Company registration number 11321231 (England and Wales)
REGAL BALUSTRADES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
REGAL BALUSTRADES LTD
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 7
REGAL BALUSTRADES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors made the decision to cease trading on 30 June 2024. The company is now in the process of settling its liabilities and realising its assets. The directors are satisfied that the financial statements reflect all known liabilities and obligations. No further trading activity will be undertaken, and all remaining activities relate to the disposal of assets and settlement of creditors.
Principal activities
The principal activity of the company continued to be that of the design and manufacture of bespoke balustrades, canopies, staircases and architectural metalwork.
Regal Balustrades Ltd commenced trading on 20th April 2018 and ceased trading on 30th June 2024 and has been inactive since that time.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C F Doling
Mr T Doling
Mr T W Doling
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr T W Doling
Director
17 December 2024
REGAL BALUSTRADES LTD
BALANCE SHEET
- 2 -
30 June 2024
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,395
Current assets
Stocks
-
28,802
Debtors
5
12,372
217,989
Cash at bank and in hand
202,965
11,001
215,337
257,792
Creditors: amounts falling due within one year
6
(3,762)
(12,992)
Net current assets
211,575
244,800
Total assets less current liabilities
211,575
247,195
Provisions for liabilities
(455)
Net assets
211,575
246,740
Capital and reserves
Called up share capital
315,100
315,100
Profit and loss reserves
(103,525)
(68,360)
Total equity
211,575
246,740
For the financial year ended 30 June 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 17 December 2024 and are signed on its behalf by:
Mr T W Doling
Director
Company registration number 11321231 (England and Wales)
REGAL BALUSTRADES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Regal Balustrades Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 36 Bristol Road, Winterbourne, Bristol, BS36 1RG.
1.1
Accounting convention
The financial statements have been prepared on a break-up basis following the decision by the board of directors to cease trading and commence the process of winding up the company. The key impacts of this change include adjustments to the valuation of assets, the recognition of all known liabilities, and the creation of provisions for potential closure-related costs.
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
Going concern
The directors have assessed the company’s financial position and have concluded that it is no longer appropriate to prepare the financial statements on a going concern basis. As a result, the financial statements have been prepared on a break-up basis in accordance with FRS 102, Section 3.8A.true
The decision to prepare the financial statements on a break-up basis arises from the decision of the directors to cease trading and commence the process of winding up the company. Consequently, all assets have been revalued to their net realisable value (the expected sale proceeds, less any costs to sell) and any necessary impairments have been recognised in the financial statements.
Liabilities have been recorded in full, including provisions for redundancy costs, professional fees associated with the closure, and any contingent liabilities that are expected to arise during the winding-up process. Deferred tax liabilities are no longer applicable as the company is ceasing to trade.
1.3
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.
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.
1.4
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.
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% on reducing balance
REGAL BALUSTRADES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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 assets to determine whether there is any indication that those assets have suffered an impairment loss.
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.
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.
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.
1.7
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.
1.8
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.
1.9
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.
1.10
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.
REGAL BALUSTRADES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
REGAL BALUSTRADES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
1
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2024
4,950
Disposals
(1,916)
At 30 June 2024
3,034
Depreciation and impairment
At 1 January 2024
2,555
Depreciation charged in the year
479
At 30 June 2024
3,034
Carrying amount
At 30 June 2024
At 31 December 2023
2,395
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14
2,364
Other debtors
12,358
212,093
Prepayments and accrued income
3,532
12,372
217,989
REGAL BALUSTRADES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,577
3,814
Amounts owed to group undertakings
500
500
Taxation and social security
1,641
Other creditors
1,685
7,037
3,762
12,992
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
8
Related party transactions
Included within other creditors due within one year are loans from directors totaling £0 (2023 - £5,892. No interest has been charged on these loans during the financial year.
Included within other debtors due within one year are loans to the directors totaling £9,672 (2023 - £207,802). No interest has been charged on these loans during the financial year.