Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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52,649 | 100,153 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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2,324,237 | 1,822,622 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 286,912 | 328,926 | ||
Total assets less current liabilities | 339,561 | 429,079 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Ryearch Limited (registered number:
Mark Aaron Wildman
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Ryearch 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 New Creaven House, 3 Sandy Court, Ashleigh Way, Plymouth, PL7 5JX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include 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.
The functional currency of Ryearch Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Statement of Financial Position date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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 Statement of Financial Position date.
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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Vehicles - 25%
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.
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 Statement of Income and Retained Earnings 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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Valuation of incomplete contracts at the year end: Contracts are valued (both in terms of cost and revenue) by the in house team of qualified Quantity Surveyors based on their experience in the industry and their knowledge of the contract in question.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2020 |
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At 31 March 2021 |
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Accumulated depreciation | |||
At 01 April 2020 |
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Charge for the financial year |
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At 31 March 2021 |
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Net book value | |||
At 31 March 2021 |
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At 31 March 2020 |
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Leased assets included above: | |||
Net book value | |||
At 31 March 2021 | 52,649 | 52,649 | |
At 31 March 2020 | 100,153 | 100,153 |
2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Amounts recoverable on contracts |
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Prepayments |
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VAT recoverable |
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Other taxation and social security |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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2021 | 2020 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
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2021 | 2020 | ||
£ | £ | ||
At the beginning of financial year |
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Credited to the Statement of Income and Retained Earnings |
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At the end of financial year |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2021 | 2020 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £36,003 (2020: £25,715). At the year end, £4,054 was payable to the fund (2020: £nil).
The company has taken advantage of exemptions available in Section 1AC.35 of FRS 102 and has not disclosed transactions with group members in which the subsidiary is 100% owned within the group.
A company controlled by three directors owes the company £16,057 (2020: £13,071) and is included within other debtors. Interest of £411 (2020: £1,683) was charged on this balance during the year.
A joint venture that is 50% owned by a Company controlled by three directors, contracted services from the company during the year totalling £Nil (2020: £2,351). At the year end, the joint venture was owed £9,450 (2020: £12,660) which is included in other creditors.
A company in which 4 directors have a controlling interest owed the company £150,775 (2020: £134,786) at the year end. This balance is included in other debtors. During the year, the company paid rent of £48,750 (2020: £48,750)