Rich Construction Limited 11298023 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of property development Digita Accounts Production Advanced 6.30.9574.0 true true 11298023 2023-05-01 2024-04-30 11298023 2024-04-30 11298023 bus:Director1 1 2024-04-30 11298023 bus:OrdinaryShareClass1 2024-04-30 11298023 core:CurrentFinancialInstruments 2024-04-30 11298023 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11298023 core:CurrentFinancialInstruments core:Secured 2024-04-30 11298023 core:Non-currentFinancialInstruments 2024-04-30 11298023 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 11298023 core:MoreThanFiveYears 1 2024-04-30 11298023 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-04-30 11298023 1 2024-04-30 11298023 bus:SmallEntities 2023-05-01 2024-04-30 11298023 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11298023 bus:FilletedAccounts 2023-05-01 2024-04-30 11298023 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11298023 bus:RegisteredOffice 2023-05-01 2024-04-30 11298023 bus:Director1 2023-05-01 2024-04-30 11298023 bus:Director1 1 2023-05-01 2024-04-30 11298023 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 11298023 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11298023 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-05-01 2024-04-30 11298023 1 2023-05-01 2024-04-30 11298023 countries:AllCountries 2023-05-01 2024-04-30 11298023 2023-04-30 11298023 bus:Director1 1 2023-04-30 11298023 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-30 11298023 2022-05-01 2023-04-30 11298023 2023-04-30 11298023 bus:OrdinaryShareClass1 2023-04-30 11298023 core:CurrentFinancialInstruments 2023-04-30 11298023 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11298023 core:CurrentFinancialInstruments core:Secured 2023-04-30 11298023 core:Non-currentFinancialInstruments 2023-04-30 11298023 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 11298023 core:MoreThanFiveYears 1 2023-04-30 11298023 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-30 11298023 1 2023-04-30 11298023 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-01 2023-04-30 11298023 2022-04-30 11298023 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11298023

Rich Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Rich Construction Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Rich Construction Limited

Company Information

Director

R Taylor

Registered office

35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD

Accountants

Barrys Accountants Limited
Certified Chartered Accountants
35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD

 

Rich Construction Limited

(Registration number: 11298023)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

768,589

-

Debtors

5

107,121

1,303

Cash at bank and in hand

 

15,748

770,237

 

891,458

771,540

Creditors: Amounts falling due within one year

6

(412,988)

(280,292)

Total assets less current liabilities

 

478,470

491,248

Creditors: Amounts falling due after more than one year

6

(47,397)

-

Net assets

 

431,073

491,248

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

430,973

491,148

Shareholders' funds

 

431,073

491,248

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 January 2025
 

.........................................
R Taylor
Director

 

Rich Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD
UK

These financial statements were authorised for issue by the director on 21 January 2025.

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 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 developments 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 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.

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.

 

Rich Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Work in progress on developments is stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Stocks

2024
£

2023
£

Work in progress

768,589

-

5

Debtors

Current

2024
£

2023
£

Prepayments

4,540

-

Other debtors

102,581

1,303

 

107,121

1,303

 

Rich Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

62,452

-

Trade creditors

 

3,126

738

Taxation and social security

 

8,731

58,155

Accruals and deferred income

 

2,000

1,500

Other creditors

 

336,679

219,899

 

412,988

280,292

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

47,397

-

2024
£

2023
£

Due after more than five years

After more than five years by instalments

5,804

-

-

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Rich Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

47,397

-

Current loans and borrowings

2024
£

2023
£

Secured debentures

62,452

-

Bank borrowings

Flexible drawdown mortgage is denominated in sterling with a nominal interest rate of 11.88%, and the final instalment is due on 30 April 2025. The carrying amount at year end is £62,452 (2023 - £Nil).

The mortgage is secured by way of a fixed charge over the property held for development

Other borrowings

Other borrowings is denominated in sterling with a nominal interest rate of 7.25%, and the final instalment is due on 5 September 2029. The carrying amount at year end is £58,155 (2023 - £Nil).

9

Dividends

2024

2023

£

£

Interim dividend of £400.00 (2023 - £54.00) per ordinary share

40,000

5,400

 

 

 

Rich Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

R Taylor

Interest-free loan, repayable on demand

-

99,072

99,072

The director repaid the loan in full by January 2025.

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

9,096

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

57,494

57,494

Advanced

9,185

9,185

At end of period

66,679

66,679

2023

Entities with joint control or significant influence
£

Total
£

At start of period

49,788

49,788

Advanced

7,706

7,706

At end of period

57,494

57,494

Loans from companies held under common control are included in Other Creditors in creditors within one year.