Caseware UK (AP4) 2021.0.152 2021.0.152 2021-11-302021-11-30false2020-12-01false12trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02079241 2020-12-01 2021-11-30 02079241 2019-12-01 2020-11-30 02079241 2021-11-30 02079241 2020-11-30 02079241 c:Director1 2020-12-01 2021-11-30 02079241 d:MotorVehicles 2020-12-01 2021-11-30 02079241 d:MotorVehicles 2021-11-30 02079241 d:MotorVehicles 2020-11-30 02079241 d:MotorVehicles d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 02079241 d:FurnitureFittings 2020-12-01 2021-11-30 02079241 d:FurnitureFittings 2021-11-30 02079241 d:FurnitureFittings 2020-11-30 02079241 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 02079241 d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 02079241 d:CurrentFinancialInstruments 2021-11-30 02079241 d:CurrentFinancialInstruments 2020-11-30 02079241 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 02079241 d:CurrentFinancialInstruments d:WithinOneYear 2020-11-30 02079241 d:ShareCapital 2021-11-30 02079241 d:ShareCapital 2020-11-30 02079241 d:RetainedEarningsAccumulatedLosses 2021-11-30 02079241 d:RetainedEarningsAccumulatedLosses 2020-11-30 02079241 c:FRS102 2020-12-01 2021-11-30 02079241 c:AuditExempt-NoAccountantsReport 2020-12-01 2021-11-30 02079241 c:FullAccounts 2020-12-01 2021-11-30 02079241 c:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 iso4217:GBP xbrli:pure
Registered number: 02079241


REFRACTORY & INDUSTRIAL SERVICES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

 
REFRACTORY & INDUSTRIAL SERVICES LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 6


 
REFRACTORY & INDUSTRIAL SERVICES LIMITED
REGISTERED NUMBER:02079241

BALANCE SHEET
AS AT 30 NOVEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,985
38

Current assets
  

Stocks
  
1,371
109

Debtors: amounts falling due within one year
 5 
126,988
109,463

Cash at bank and in hand
  
7,959
2

  
136,318
109,574

Creditors: amounts falling due within one year
 6 
(127,511)
(104,038)

Net current assets
  
 
 
8,807
 
 
5,536

  

Net assets
  
12,792
5,574


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
12,692
5,474

  
12,792
5,574


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 September 2022.


T W Green
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
REFRACTORY & INDUSTRIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1.


General information

Refractory and Industrial Services Limited (the Company) is a private company limited by shares, incorporated and domiciled in England. The address of the registered office is 33 The Limes, Church Hill Lane, Himley, Dudley, DY3 4LX.
The principal activity of the company in the year under review was that of refractory suppliers and installers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company was adversely impacted in terms of trading by the COVID-19 lockdown in the UK due to the nature of its business although recovered during 2021. The directors have considered the position of the business and it's future cash flows and have indicated that they will provide the financial support necessary to enable the company to continue in operational existence for the foreseeable future.
Accordingly, the financial statements have been prepared on a going concern basis.

Page 2

 
REFRACTORY & INDUSTRIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
REFRACTORY & INDUSTRIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% on reducing balance
Fixtures and fittings
-
20% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. 

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

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.

Page 4

 
REFRACTORY & INDUSTRIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 2).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost 


At 1 December 2020
-
3,356
3,356


Additions
4,495
448
4,943



At 30 November 2021

4,495
3,804
8,299



Depreciation


At 1 December 2020
-
3,318
3,318


Charge for the year on owned assets
899
97
996



At 30 November 2021

899
3,415
4,314



Net book value



At 30 November 2021
3,596
389
3,985



At 30 November 2020
-
38
38

Page 5

 
REFRACTORY & INDUSTRIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
53,811
32,912

Other debtors
73,177
76,551

126,988
109,463



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
-
268

Trade creditors
120,778
98,745

Corporation tax
2,944
1,806

Other taxation and social security
1,657
1,087

Accruals and deferred income
2,132
2,132

127,511
104,038



7.


Directors' benefits: advances, credit and guarantees

Included within other debtors is an amount of £59,226 (2020: £62,600) owed to the company by a director. The amounts advanced during the year totalled £5,904 (2020: £9,278) and amounts of £9,278 (2020: £13,733) were repaid.
The loan is interest free, unsecured and had no fixed repayment terms.

 
Page 6