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COMPANY REGISTRATION NUMBER: 00400771
R.V. Rugg Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
R.V. Rugg Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
6
812,264
554,937
Investments
7
35,171
35,171
----------
----------
847,435
590,108
Current assets
Stocks
147,084
144,681
Debtors
8
300,417
207,201
Cash at bank and in hand
162,921
286,392
----------
----------
610,422
638,274
Creditors: amounts falling due within one year
9
204,588
178,328
----------
----------
Net current assets
405,834
459,946
-------------
-------------
Total assets less current liabilities
1,253,269
1,050,054
Creditors: amounts falling due after more than one year
10
61,948
Provisions
Taxation including deferred tax
77,340
49,972
-------------
-------------
Net assets
1,113,981
1,000,082
-------------
-------------
R.V. Rugg Limited
Statement of Financial Position (continued)
31 December 2021
2021
2020
Note
£
£
£
£
Capital and reserves
Called up share capital
38,000
38,000
Reval'n reserve
147,478
160,885
Capital redemption reserve
6,000
6,000
Profit and loss account
922,503
795,197
-------------
-------------
Shareholders funds
1,113,981
1,000,082
-------------
-------------
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.
For the year ending 31 December 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 her 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 14 April 2022 , and are signed on behalf of the board by:
Ms Hirst
Director
Company registration number: 00400771
R.V. Rugg Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Station Lane, Featherstone, Pontefract, West Yorkshire, WF7 5BA.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. At the date of signing these financial statements, the directors have considered the effect of the Coronavirus pandemic on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. (d) Current & deferred tax 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. (e) Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
(f) 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:
Intangible Assets
-
20% 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.
(g) 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. The company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.
(h) 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:
Freehold Property
-
4% straight line
Plant & Machinery
-
10% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
(i) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(j) Stock & work in progress
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. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
(k) Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position 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 sum of digits method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(l) 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.
(m) 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. 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.
(n) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(o) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2020: 24 ).
5. Intangible assets
Intangibles
£
Cost
At 1 January 2021 and 31 December 2021
8,000
-------
Amortisation
At 1 January 2021 and 31 December 2021
8,000
-------
Carrying amount
At 31 December 2021
-------
At 31 December 2020
-------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
406,965
1,031,546
64,605
61,324
1,564,440
Additions
167,103
114,035
804
60,000
341,942
Disposals
( 31,489)
( 38,885)
( 70,374)
----------
-------------
--------
--------
-------------
At 31 December 2021
574,068
1,114,092
65,409
82,439
1,836,008
----------
-------------
--------
--------
-------------
Depreciation
At 1 January 2021
161,119
767,568
55,334
25,482
1,009,503
Charge for the year
20,279
25,794
1,508
8,441
56,022
Disposals
( 25,362)
( 16,419)
( 41,781)
----------
-------------
--------
--------
-------------
At 31 December 2021
181,398
768,000
56,842
17,504
1,023,744
----------
-------------
--------
--------
-------------
Carrying amount
At 31 December 2021
392,670
346,092
8,567
64,935
812,264
----------
-------------
--------
--------
-------------
At 31 December 2020
245,846
263,978
9,271
35,842
554,937
----------
-------------
--------
--------
-------------
The investment property has been valued in December 2021 based on the cost of acquisition in the same month.
Tangible assets held at valuation
The freehold land and buildings were valued in June 2012 on an open market value basis at £400,000. The valuation was undertaken by Stephen PR Abson MRICS (Chartered Surveyor), of Abson Blaza Property.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2021
Aggregate cost
423,252
Aggregate depreciation
(180,981)
----------
Carrying value
242,271
----------
At 31 December 2020
Aggregate cost
256,149
Aggregate depreciation
(174,577)
----------
Carrying value
81,572
----------
7. Investments
Trade Investments
£
Cost
At 1 January 2021 and 31 December 2021
35,171
--------
Impairment
At 1 January 2021 and 31 December 2021
--------
Carrying amount
At 31 December 2021
35,171
--------
At 31 December 2020
35,171
--------
This relates to an unlisted investment and is included at market value based as advised by the director.
8. Debtors
2021
2020
£
£
Trade debtors
287,507
198,391
Other debtors
12,910
8,810
----------
----------
300,417
207,201
----------
----------
9. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
88,829
93,122
Accruals
15,149
20,070
Corporation tax
13,018
14,152
Social security and other taxes
47,161
49,338
Obligations under finance leases and hire purchase contracts
40,260
1,646
Other creditors
171
----------
----------
204,588
178,328
----------
----------
10. Creditors: amounts falling due after more than one year
2021
2020
£
£
Obligations under finance leases and hire purchase contracts
61,948
--------
----
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr. S.V. Rugg
Ms Hirst
2,300
( 2,000)
300
----
-------
-------
----
2,300
( 2,000)
300
----
-------
-------
----
2020
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr. S.V. Rugg
3,676
4,611
( 8,287)
Ms Hirst
-------
-------
-------
----
3,676
4,611
( 8,287)
-------
-------
-------
----