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COMPANY REGISTRATION NUMBER: 04908863
R K Wilson Builders Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
R K Wilson Builders Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
202,862
269,698
Investments
6
200
---------
---------
203,062
269,698
Current assets
Stocks
1,445,405
697,643
Debtors
7
244,235
185,795
Cash at bank and in hand
1,256
243,791
------------
------------
1,690,896
1,127,229
Creditors: amounts falling due within one year
8
1,545,798
922,146
------------
------------
Net current assets
145,098
205,083
---------
---------
Total assets less current liabilities
348,160
474,781
Creditors: amounts falling due after more than one year
9
11,787
92,037
Provisions
Taxation including deferred tax
32,143
23,673
---------
---------
Net assets
304,230
359,071
---------
---------
R K Wilson Builders Limited
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
479
486
Share premium account
88,289
88,289
Capital redemption reserve
61
54
Profit and loss account
215,401
270,242
---------
---------
Shareholders funds
304,230
359,071
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
R I Spenceley
Director
Company registration number: 04908863
R K Wilson Builders Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Enterprise House, 38 Tyndall Court, Commerce Road, Lynchwood, Peterborough, PE2 6LR, Cambs. The trading address is Sandpit Farm, Wisbech Road, Long Sutton, Spalding, PE12 9AQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The company made a loss for the year. This is being regularly reviewed by the directors who remain committed to the protection of the business. Accordingly the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. Work in progress Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
10% straight line
Plant and machinery
-
10% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stock and work in progress
Stock and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock and work in progress to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 12 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
67,969
270,396
7,294
134,266
479,925
--------
---------
-------
---------
---------
Depreciation
At 1 October 2023
15,585
160,076
2,566
32,000
210,227
Charge for the year
6,797
25,538
935
33,566
66,836
--------
---------
-------
---------
---------
At 30 September 2024
22,382
185,614
3,501
65,566
277,063
--------
---------
-------
---------
---------
Carrying amount
At 30 September 2024
45,587
84,782
3,793
68,700
202,862
--------
---------
-------
---------
---------
At 30 September 2023
52,384
110,320
4,728
102,266
269,698
--------
---------
-------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 October 2023
100
Additions
200
----
At 30 September 2024
300
----
Impairment
At 1 October 2023 and 30 September 2024
100
----
Carrying amount
At 30 September 2024
200
----
At 30 September 2023
----
The company owns the entire share capital of R K Wilson Builders (MSE) Limited and R K Wilson Builders (GR) Limited, companies registered in England. R K Wilson Builders (Moulton) Limited was dissolved during the year.
7. Debtors
2024
2023
£
£
Trade debtors
36,982
Amounts owed by group undertakings and undertakings in which the company has a participating interest
78,702
Other debtors
165,533
148,813
---------
---------
244,235
185,795
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
662,743
10,048
Trade creditors
447,332
369,186
Social security and other taxes
10,545
6,285
Other creditors
425,178
536,627
------------
---------
1,545,798
922,146
------------
---------
Bank loans and overdrafts are secured on the assets within the company.
Included within other creditors are hire purchase agreements which are secured against assets to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,787
16,567
Other creditors
75,470
--------
--------
11,787
92,037
--------
--------
Bank loans and overdrafts are secured on the assets within the company.
Included within other creditors are hire purchase agreements which are secured against assets to which they relate.
10. Directors' advances, credits and guarantees
The company operated a loan account with a director during the year. The balance brought forward owed by director A was £388, repayments of £339 were made. The balance at the end of the year is £49. No interest was charged.