Registered number
07967322
R. Spencer Builders Limited
Filleted Accounts
31 December 2024
R. Spencer Builders Limited
Registered number: 07967322
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 449,288 454,946
449,289 454,947
Current assets
Stocks 9,500 9,500
Debtors 5 380,880 470,366
Cash at bank and in hand 599,545 358,209
989,925 838,075
Creditors: amounts falling due within one year 6 (686,914) (580,432)
Net current assets 303,011 257,643
Total assets less current liabilities 752,300 712,590
Creditors: amounts falling due after more than one year 7 (51,122) -
Provisions for liabilities (38,950) (41,425)
Net assets 662,228 671,165
Capital and reserves
Called up share capital 4 4
Profit and loss account 662,224 671,161
Shareholders' funds 662,228 671,165
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.
R C Spencer
Director
Approved by the board on 13 March 2025
R. Spencer Builders Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
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.
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 18 21
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 150,000
At 31 December 2024 150,000
Amortisation
At 1 January 2024 149,999
At 31 December 2024 149,999
Net book value
At 31 December 2024 1
At 31 December 2023 1
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 255,556 318,284 456,010 1,029,850
Additions - 9,416 117,224 126,640
Disposals - - (51,691) (51,691)
At 31 December 2024 255,556 327,700 521,543 1,104,799
Depreciation
At 1 January 2024 8,572 273,478 292,854 574,904
Charge for the year 2,143 23,951 106,204 132,298
On disposals - - (51,691) (51,691)
At 31 December 2024 10,715 297,429 347,367 655,511
Net book value
At 31 December 2024 244,841 30,271 174,176 449,288
At 31 December 2023 246,984 44,806 163,156 454,946
5 Debtors 2024 2023
£ £
Trade debtors 298,635 313,445
Directors loan account (see note 9) 65,325 138,490
Other debtors 16,920 18,431
380,880 470,366
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 46,866 -
Trade creditors 301,541 315,976
Taxation and social security costs 318,235 228,469
Other creditors 20,272 35,987
686,914 580,432
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 51,122 -
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 17,000 34,000
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
R C Spencer
Loan repaid 22 April 2024 138,490 250,368 (388,858) -
Loan advanced on 26 July 2024 - 272,057 (206,732) 65,325
138,490 522,425 (595,590) 65,325
The loans were repayable on demand and attracted interest at the HMRC beneficial loan rate.
10 Related party transactions
During the year dividends totalling £240,000 were paid to shareholders who were directors of the company (2023: £288,000).
11 Controlling party
The company is under the control of R C Spencer.
12 Other information
R. Spencer Builders Limited is a private company limited by shares and incorporated in England. Its registered office is:
Spencer House,
Walnut Tree Workshop, St. Thomas Street,
Deddington, Banbury,
England,
OX15 0SY
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