Company Registration No. 04164140 (England and Wales)
D.L. RHODES AND SON LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
D.L. RHODES AND SON LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
D.L. RHODES AND SON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2021.
Principal activities
The principal activity of the company continued to be that of property development.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
N Rhodes
T Rhodes
R Hancock
P Leivers
J Northmore
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
N Rhodes
Director
5 November 2021
D.L. RHODES AND SON LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
121,634
190,230
Current assets
Stocks
1,073,001
221,896
Debtors
4
1,605,331
4,020,271
Cash at bank and in hand
1,526,298
634,190
4,204,630
4,876,357
Creditors: amounts falling due within one year
5
(410,684)
(1,673,028)
Net current assets
3,793,946
3,203,329
Total assets less current liabilities
3,915,580
3,393,559
Creditors: amounts falling due after more than one year
6
(500,000)
Provisions for liabilities
(19,465)
(30,717)
Net assets
3,396,115
3,362,842
Capital and reserves
Called up share capital
7
125
125
Profit and loss reserves
3,395,990
3,362,717
Total equity
3,396,115
3,362,842
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D.L. RHODES AND SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2021
28 February 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 November 2021 and are signed on its behalf by:
N Rhodes
Director
Company Registration No. 04164140
D.L. RHODES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 4 -
1
Accounting policies
Company information
D.L. Rhodes And Son Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1 Quayside Court, Colwick Quays Business Park, Road No.2, Colwick, Nottingham, NG4 2SR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
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
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Office equipment
20% on cost
Motor vehicles
25% on cost
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
.
1.4
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Work in progress and related profit is calculated based on the proportion of the work carried out at the year end as a percentage of the final contract value.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
D.L. RHODES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
D.L. RHODES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 6 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13
(2020 - 14).
D.L. RHODES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 7 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 29 February 2020
733,374
49,134
13,546
239,199
1,035,253
Additions
16,313
5,434
2,769
16,500
41,016
Disposals
(28,010)
(28,010)
At 28 February 2021
749,687
54,568
16,315
227,689
1,048,259
Depreciation and impairment
At 29 February 2020
622,597
41,416
6,762
174,248
845,023
Depreciation charged in the year
65,068
4,974
3,263
33,431
106,736
Eliminated in respect of disposals
(25,134)
(25,134)
At 28 February 2021
687,665
46,390
10,025
182,545
926,625
Carrying amount
At 28 February 2021
62,022
8,178
6,290
45,144
121,634
At 28 February 2020
110,777
7,718
6,784
64,951
190,230
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
154,419
62,167
Other debtors
1,425,287
3,933,917
Prepayments and accrued income
25,625
24,187
1,605,331
4,020,271
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
58,785
1,097,295
Corporation tax
152,161
539,099
Other taxation and social security
149,560
8,212
Other creditors
24,155
12,789
Accruals and deferred income
26,023
15,633
410,684
1,673,028
D.L. RHODES AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 8 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
500,000
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
50 Ordinary B and C of 50p each
25
25
125
125
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
40,000
35,000
9
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.