58 false false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06263066 2022-06-01 2023-05-31 06263066 2023-05-31 06263066 2022-05-31 06263066 2021-06-01 2022-05-31 06263066 2022-05-31 06263066 2021-05-31 06263066 core:PlantMachinery 2022-06-01 2023-05-31 06263066 core:FurnitureFittings 2022-06-01 2023-05-31 06263066 core:MotorVehicles 2022-06-01 2023-05-31 06263066 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 06263066 bus:Director2 2022-06-01 2023-05-31 06263066 core:WithinOneYear 2023-05-31 06263066 core:WithinOneYear 2022-05-31 06263066 core:AfterOneYear 2023-05-31 06263066 core:AfterOneYear 2022-05-31 06263066 core:ShareCapital 2023-05-31 06263066 core:ShareCapital 2022-05-31 06263066 core:RetainedEarningsAccumulatedLosses 2023-05-31 06263066 core:RetainedEarningsAccumulatedLosses 2022-05-31 06263066 bus:SmallEntities 2022-06-01 2023-05-31 06263066 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 06263066 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 06263066 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06263066 bus:AbridgedAccounts 2022-06-01 2023-05-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Ref-Sol Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 06263066
REF-SOL LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2023
REF-SOL LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF REF-SOL LIMITED
YEAR ENDED 31 MAY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Ref-Sol Limited for the year ended 31 May 2023, which comprise the abridged statement of financial position and the 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 www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
28 September 2023
REF-SOL LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
212,272
182,581
Current assets
Stocks
38,415
42,684
Debtors
884,673
923,676
Cash at bank and in hand
671,755
668,340
--------------
--------------
1,594,843
1,634,700
Creditors: amounts falling due within one year
1,139,690
1,290,605
--------------
--------------
Net current assets
455,153
344,095
------------
------------
Total assets less current liabilities
667,425
526,676
Creditors: amounts falling due after more than one year
6
329,969
195,620
------------
------------
Net assets
337,456
331,056
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
337,356
330,956
------------
------------
Shareholders funds
337,456
331,056
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 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 abridged 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 abridged financial statements .
REF-SOL LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 May 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
N Kuscher
Director
Company registration number: 06263066
REF-SOL LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is High Street, Brockmoor, Brierley Hill, West Midlands, DY5 3JA.
2. Statement of Compliance
These abridged 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
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income 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.
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.
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
-
20% straight line
Fixtures and fittings
-
30% straight line
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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 effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 58 (2022: 58 ).
5. Tangible Assets
£
Cost
At 1 June 2022
406,239
Additions
140,626
Disposals
( 48,400)
------------
At 31 May 2023
498,465
------------
Depreciation
At 1 June 2022
223,658
Charge for the year
74,635
Disposals
( 12,100)
------------
At 31 May 2023
286,193
------------
Carrying amount
At 31 May 2023
212,272
------------
At 31 May 2022
182,581
------------
6. Creditors: amounts falling due after more than one year
The bank loan is secured by a fixed and floating charge over the assets of the company.