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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
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All of the members of RB Forgings (UK) Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
09995953
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FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
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REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
RB FORGINGS (UK) LIMITED |
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YEAR ENDED 31 MARCH 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 RB Forgings (UK) Limited for the year ended 31 March 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
27 September 2023
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
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31 March 2023
Fixed assets
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Tangible assets |
5 |
|
663,404 |
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938,888 |
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|
|
|
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Current assets
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Stocks |
1,267,165 |
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522,294 |
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Debtors |
1,740,918 |
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1,317,594 |
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Cash at bank and in hand |
11,172 |
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74,324 |
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-------------- |
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-------------- |
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3,019,255 |
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1,914,212 |
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Creditors: amounts falling due within one year |
3,735,959 |
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3,097,302 |
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-------------- |
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-------------- |
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Net current liabilities |
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716,704 |
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1,183,090 |
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------------ |
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-------------- |
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Total assets less current liabilities |
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(
53,300) |
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(
244,202) |
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------------ |
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------------ |
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Net liabilities |
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(
53,300) |
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(
244,202) |
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------------ |
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------------ |
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Capital and reserves
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Called up share capital |
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200,100 |
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100 |
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Revaluation reserve |
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323,581 |
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364,028 |
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Profit and loss account |
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(
576,981) |
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(
608,330) |
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------------ |
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------------ |
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Shareholders deficit |
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(
53,300) |
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(
244,202) |
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------------ |
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------------ |
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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 comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
;
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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
.
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
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31 March 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
27 September 2023
, and are signed on behalf of the board by:
Company registration number:
09995953
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
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YEAR ENDED 31 MARCH 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 George Dyke Imperial Works, Heath Road, Darlaston, WS10 8LP, England.
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.
Going concern
The member's attention is drawn to the deficit on the company's Statement of Financial Position.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Plant and machinery |
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10% straight line |
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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.
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.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
42
(2022:
42
).
5.
Tangible Assets
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£ |
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Cost |
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At 1 April 2022 |
1,042,340 |
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Additions |
30,756 |
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Disposals |
(
360,050) |
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-------------- |
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At 31 March 2023 |
713,046 |
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-------------- |
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Depreciation |
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At 1 April 2022 |
103,452 |
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Charge for the year |
39,203 |
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Disposals |
(
93,013) |
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-------------- |
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At 31 March 2023 |
49,642 |
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-------------- |
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Carrying amount |
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At 31 March 2023 |
663,404 |
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-------------- |
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At 31 March 2022 |
938,888 |
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-------------- |
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6.
Operating Leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
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2023 |
2022 |
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£ |
£ |
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Not later than 1 year |
280,000 |
265,000 |
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Later than 1 year and not later than 5 years |
1,120,000 |
1,120,000 |
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Later than 5 years |
1,540,000 |
1,820,000 |
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2,940,000 |
3,205,000 |
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