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Registration number: 5203099

Ian Richards (West Country Construction) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Ian Richards (West Country Construction) Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 14

 

Ian Richards (West Country Construction) Limited

Company Information

Directors

Mr Ian Andrew Richards

Mrs Lynn Richards

Company secretary

Mrs Lynn Richards

Registered office

11 Alverton Terrace
Penzance
Cornwall
TR18 4JH

Accountants

Crane & Johnston C&J Ltd
Chartered Certified Accountants11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH

 

Ian Richards (West Country Construction) Limited

Directors' Report for the Year Ended 31 May 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Ian Andrew Richards

Mrs Lynn Richards - Company secretary and director

Principal activity

The principal activity of the company is Building

Small companies provision statement

This report has 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.

Approved by the Board on 25 February 2025 and signed on its behalf by:


Mr Ian Andrew Richards
Director


Mrs Lynn Richards
Company secretary and director

 

Ian Richards (West Country Construction) Limited

(Registration number: 5203099)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

22,925

30,565

Investment property

5

295,000

310,000

 

317,925

340,565

Current assets

 

Stocks

6

3,000

6,175

Debtors

7

188,116

157,304

Cash at bank and in hand

 

992

858

 

192,108

164,337

Creditors: Amounts falling due within one year

8

(88,555)

(67,848)

Net current assets

 

103,553

96,489

Total assets less current liabilities

 

421,478

437,054

Creditors: Amounts falling due after more than one year

8

(238,535)

(248,430)

Provisions for liabilities

(16,705)

(21,007)

Net assets

 

166,238

167,617

Capital and reserves

 

Called up share capital

9

101

101

Revaluation reserve

153,594

165,744

Retained earnings

12,543

1,772

Shareholders' funds

 

166,238

167,617

For the financial year ending 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.

 

Ian Richards (West Country Construction) Limited

(Registration number: 5203099)
Balance Sheet as at 31 May 2024 (continued)

These financial statements have been prepared and 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 and Directors' Report.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

Mr Ian Andrew Richards
Director

Mrs Lynn Richards
Company secretary and director

 

Ian Richards (West Country Construction) 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.

The address of its registered office is:
11 Alverton Terrace
Penzance
Cornwall
TR18 4JH

These financial statements were authorised for issue by the Board on 25 February 2025.

 

Ian Richards (West Country Construction) Limited

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

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 current 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.

 

Ian Richards (West Country Construction) Limited

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

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

25% per annum on a reducing balance basis

Motor vehicles

25% per annum on a reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Ian Richards (West Country Construction) Limited

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

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Ian Richards (West Country Construction) Limited

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

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 3 (2023 - 3).

 

Ian Richards (West Country Construction) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

24,753

54,275

79,028

At 31 May 2024

24,753

54,275

79,028

Depreciation

At 1 June 2023

16,732

31,730

48,462

Charge for the year

2,005

5,636

7,641

At 31 May 2024

18,737

37,366

56,103

Carrying amount

At 31 May 2024

6,016

16,909

22,925

At 31 May 2023

8,021

22,544

30,565

5

Investment properties

2024
£

At 1 June

310,000

Disposals

(15,000)

At 31 May

295,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

3,000

6,175

 

Ian Richards (West Country Construction) Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

3,268

Other debtors

188,116

154,036

 

188,116

157,304

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

37,719

39,840

Trade creditors

 

10,906

8,324

Taxation and social security

 

13,988

3,128

Accruals and deferred income

 

2,001

1,934

Other creditors

 

23,941

14,622

 

88,555

67,848

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

238,535

248,430

 

Ian Richards (West Country Construction) Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

101

101

101

101

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(12,150)

(12,150)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

Ian Richards (West Country Construction) Limited

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

10

Reserves (continued)

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

238,535

247,773

Finance lease liabilities

-

657

238,535

248,430

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,363

7,488

Bank overdrafts

28,699

29,722

Finance lease liabilities

657

2,630

37,719

39,840

12

Dividends

   

2024

 

2023

   

£

 

£

Final dividends of £20,200.00 (2023 - £7,000.00)

 

20,200

 

7,000

         

13

Related party transactions

 

Ian Richards (West Country Construction) Limited

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

13

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,100

9,109