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Registration number: 01229123

R.C.P. Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

R.C.P. Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

R.C.P. Developments Limited

Company Information

Directors

J W Penson

R Penson

Company secretary

M Penson

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

NatWest
Chatham Customer Service Centre
Western Avenue
Chatham Maritime
Chatham
Kent
ME4 4RT

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

R.C.P. Developments Limited

(Registration number: 01229123)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

103,167

87,639

Current assets

 

Stocks

5

7,650

7,525

Debtors

6

45,689

69,349

Cash at bank and in hand

 

76,552

51,507

 

129,891

128,381

Creditors: Amounts falling due within one year

7

(154,067)

(86,889)

Net current (liabilities)/assets

 

(24,176)

41,492

Total assets less current liabilities

 

78,991

129,131

Provisions for liabilities

(9,974)

(16,548)

Net assets

 

69,017

112,583

Capital and reserves

 

Called up share capital

8

5,000

5,000

Retained earnings

64,017

107,583

Shareholders' funds

 

69,017

112,583

For the financial year ended 31 May 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.

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 13 January 2025 and signed on its behalf by:
 

J W Penson
Director

 

R.C.P. Developments Limited

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

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Holybred Farm, Holybread Lane, Little Baddow, Chelmsford, Essex, CM3 4BW.

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

These 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Reclassification of comparative amounts

Prior year negative trade creditors have been reclassified from trade debtors to other debtors as this deemed to be more representative of the transactions.

Revenue recognition

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

Amounts recoverable on contracts, which are included in debtors, are stated at the expected sales value based on stage of completion. Payments in advance and or in excess of the amounts recoverable on contract value are included within other creditors.

Tax

Current Tax is recognised in the profit and loss account, 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.

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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

R.C.P. Developments Limited

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

Depreciation

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

Asset class

Depreciation method and rate

Improvements to property

10% straight line

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Furniture and fixtures

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Share capital

Ordinary shares are classified as equity.

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 10 (2023 - 11).

 

R.C.P. Developments Limited

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

4

Tangible assets

Improvements to property
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

16,908

-

134,134

125,234

276,276

Additions

-

1,000

46,166

-

47,166

Disposals

-

-

(33,320)

-

(33,320)

At 31 May 2024

16,908

1,000

146,980

125,234

290,122

Depreciation

At 1 June 2023

13,481

-

111,334

63,821

188,636

Charge for the year

490

150

13,632

11,907

26,179

Eliminated on disposal

-

-

(27,860)

-

(27,860)

At 31 May 2024

13,971

150

97,106

75,728

186,955

Carrying amount

At 31 May 2024

2,937

850

49,874

49,506

103,167

At 31 May 2023

3,427

-

22,798

61,414

87,639

5

Stocks

2024
£

2023
£

Other inventories

7,650

7,525

6

Debtors

2024
£

2023
£

Trade debtors

371

-

Other debtors

4,852

3,917

Amounts recoverable on long term contracts

27,800

20,874

Prepayments

12,666

4,317

Accrued income

-

40,241

45,689

69,349

 

R.C.P. Developments Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

80,087

50,824

Other creditors

24,881

-

Directors loan

-

517

Taxation and social security

41,257

25,312

Accruals and deferred income

7,842

10,236

154,067

86,889

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

       

9

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

J W Penson

Directors loan account

(516)

1,368

852