14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 16,022 16,022 xbrli:pure xbrli:shares iso4217:GBP 06130427 2023-03-01 2024-02-29 06130427 2024-02-29 06130427 2023-02-28 06130427 2022-03-01 2023-02-28 06130427 2023-02-28 06130427 2022-02-28 06130427 core:NetGoodwill 2023-03-01 2024-02-29 06130427 core:PlantMachinery 2023-03-01 2024-02-29 06130427 core:MotorVehicles 2023-03-01 2024-02-29 06130427 bus:Director1 2023-03-01 2024-02-29 06130427 bus:Director2 2023-03-01 2024-02-29 06130427 core:NetGoodwill 2024-02-29 06130427 core:PlantMachinery 2023-02-28 06130427 core:MotorVehicles 2023-02-28 06130427 core:PlantMachinery 2024-02-29 06130427 core:MotorVehicles 2024-02-29 06130427 core:WithinOneYear 2024-02-29 06130427 core:WithinOneYear 2023-02-28 06130427 core:AfterOneYear 2024-02-29 06130427 core:AfterOneYear 2023-02-28 06130427 core:ShareCapital 2024-02-29 06130427 core:ShareCapital 2023-02-28 06130427 core:RetainedEarningsAccumulatedLosses 2024-02-29 06130427 core:RetainedEarningsAccumulatedLosses 2023-02-28 06130427 core:PlantMachinery 2023-02-28 06130427 core:MotorVehicles 2023-02-28 06130427 bus:SmallEntities 2023-03-01 2024-02-29 06130427 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06130427 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06130427 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06130427 bus:FullAccounts 2023-03-01 2024-02-29 06130427 core:OtherVehicles 2023-03-01 2024-02-29 06130427 core:OtherVehicles 2023-02-28 06130427 core:OtherVehicles 2024-02-29
COMPANY REGISTRATION NUMBER: 06130427
R N Roberts & Sons Limited
Filleted Unaudited Financial Statements
29 February 2024
R N Roberts & Sons Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
378,011
481,903
Current assets
Stocks
5,000
5,000
Debtors
7
505,010
276,127
Cash at bank and in hand
199,594
232,274
---------
---------
709,604
513,401
Creditors: amounts falling due within one year
8
248,523
230,452
---------
---------
Net current assets
461,081
282,949
---------
---------
Total assets less current liabilities
839,092
764,852
Creditors: amounts falling due after more than one year
9
30,539
121,658
Provisions
Taxation including deferred tax
94,503
43,890
---------
---------
Net assets
714,050
599,304
---------
---------
Capital and reserves
Called up share capital
150
150
Profit and loss account
713,900
599,154
---------
---------
Shareholders funds
714,050
599,304
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 29 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 .
R N Roberts & Sons Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr G N Roberts
Mr R A Roberts
Director
Director
Company registration number: 06130427
R N Roberts & Sons Limited
Notes to the Financial Statements
Year ended 29 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 R N Roberts & Sons, Whittle Close Engineer Park, Sandycroft, Deeside, CH5 2QY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for road haulage services during the year, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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
-
33% 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 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
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 & Machinery
-
25% reducing balance
Wagons
-
25% reducing balance
Trailors & Equipment
-
25% reducing balance
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 stock to its present location and condition.
Finance leases 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 14 (2023: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
16,022
--------
Amortisation
At 1 March 2023 and 29 February 2024
16,022
--------
Carrying amount
At 29 February 2024
--------
At 28 February 2023
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
95,401
781,616
541,825
1,418,842
Additions
3,465
6,500
34,250
44,215
Disposals
( 22,800)
( 68,250)
( 91,050)
--------
---------
---------
------------
At 29 February 2024
98,866
765,316
507,825
1,372,007
--------
---------
---------
------------
Depreciation
At 1 March 2023
76,347
481,249
379,343
936,939
Charge for the year
5,417
74,789
45,791
125,997
Disposals
( 14,245)
( 54,695)
( 68,940)
--------
---------
---------
------------
At 29 February 2024
81,764
541,793
370,439
993,996
--------
---------
---------
------------
Carrying amount
At 29 February 2024
17,102
223,523
137,386
378,011
--------
---------
---------
------------
At 28 February 2023
19,054
300,367
162,482
481,903
--------
---------
---------
------------
7. Debtors
2024
2023
£
£
Trade debtors
223,795
196,795
Other debtors
281,215
79,332
---------
---------
505,010
276,127
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
104,046
105,849
Social security and other taxes
45,932
19,201
Other creditors
98,545
105,402
---------
---------
248,523
230,452
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
30,539
121,658
--------
---------
10. Directors' advances, credits and guarantees
The directors operate current accounts with the company. The opening balance in the year was £60,685 owed by the directors (2023 £38,828)with movement of £13,665, and a closing balance of £74,350 owed by the directors (2023 £60,685).
11. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 33.