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Company No: 08755567 (England and Wales)

R & D DECORATING SOUTH WEST LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

R & D DECORATING SOUTH WEST LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

R & D DECORATING SOUTH WEST LIMITED

BALANCE SHEET

As at 31 October 2024
R & D DECORATING SOUTH WEST LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 488,405 384,529
488,405 384,529
Current assets
Debtors 4 572,508 552,123
Cash at bank and in hand 17,610 93,377
590,118 645,500
Creditors: amounts falling due within one year 5 ( 250,398) ( 331,526)
Net current assets 339,720 313,974
Total assets less current liabilities 828,125 698,503
Creditors: amounts falling due after more than one year 6 ( 226,754) ( 141,406)
Provision for liabilities ( 50,424) ( 28,432)
Net assets 550,947 528,665
Capital and reserves
Called-up share capital 7 77 100
Capital redemption reserve ( 5 ) ( 5 )
Profit and loss account 550,875 528,570
Total shareholders' funds 550,947 528,665

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of R & D Decorating South West Limited (registered number: 08755567) were approved and authorised for issue by the Board of Directors on 06 March 2025. They were signed on its behalf by:

Mr D J Bruton
Director
Mr S Bruton
Director
Mr M S Garland
Director
Mr D G Manns
Director
R & D DECORATING SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
R & D DECORATING SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

R & D Decorating South West Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 6, The Old Slaughter House, Green Lane, Weymouth, DT3 4GG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 26

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 November 2023 281,475 13,910 20,421 283,530 7,386 606,722
Additions 0 0 5,351 146,977 1,020 153,348
Disposals 0 0 0 ( 70,248) 0 ( 70,248)
At 31 October 2024 281,475 13,910 25,772 360,259 8,406 689,822
Accumulated depreciation
At 01 November 2023 11,243 13,910 10,027 183,752 3,261 222,193
Charge for the financial year 5,630 0 3,145 39,242 1,455 49,472
Disposals 0 0 0 ( 70,248) 0 ( 70,248)
At 31 October 2024 16,873 13,910 13,172 152,746 4,716 201,417
Net book value
At 31 October 2024 264,602 0 12,600 207,513 3,690 488,405
At 31 October 2023 270,232 0 10,394 99,778 4,125 384,529

4. Debtors

2024 2023
£ £
Trade debtors 524,259 525,733
Other debtors 48,249 26,390
572,508 552,123

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,400 9,400
Trade creditors 102,378 122,863
Taxation and social security 78,834 107,155
Obligations under finance leases and hire purchase contracts 45,616 22,746
Other creditors 14,170 69,362
250,398 331,526

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 85,950 95,350
Obligations under finance leases and hire purchase contracts 140,804 46,056
226,754 141,406

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 48,350 57,750

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
23 A ordinary shares of £ 1.00 each 23 23
23 C ordinary shares of £ 1.00 each 23 23
10 D ordinary shares of £ 1.00 each 10 10
5 E ordinary shares of £ 1.00 each 5 5
5 F ordinary shares of £ 1.00 each 5 5
5 G ordinary shares of £ 1.00 each 5 5
6 H ordinary shares of £ 1.00 each 6 6
Nil B ordinary shares (2023: 23 shares of £ 1.00 each) 0 23
77 100

On 30 October 2024, 23 Ordinary B Shares were purchased by the company at the cost of £20,000 made out of distributable reserves.

8. Related party transactions

Transactions with the entity's directors

Advances

During the year one of the directors maintained an interest free loan account which was repayable on demand.

At 1 November 2023, the balance owed by D Bruton was £420. During the year, £nil was advanced, and £nil was repaid. At 31 October 2024, the balance owed by D Bruton was £420

At 1 November 2022, the balance owed to D Bruton was £nil. During the year, £420 was advanced, and £nil was repaid. At 31 October 2023, the balance owed by D Bruton was £420