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Registration number: 07994741

Five Rise Contractors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Five Rise Contractors Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Five Rise Contractors Ltd

Company Information

Directors

MD Gration

D Gration

Registered office

Five Rise House
Bradford Road
Keighley
Bradford
West Yorkshire
BD21 4EZ

 

Five Rise Contractors Ltd

(Registration number: 07994741)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

173,785

52,100

Current assets

 

Stocks

5

256,138

204,307

Debtors

6

590,322

422,538

Cash at bank and in hand

 

75,402

94,564

 

921,862

721,409

Creditors: Amounts falling due within one year

7

(407,821)

(294,951)

Net current assets

 

514,041

426,458

Total assets less current liabilities

 

687,826

478,558

Creditors: Amounts falling due after more than one year

7

(118,199)

(165,667)

Provisions for liabilities

(27,660)

-

Net assets

 

541,967

312,891

Capital and reserves

 

Called up share capital

100

100

Retained earnings

541,867

312,791

Shareholders' funds

 

541,967

312,891

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Five Rise Contractors Ltd

(Registration number: 07994741)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

.........................................
MD Gration
Director

 

Five Rise Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Five Rise House
Bradford Road
Keighley
Bradford
West Yorkshire
BD21 4EZ
England

These financial statements were authorised for issue by the Board on 28 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Five Rise Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Office equipment

20% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Five Rise Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Five Rise Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

-

6,042

7,083

7,477

Additions

63,143

5,410

5,220

5,345

At 31 March 2024

63,143

11,452

12,303

12,822

Depreciation

At 1 April 2023

-

1,982

2,994

3,296

Charge for the year

-

700

1,333

1,236

At 31 March 2024

-

2,682

4,327

4,532

Carrying amount

At 31 March 2024

63,143

8,770

7,976

8,290

At 31 March 2023

-

4,060

4,089

4,181

 

Five Rise Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

86,332

106,934

Additions

63,063

142,181

At 31 March 2024

149,395

249,115

Depreciation

At 1 April 2023

46,562

54,834

Charge for the year

17,227

20,496

At 31 March 2024

63,789

75,330

Carrying amount

At 31 March 2024

85,606

173,785

At 31 March 2023

39,770

52,100

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £63,143 (2023 - £Nil) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

256,138

204,307

6

Debtors

Current

2024
£

2023
£

Trade debtors

288,925

150,927

Prepayments

23,894

9,679

Other debtors

277,503

261,932

 

590,322

422,538

 

Five Rise Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

47,840

10,893

Trade creditors

 

226,507

156,469

Taxation and social security

 

115,705

107,592

Accruals and deferred income

 

2,500

2,450

Other creditors

 

15,269

17,547

 

407,821

294,951

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

118,199

165,667

 

Five Rise Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

100,833

165,667

Hire purchase contracts

17,366

-

118,199

165,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

37,000

10,000

Hire purchase contracts

10,840

893

47,840

10,893

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

D Gration

Funds have been made to the directors. Amounts are aggregate. Interest is charged at 2.25% p.a. and there are no fixed terms of repayment.

9,131

23,194

(29,179)

3,146

MD Gration

Funds have been made to the directors. Amounts are aggregate. Interest is charged at 2.25% p.a. and there are no fixed terms of repayment.

(8,362)

64,614

(41,121)

15,130