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Company registration number: 10122302
Rudd Electrical Ltd
Unaudited filleted financial statements
30 June 2022
Rudd Electrical Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Rudd Electrical Ltd
Directors and other information
Directors Mr Stephen James Rudd
Mrs Colene Mary Rudd
Mr William Jack Rudd
Company number 10122302
Registered office 65 Thorne Way
Kirton
Boston
Lincolnshire
PE20 1JP
Business address 65 Thorne Way
Kirton
Boston
Lincolnshire
PE20 1JP
Accountants Lister & Co
75 High Street
Boston
Lincolnshire
PE21 8SX
Rudd Electrical Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Rudd Electrical Ltd
Year ended 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rudd Electrical Ltd for the year ended 30 June 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Rudd Electrical Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Rudd Electrical Ltd and state those matters that we have agreed to state to the board of directors of Rudd Electrical Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rudd Electrical Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Rudd Electrical Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Rudd Electrical Ltd. You consider that Rudd Electrical Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Rudd Electrical Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE21 8SX
10 August 2022
Rudd Electrical Ltd
Statement of financial position
30 June 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 5,536 4,880
_______ _______
5,536 4,880
Current assets
Stocks 300 300
Debtors 6 1,064 247
Cash at bank and in hand 12,752 26,824
_______ _______
14,116 27,371
Creditors: amounts falling due
within one year 7 ( 2,102) ( 8,951)
_______ _______
Net current assets 12,014 18,420
_______ _______
Total assets less current liabilities 17,550 23,300
Provisions for liabilities ( 1,052) ( 927)
_______ _______
Net assets 16,498 22,373
_______ _______
Capital and reserves
Called up share capital 8 300 300
Profit and loss account 16,198 22,073
_______ _______
Shareholders funds 16,498 22,373
_______ _______
For the year ending 30 June 2022 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 August 2022 , and are signed on behalf of the board by:
Mr Stephen James Rudd
Director
Company registration number: 10122302
Rudd Electrical Ltd
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 65 Thorne Way, Kirton, Boston, Lincolnshire, PE20 1JP.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Going concern
The accounts have been prepared on a going concern basis due to loans made available to the company from the directors which will continue to be available in future periods.
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.
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2021 3,055 1,499 4,500 9,054
Additions 2,263 566 - 2,829
_______ _______ _______ _______
At 30 June 2022 5,318 2,065 4,500 11,883
_______ _______ _______ _______
Depreciation
At 1 July 2021 1,229 621 3,077 4,927
Charge for the year 806 258 356 1,420
_______ _______ _______ _______
At 30 June 2022 2,035 879 3,433 6,347
_______ _______ _______ _______
Carrying amount
At 30 June 2022 3,283 1,186 1,067 5,536
_______ _______ _______ _______
At 30 June 2021 1,826 878 1,423 4,127
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Prepayments and accrued income 208 247
Other debtors 856 -
_______ _______
1,064 247
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Accruals and deferred income 1,170 1,172
Corporation tax - 3,779
Social security and other taxes 861 -
Director loan accounts 71 4,000
_______ _______
2,102 8,951
_______ _______
8. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary A shares of £ 1.00 each 100 100 100 100
Ordinary B shares of £ 1.00 each 100 100 100 100
Ordinary C shares of £ 1.00 each 50 50 50 50
Ordinary D shares of £ 1.00 each 50 50 50 50
_______ _______ _______ _______
300 300 300 300
_______ _______ _______ _______
9. Other financial commitments
Financial commitments not included in the balance sheet at the year end totalled £6,657.