RF Design Projects Ltd
Unaudited accounts
Contents
RF Design Projects Ltd
Statement of financial position
as at 31 December 2021
Cash at bank and in hand
21,908
18,520
Creditors: amounts falling due within one year
(65,103)
(62,850)
Net current assets
10,931
20,848
Total assets less current liabilities
12,590
20,848
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
12,175
20,748
Shareholders' funds
12,275
20,848
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2022 and were signed on its behalf by
R Ratcliffe
Director
Company Registration No. 11092001
RF Design Projects Ltd
Notes to the Accounts
for the year ended 31 December 2021
RF Design Projects Ltd is a private company, limited by shares, registered in England and Wales, registration number 11092001. The registered office is 8 St John Street, Hythe, Southampton, Hampshire, S045 6DA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
3 years
Computer equipment
2 years
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 accounts. 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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
RF Design Projects Ltd
Notes to the Accounts
for the year ended 31 December 2021
4
Tangible fixed assets
Total
At 31 December 2021
10,950
5
Deferred taxation
2021
2020
Accelerated capital allowances
315
-
Provision at start of year
-
661
Charged/(credited) to the profit and loss account
315
(661)
Provision at end of year
315
-
6
Operating lease commitments
2021
2020
At 31 December 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
6,000
4,000
7
Transactions with related parties
The directors charged the company rent of £624 (2020: £568).
The director also made an interest free loan to the company of £16843 (2020: £15,459). The director reserves the right to charge the company interest at any stage.
8
Average number of employees
During the year the average number of employees was 2 (2020: 2).