Company registration number 00638336 (England and Wales)
R.J.DODDS & SON(CONTRACTORS)LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
R.J.DODDS & SON(CONTRACTORS)LIMITED
CONTENTS
Page
Balance sheet
1 - 2
R.J.DODDS & SON(CONTRACTORS)LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 October 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
110,000
Investments
4
1,911
1,911
110,000
Current assets
Debtors
5
19,879
28,054
Cash at bank and in hand
649
80
20,528
28,134
Creditors: amounts falling due within one year
6
(6,469)
(7,300)
Net current assets
14,059
20,834
Total assets less current liabilities
15,970
130,834
Creditors: amounts falling due after more than one year
7
(74,905)
Net assets
15,970
55,929
Capital and reserves
Called up share capital
5,200
5,200
Share premium account
700
700
Non-distributable profits reserve
8
24,991
Distributable profit and loss reserves
10,070
25,038
Total equity
15,970
55,929
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
R.J.DODDS & SON(CONTRACTORS)LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
..............................................
Mr Graham Dodds
Director
Company registration number 00638336 (England and Wales)
R.J.DODDS & SON(CONTRACTORS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
R.J.Dodds & Son(Contractors)Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61-63, High Bridge, Newcastle Upon Tyne, Tyne & Wear, United Kingdom, NE1 6BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
R.J.DODDS & SON(CONTRACTORS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
R.J.DODDS & SON(CONTRACTORS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Rental Income
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Gross rents received and receivable from properties are included in the profit and loss account on the basis that credit is taken when rents fall due. Provision is made for any rents due but not considered to be recoverable
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2022
Number
Number
Total
4
4
R.J.DODDS & SON(CONTRACTORS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
3
Investment property
2024
£
Fair value
At 1 November 2022
110,000
Disposals
(110,000)
At 30 April 2024
4
Fixed asset investments
2024
2022
£
£
Shares in group undertakings and participating interests
1,911
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022
-
Additions
1,911
At 30 April 2024
1,911
Carrying amount
At 30 April 2024
1,911
At 31 October 2022
-
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
7,097
Amounts owed by group undertakings
19,879
16,980
Other debtors
3,977
19,879
28,054
6
Creditors: amounts falling due within one year
2024
2022
£
£
Other creditors
6,469
7,300
R.J.DODDS & SON(CONTRACTORS)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
74,905
The company has a number of individual bank loans each of which is secured by a fixed charge over the individual rental properties owned by the company.
All of the directors have given a personal guarantee in respect of these loans which amount in total to £NIL ( 2022: £74,905 )
8
Non-distributable profits reserve
2024
2022
£
£
At the beginning of the Period
24,991
52,472
Non distributable profits in the Period
(24,991)
(27,481)
At the end of the Period
-
24,991
Investment properties are measured at the balance sheet date at fair value and the surplus or deficit on revaluation is recognised in the profit and loss account in accordance with the companies accounting policies.
However, any surplus credited to the profit and loss account is not distributable as a dividend until the property is sold. The non-distributable fair valuation movement which arises from measuring Investment property at fair value and is initially included within the profit and loss account has been transferred to a non distributable reserve which is disclosed separately on the Balance Sheet.