of financial position
Notes to the financial statements
R. M. Corbett Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 823,073 927,421
_______ _______
823,073 927,421
Current assets
Stocks 88,150 267,222
Debtors 7 185,057 257,764
_______ _______
273,207 524,986
Creditors: amounts falling due
within one year 8 ( 380,731) ( 665,053)
_______ _______
Net current liabilities ( 107,524) ( 140,067)
_______ _______
Total assets less current liabilities 715,549 787,354
Creditors: amounts falling due
after more than one year 9 ( 309,917) ( 327,985)
Provisions for liabilities ( 173,000) ( 131,000)
_______ _______
Net assets 232,632 328,369
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 232,532 328,269
_______ _______
Shareholders funds 232,632 328,369
_______ _______
For the 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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr F M Corbett
Director
Company registration number: 07615774
R. M. Corbett Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Dykehead ,Rochester, Newcastle Upon Tyne, NE19 1RD.
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, and are rounded to the nearest £1.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Land and buildings - 4 % straight line
Plant and machinery - 10 % straight line
Motor vehicles - 20 % straight line
Shed - 4 % straight line
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.
Stocks
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model and the performance model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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.
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.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.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 5 (2023: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 34,000 34,000
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 34,000 34,000
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Motor vehicles Shed Total
£ £ £ £ £
Cost
At 1 April 2023 97,207 510,239 573,837 18,000 1,199,283
Additions - 181,950 - - 181,950
Disposals - ( 138,712) ( 143,340) - ( 282,052)
_______ _______ _______ _______ _______
At 31 March 2024 97,207 553,477 430,497 18,000 1,099,181
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 35,317 119,448 112,497 4,600 271,862
Charge for the year 3,888 22,810 52,380 720 79,798
Disposals - ( 13,872) ( 61,680) - ( 75,552)
_______ _______ _______ _______ _______
At 31 March 2024 39,205 128,386 103,197 5,320 276,108
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 58,002 425,091 327,300 12,680 823,073
_______ _______ _______ _______ _______
At 31 March 2023 61,890 390,791 461,340 13,400 927,421
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 101,425 125,137
Other debtors 83,632 132,627
_______ _______
185,057 257,764
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 143,327 151,514
Trade creditors 100,863 340,465
Social security and other taxes 19,974 2,832
Other creditors 116,567 170,242
_______ _______
380,731 665,053
_______ _______
The bank loan is a covid bounce back loan with no interest or repayments due in the first year of the loan. Interest of 2.5% is charged over the remainder of the loan. Obligations under hire purchase are secured on the asset the agreement relates to.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,500 22,500
Other creditors 297,417 305,485
_______ _______
309,917 327,985
_______ _______
The bank loan is a covid bounce back loan with no interest or repayments due in the first year of the loan. Interest of 2.5% is charged over the remainder of the loan. Obligations under hire purchase are secured on the asset the agreement relates to.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R M Corbett 28,675 ( 28,675) - -
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R M Corbett 35,343 28,832 ( 35,500) 28,675
_______ _______ _______ _______
11. Related party transactions
The company paid a dividend of £29,000 (31 March 2023 £35,500) to Mr R Corbett a former director of the company.
12. Controlling party
There is no overall controlling party of the company, as each shareholder holds 50% of the shares issued.