Company registration number 01329156 (England and Wales)
RADFLEX CONTRACT SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
RADFLEX CONTRACT SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RADFLEX CONTRACT SERVICES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
24,000
24,000
Tangible assets
5
74,008
75,054
98,008
99,054
Current assets
Stocks
130,359
180,942
Debtors
6
218,306
123,570
Cash at bank and in hand
2,062,560
1,810,274
2,411,225
2,114,786
Creditors: amounts falling due within one year
7
(347,532)
(162,986)
Net current assets
2,063,693
1,951,800
Net assets
2,161,701
2,050,854
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,161,601
2,050,754
Total equity
2,161,701
2,050,854

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 31 January 2022 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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 8 September 2022 and are signed on its behalf by:
Mr R Garforth
Director
Company Registration No. 01329156
RADFLEX CONTRACT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 2 -
1
Accounting policies
Company information

Radflex Contract Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Mortimer Street, London, W1T 3BL.

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 amounts 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Profit is recognised on long term contracts, if the outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

1.3
Intangible fixed assets other than goodwill

Trademarks

No amortisation has been provided on the trademarks as the residual value is considered by the directors to be at least equal to the cost or any valuation of the trademarks.

1.4
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:

Improvements to premises
over the period of the lease
Plant and machinery
20% straight line basis
Fixtures, fittings & equipment
20% straight line basis
Motor vehicles
25% and 30% straight line basis

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.

RADFLEX CONTRACT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Long term contracts

Long term contract work-in-progress is valued at cost plus attributable profit, less foreseeable losses and progress payments received and receivable

1.7
Cash at bank and in hand

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Pensions

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Retirement benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases
RADFLEX CONTRACT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was as follows:

2022
2021
Number
Number
Total
14
14
4
Intangible fixed assets
Other
£
Cost
At 1 February 2021 and 31 January 2022
24,000
Amortisation and impairment
At 1 February 2021 and 31 January 2022
-
0
Carrying amount
At 31 January 2022
24,000
At 31 January 2021
24,000
RADFLEX CONTRACT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2021
17,676
266,214
283,890
Additions
-
0
41,714
41,714
Disposals
-
0
(26,885)
(26,885)
At 31 January 2022
17,676
281,043
298,719
Depreciation and impairment
At 1 February 2021
17,676
191,160
208,836
Depreciation charged in the year
-
0
34,094
34,094
Eliminated in respect of disposals
-
0
(18,219)
(18,219)
At 31 January 2022
17,676
207,035
224,711
Carrying amount
At 31 January 2022
-
0
74,008
74,008
At 31 January 2021
-
0
75,054
75,054
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
176,645
88,105
Other debtors
41,661
35,465
218,306
123,570
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
86,329
50,152
Corporation tax
67,343
35,373
Other taxation and social security
10,922
30,789
Other creditors
182,938
46,672
347,532
162,986
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