Company registration number 03882220 (England and Wales)
RTH STAIRCASES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RTH STAIRCASES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
RTH STAIRCASES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
434,636
413,127
434,637
413,128
Current assets
Stocks
227,343
216,283
Debtors
5
242,536
292,677
Cash at bank and in hand
330,321
373,729
800,200
882,689
Creditors: amounts falling due within one year
6
(424,682)
(482,431)
Net current assets
375,518
400,258
Total assets less current liabilities
810,155
813,386
Creditors: amounts falling due after more than one year
7
(119,761)
(57,320)
Provisions for liabilities
(75,355)
(85,344)
Net assets
615,039
670,722
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
614,939
670,622
Total equity
615,039
670,722
RTH STAIRCASES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

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 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
Mr RT Hawkins
Director
Company registration number 03882220 (England and Wales)
RTH STAIRCASES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

RTH Staircases Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Units 4 & 5, The Surridge Centre, 2 Stepfield, Witham, Essex, CM8 3TH.

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
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which was 15 years and has been fully amortised.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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.

RTH STAIRCASES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
20% reducing balance
Tools
20% reducing balance
Office Equipment
20% 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

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.

RTH STAIRCASES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

RTH STAIRCASES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
20
20
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
15,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
14,999
Carrying amount
At 31 March 2024
1
At 31 March 2023
1
RTH STAIRCASES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Tools
Office Equipment
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
810,848
20,000
29,135
204,423
17,125
4,035
1,085,566
Additions
-
0
-
0
-
0
175,621
-
0
1,200
176,821
Disposals
(9,500)
-
0
-
0
(95,000)
-
0
-
0
(104,500)
At 31 March 2024
801,348
20,000
29,135
285,044
17,125
5,235
1,157,887
Depreciation and impairment
At 1 April 2023
557,111
19,999
26,537
54,427
10,331
4,034
672,439
Depreciation charged in the year
48,848
-
0
520
28,466
1,238
240
79,312
Eliminated in respect of disposals
(9,500)
-
0
-
0
(19,000)
-
0
-
0
(28,500)
At 31 March 2024
596,459
19,999
27,057
63,893
11,569
4,274
723,251
Carrying amount
At 31 March 2024
204,889
1
2,078
221,151
5,556
961
434,636
At 31 March 2023
253,737
1
2,598
149,996
6,794
1
413,127
RTH STAIRCASES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 8 -

As at the year, the company had hire purchase agreements to finance certain assets. These agreements are secured against the underlying assets.

As at 31/03/2024, the carrying value of assets held under hire purchase agreements included in tangible fixed assets amounts to £211,151. The corresponding hire purchase liabilities are disclosed within creditors and are repayable as follows:

Due within one year: £44,504

Due after more than one year: £100,692

The interest charges associated with these agreements are allocated to the profit and loss account over the term of the agreements using the effective interest rate method.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
167,390
243,994
Other debtors
75,146
48,683
242,536
292,677
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,580
8,580
Trade creditors
219,756
305,118
Taxation and social security
40,950
62,627
Other creditors
155,396
106,106
424,682
482,431
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,069
27,455
Other creditors
100,692
29,865
119,761
57,320
RTH STAIRCASES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Contingent assets

The company has been in dispute with its energy provider since 2022 resulting in the matter being referred to the Energy Ombudsman. Their decision was in favour of the company for the energy provider to refund sums paid over the years in excess of energy charges and this amount has in part been included in previous accounting figures but has also been included in error.

 

The extent of the award is over £130,000 but to date this has not been repaid by the energy company and they appear to be disputing the judgment made.

 

As the matter is not resolved and the refund may not be readily forthcoming the provision in respect of this has not been included in the financial statements as income.

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