Ridgeway Contractors Limited Filleted accounts for Companies House (small and micro)

RIDGEWAY CONTRACTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04172681

RIDGEWAY CONTRACTORS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2021

RIDGEWAY CONTRACTORS LIMITED

FINANCIAL STATEMENTS

Year ended 31 March 2021

CONTENTS	PAGES

Balance sheet	1

Notes to the financial statements	2 to 6

RIDGEWAY CONTRACTORS LIMITED

BALANCE SHEET

31 March 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	5	171,946	151,987

CURRENT ASSETS

Stocks		2,500	2,500
Debtors	6	146,569	156,630
Cash at bank and in hand		326,237	184,430
		---------	---------
		475,306	343,560

CREDITORS: amounts falling due within one year	7	( 108,739)	( 126,112)
		---------	---------
NET CURRENT ASSETS		366,567	217,448
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		538,513	369,435

PROVISIONS	( 30,312)	( 23,567)
	---------	---------
NET ASSETS	508,201	345,868
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	508,101	345,768
	---------	---------
SHAREHOLDERS FUNDS	508,201	345,868
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 21 October 2021 , and are signed on behalf of the board by:

Mr S T Hole
Director

Company registration number: 04172681

RIDGEWAY CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 March 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wern Panna Farm, Llangwm, Usk, NP15 1HA.

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, 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.

Turnover

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

Taxation

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 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Property Improvement	-	4% straight line
Plant & Machinery	-	15% straight line
Motor Vehicles	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 as a finance cost 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 7 (2020: 5 ).

5. TANGIBLE ASSETS

	Property improvements	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2020	18,369	205,384	74,773	298,526
Additions	–	55,715	–	55,715
Disposals	–	( 317)	–	( 317)
	--------	---------	--------	---------
At 31 March 2021	18,369	260,782	74,773	353,924
	--------	---------	--------	---------
Depreciation
At 1 April 2020	5,223	70,427	70,889	146,539
Charge for the year	734	31,010	3,884	35,628
Disposals	–	( 189)	–	( 189)
	--------	---------	--------	---------
At 31 March 2021	5,957	101,248	74,773	181,978
	--------	---------	--------	---------
Carrying amount
At 31 March 2021	12,412	159,534	–	171,946
	--------	---------	--------	---------
At 31 March 2020	13,146	134,957	3,884	151,987
	--------	---------	--------	---------

6. DEBTORS

	2021	2020
	£	£
Trade debtors	118,098	117,193
Other debtors	28,471	39,437
	---------	---------
	146,569	156,630
	---------	---------

7. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	50,337	47,193
Corporation tax	46,780	25,249
Social security and other taxes	7,487	6,730
Other creditors	4,135	46,940
	---------	---------
	108,739	126,112
	---------	---------

8. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	351	351
Later than 1 year and not later than 5 years	703	1,054
	-------	-------
	1,054	1,405
	-------	-------

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director's loan account was overdrawn. Over the course of the year the director entered into the following advances and credits with the company:

			£
	Opening balance due to the company		36,422
	Advances to the director		46,862
	Repayments by the director		(58,470)
			-------------
	Closing balance due to the company		24,814
			-------------

The loan is interest free and repayable on demand.