Company Registration No. 08774555 (England and Wales)
RS CARPENTERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RS CARPENTERS LTD
COMPANY INFORMATION
Directors
Mr R S Shaw
Mrs N J Shaw
Company number
08774555
Registered office
7 Harpitt Close
Willand
Cullompton
Devon
EX15 2RX
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
RS CARPENTERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RS CARPENTERS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
70,841
51,200
Investments
5
127,767
119,933
198,608
171,133
Current assets
Debtors
6
15,377
25,576
Cash at bank and in hand
346,315
426,581
361,692
452,157
Creditors: amounts falling due within one year
7
(38,267)
(36,194)
Net current assets
323,425
415,963
Total assets less current liabilities
522,033
587,096
Creditors: amounts falling due after more than one year
8
(23,572)
Provisions for liabilities
(13,459)
(9,728)
Net assets
508,574
553,796
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
27,768
19,933
Profit and loss reserves
480,706
533,763
Total equity
508,574
553,796
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
RS CARPENTERS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
Mr R S Shaw
Director
Company Registration No. 08774555
RS CARPENTERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
RS Carpenters Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom.
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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Computers
3 year straight line
Motor vehicles
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.
1.4
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
RS CARPENTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
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 taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 the profit and loss account on a straight line basis over the life of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).
RS CARPENTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,070
20,563
Deferred tax
Origination and reversal of timing differences
3,731
(2,220)
Total tax charge
5,801
18,343
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
34,579
78,945
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
6,570
15,000
Tax effect of expenses that are not deductible in determining taxable profit
720
991
Gains not taxable
(1,488)
65
Effect of change in corporation tax rate
2,315
Depreciation add back
3,213
2,493
Capital allowances deduction
(6,945)
(301)
Deferred tax movement
3,731
(2,220)
Taxation for the year
5,801
18,343
RS CARPENTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
10,560
1,559
73,907
86,026
Additions
58,800
58,800
Disposals
(32,956)
(32,956)
At 30 November 2024
10,560
1,559
99,751
111,870
Depreciation and impairment
At 1 December 2023
7,447
773
26,606
34,826
Depreciation charged in the year
621
445
17,001
18,067
Eliminated in respect of disposals
(11,864)
(11,864)
At 30 November 2024
8,068
1,218
31,743
41,029
Carrying amount
At 30 November 2024
2,492
341
68,008
70,841
At 30 November 2023
3,113
786
47,301
51,200
5
Fixed asset investments
2024
2023
£
£
Investments
127,767
119,933
Investments are recognised at fair value which represents market value.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 December 2023
119,933
Unrealised gains/(losses)
7,834
At 30 November 2024
127,767
Carrying amount
At 30 November 2024
127,767
At 30 November 2023
119,933
RS CARPENTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
15,357
25,562
Prepayments and accrued income
20
14
15,377
25,576
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
23,572
2,455
Corporation tax
2,070
20,563
Other taxation and social security
905
2,299
Other creditors
10,067
9,274
Accruals and deferred income
1,653
1,603
38,267
36,194
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
23,572
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary A of £1 each
50
50
50 Ordinary B of £1 each
50
50
100
100
10
Revaluation reserve
2024
2023
£
£
At beginning of year
19,933
20,279
Transfer to retained earnings
7,835
(346)
At end of year
27,768
19,933