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REGISTERED NUMBER: 04293893 (England and Wales)






John Rhodes & Son (Ironfounders) Limited

Financial Statements

for the Year Ended 28 February 2023






John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893)

Contents of the Financial Statements
for the year ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


John Rhodes & Son (Ironfounders) Limited

Company Information
for the year ended 28 February 2023







DIRECTORS: Mr R M Shaw
Mrs L Shaw





SECRETARY: Mrs L Shaw





REGISTERED OFFICE: 33 George Street
Wakefield
West Yorkshire
WF1 1LX





REGISTERED NUMBER: 04293893 (England and Wales)





ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX

John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893)

Balance Sheet
28 February 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 500 587
500 587

CURRENT ASSETS
Stocks 4,500 4,500
Debtors 6 3,059 4,336
Cash at bank 5,008 13,416
12,567 22,252
CREDITORS
Amounts falling due within one year 7 20,901 30,106
NET CURRENT LIABILITIES (8,334 ) (7,854 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,834

)

(7,267

)

PROVISIONS FOR LIABILITIES 95 111
NET LIABILITIES (7,929 ) (7,378 )

John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893)

Balance Sheet - continued
28 February 2023

2023 2022
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings (7,930 ) (7,379 )
SHAREHOLDERS' FUNDS (7,929 ) (7,378 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





Mr R M Shaw - Director


John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893)

Notes to the Financial Statements
for the year ended 28 February 2023


1. STATUTORY INFORMATION

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The director has reviewed the trading expectations for the remainder of 2023 and in to 2024, as well as the company's cash resources. Due to the cyclical nature of the work undertaken by the company the director anticipates the profits of 2024 to be at a similar level to those of the current accounting period. The director has a reasonable expectation that the company will return to profit in 2025 and that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the income from services undertaken as an agent for specialist moulds for iron castings.

Goodwill
Goodwill was initially recorded at cost and was fully amortised over its useful economic life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Patterns - 10% on reducing balance

Tangible fixed assets are initially recorded at cost.

Government grants
Grants received in relation to the Coronavirus Job Retention Scheme are accounted for as they fall due and are included within other operating income.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 2 ).

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 March 2022
and 28 February 2023 22,000
AMORTISATION
At 1 March 2022
and 28 February 2023 22,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Patterns Totals
£ £ £ £
COST
At 1 March 2022
and 28 February 2023 2,831 17,228 2,900 22,959
DEPRECIATION
At 1 March 2022 2,671 17,228 2,473 22,372
Charge for year 44 - 43 87
At 28 February 2023 2,715 17,228 2,516 22,459
NET BOOK VALUE
At 28 February 2023 116 - 384 500
At 28 February 2022 160 - 427 587

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 2,378 4,212
VAT 681 124
3,059 4,336

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 2,057 35
Tax - 464
Social security and other taxes - 110
Directors' current accounts 16,891 24,367
Accruals and deferred income 1,953 5,130
20,901 30,106

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary £1 1 1