Registered number
05796788
CARDIFF READY MIXED CONCRETE LTD
Filleted Accounts
31 March 2024
CARDIFF READY MIXED CONCRETE LTD
Registered number: 05796788
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 589,051 444,740
Current assets
Stocks 25,000 25,000
Debtors 4 922,224 672,384
Cash at bank and in hand 486,611 327,412
1,433,835 1,024,796
Creditors: amounts falling due within one year 5 (1,011,242) (676,574)
Net current assets 422,593 348,222
Total assets less current liabilities 1,011,644 792,962
Creditors: amounts falling due after more than one year 6 (236,393) (186,722)
Net assets 775,251 606,240
Capital and reserves
Called up share capital 100 100
Profit and loss account 775,151 606,140
Shareholders' funds 775,251 606,240
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Ellison
Director
Approved by the board on 15 January 2025
CARDIFF READY MIXED CONCRETE LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 15
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 36,419 492,712 560,809 1,089,940
Additions 1,625 916 312,371 314,912
Disposals - - (203,775) (203,775)
At 31 March 2024 38,044 493,628 669,405 1,201,077
Depreciation
At 1 April 2023 - 268,046 377,154 645,200
Charge for the year - 44,934 90,185 135,119
On disposals - - (168,293) (168,293)
At 31 March 2024 - 312,980 299,046 612,026
Net book value
At 31 March 2024 38,044 180,648 370,359 589,051
At 31 March 2023 36,419 224,666 183,655 444,740
4 Debtors 2024 2023
£ £
Trade debtors 922,224 668,384
Other debtors - 4,000
922,224 672,384
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 455 1,159
Obligations under finance lease and hire purchase contracts 104,544 56,469
Trade creditors 736,672 503,430
Taxation and social security costs 147,520 57,447
Other creditors 22,051 58,069
1,011,242 676,574
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 144,527 57,992
Other creditors 91,866 128,730
236,393 186,722
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J Cranton
Director's loan account (10,993) 30,168 (32,233) (13,058)
Mr J Ellison
Director's loan account (17,478) 36,496 (19,026) (8)
Mr J W Curtis
Director's loan account (24,686) 34,531 (13,638) (3,793)
(53,157) 101,195 (64,897) (16,859)
8 Related party transactions
During the year Cardiff Ready Mixed Concrete Limited made no sales to Caerleon Ready Mixed Concrete Limited, a company which has a common shareholder. During the year Cardiff Ready Mixed Concrete Limited made transfers of £32,419.74 (2023: £30,410.06) to Caerleon Ready Mixed Concrete Limited for old purchase invoices. At the balance sheet date Cardiff Ready Mixed Concrete Limited owed Caerleon Ready Mixed Concrete Limited £91,866.45 (2023: £128,730). Cardiff Ready Mixed Concrete Limited also made payments to Ellison Minimix Limited of £12,807 (2023: £30,378) during the year, a company which had a common shareholder. At the balance sheet date there were no amounts owed to Ellison Minimix Limited.
9 Controlling party
The company is ultimately controlled by the directors by virtue of their shareholding.
10 Other information
CARDIFF READY MIXED CONCRETE LTD is a private company limited by shares and incorporated in England. Its registered office is:
Ynys Fach Yard
Taffs Well
Cardiff
Wales
CF15 7NT
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