Company registration number 03316013 (England and Wales)
READ QUALITY BUILDING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
READ QUALITY BUILDING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
READ QUALITY BUILDING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,872
2,942
Current assets
Stocks
822,870
825,399
Debtors
4
162,063
148,643
Cash at bank and in hand
760,899
1,052,360
1,745,832
2,026,402
Creditors: amounts falling due within one year
5
(107,397)
(236,988)
Net current assets
1,638,435
1,789,414
Total assets less current liabilities
1,646,307
1,792,356
Creditors: amounts falling due after more than one year
6
(623,667)
(633,667)
Provisions for liabilities
-
0
(559)
Net assets
1,022,640
1,158,130
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,022,540
1,158,030
Total equity
1,022,640
1,158,130

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 year ended 31 March 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 year 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.

READ QUALITY BUILDING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
Mr A S Read
Director
Company registration number 03316013 (England and Wales)
READ QUALITY BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Read Quality Building Limited is a private company limited by shares incorporated in England and Wales. The registered office is Holly Tree Cottage, Ringwood Road, Three Legged Cross, Wimborne, Dorset, BH21 6RE.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

READ QUALITY BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, 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

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
READ QUALITY BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
11,706
Additions
7,450
Disposals
(4,240)
At 31 March 2024
14,916
Depreciation and impairment
At 1 April 2023
8,764
Depreciation charged in the year
1,666
Eliminated in respect of disposals
(3,386)
At 31 March 2024
7,044
Carrying amount
At 31 March 2024
7,872
At 31 March 2023
2,942
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,501
5,161
Corporation tax recoverable
-
0
11,366
Other debtors
145,562
132,116
162,063
148,643
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
30,513
Trade creditors
2,068
41,120
Corporation tax
-
0
32,603
Other creditors
95,329
132,752
107,397
236,988
READ QUALITY BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
623,667
633,667

The long-term loan with Hampshire Trust Bank Plc is secured via a fixed and floating charge dated 15 December 2020 over the company's assets.

 

The long term loan with Hampshire Bank Trust Plc is secured via a fixed charge dated 15 December 2020 over the company's assets being the freehold property known as Southbank House, Cann, Shaftesbury, SP7 0EE.

 

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
80
100
80
100
B Ordinary shares of £1 each
20
-
20
-
100
100
100
100
READ QUALITY BUILDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan due from director
2.25
130,601
21,175
2,760
(58,000)
96,536
130,601
21,175
2,760
(58,000)
96,536
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