R. M. Corbett Ltd 31/03/2025 iXBRL

Company registration number: 07615774

R. M. Corbett Ltd

Unaudited filleted financial statements

31 March 2025

R. M. Corbett Ltd

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		-
Tangible assets	6	782,965		823,073
		_______		_______
			782,965		823,073

Current assets
Stocks		82,130		88,150
Debtors	7	339,617		185,057
		_______		_______
		421,747		273,207
Creditors: amounts falling due
within one year	8	( 676,161)		( 380,731)
		_______		_______
Net current liabilities			( 254,414)		( 107,524)
			_______		_______
Total assets less current liabilities			528,551		715,549

Creditors: amounts falling due
after more than one year	9		( 231,964)		( 309,917)

Provisions for liabilities			( 171,000)		( 173,000)

			_______		_______
Net assets			125,587		232,632
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			125,487		232,532
			_______		_______
Shareholders funds			125,587		232,632
			_______		_______

For the year ending 31 March 2025 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 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 income statement has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 12 December 2025 , and are signed on behalf of the board by:

Mr F M Corbett

Director

Company registration number: 07615774

R. M. Corbett Ltd

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Dykehead ,Rochester, Newcastle Upon Tyne, NE19 1RD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and are 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:


Land and buildings	-	4 %	straight line
Plant and machinery	-	10 %	straight line
Motor vehicles	-	20 %	straight line
Shed	-	4 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks 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 stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model and the performance model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the 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

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2024: 5 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	34,000	34,000
	_______	_______
Amortisation
At 1 April 2024 and 31 March 2025	34,000	34,000
	_______	_______
Carrying amount
At 31 March 2025	-	-
	_______	_______
At 31 March 2024	-	-
	_______	_______

6. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Shed	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	97,207	553,477	430,497	18,000	1,099,181
Additions	-	37,250	68,000	-	105,250
Disposals	-	( 16,670)	( 32,500)	-	( 49,170)
Revaluation	-	21,330	-	-	21,330
	_______	_______	_______	_______	_______
At 31 March 2025	97,207	595,387	465,997	18,000	1,176,591
	_______	_______	_______	_______	_______
Depreciation
At 1 April 2024	39,205	128,386	103,197	5,320	276,108
Charge for the year	3,888	57,210	73,870	720	135,688
Disposals	-	( 5,670)	( 12,500)	-	( 18,170)
	_______	_______	_______	_______	_______
At 31 March 2025	43,093	179,926	164,567	6,040	393,626
	_______	_______	_______	_______	_______
Carrying amount
At 31 March 2025	54,114	415,461	301,430	11,960	782,965
	_______	_______	_______	_______	_______
At 31 March 2024	58,002	425,091	327,300	12,680	823,073
	_______	_______	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	292,887	101,425
Other debtors	46,730	83,632
	_______	_______
	339,617	185,057
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	115,321	143,327
Trade creditors	407,325	100,863
Social security and other taxes	23,430	19,974
Other creditors	130,085	116,567
	_______	_______
	676,161	380,731
	_______	_______

The bank loan is a covid bounce back loan with no interest or repayments due in the first year of the loan. Interest of 2.5% is charged over the remainder of the loan. Obligations under hire purchase are secured on the asset the agreement relates to.

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

	2025	2024
	£	£
Bank loans and overdrafts	2,500	12,500
Other creditors	229,464	297,417
	_______	_______
	231,964	309,917
	_______	_______

The bank loan is a covid bounce back loan with no interest or repayments due in the first year of the loan. Interest of 2.5% is charged over the remainder of the loan. Obligations under hire purchase are secured on the asset the agreement relates to.

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr R M Corbett	-	-	-
		_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr R M Corbett	28,675	( 28,675)	-
		_______	_______	_______

11. Related party transactions

The company paid a dividend of £79,500 (31 March 2024 £29,000) to Mr R Corbett a former director of the company.

12. Controlling party

There is no overall controlling party of the company, as each shareholder holds 50% of the shares issued.