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Registration number: SC457933

RDM Heating Limited

trading as Dream Doors Edinburgh

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

RDM Heating Limited

trading as Dream Doors Edinburgh

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

RDM Heating Limited

trading as Dream Doors Edinburgh

Company Information

Director

Mr Ross Douglas Martin

Registered office

16 Plantation Parkway
Bishopbriggs
Glasgow
G64 2FD

Accountants

Ikara Business Solutions Limited
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

 

RDM Heating Limited

trading as Dream Doors Edinburgh

(Registration number: SC457933)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

18,480

-

Tangible assets

5

40,690

25,461

 

59,170

25,461

Current assets

 

Debtors

6

12,150

12,282

Cash at bank and in hand

 

108,128

38,406

 

120,278

50,688

Creditors: Amounts falling due within one year

7

(139,531)

(54,067)

Net current liabilities

 

(19,253)

(3,379)

Total assets less current liabilities

 

39,917

22,082

Creditors: Amounts falling due after more than one year

7

(7,420)

-

Net assets

 

32,497

22,082

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

32,397

21,982

Shareholders' funds

 

32,497

22,082

For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

RDM Heating Limited

trading as Dream Doors Edinburgh

(Registration number: SC457933)
Balance Sheet as at 31 October 2022

Approved and authorised by the director on 29 August 2023
 

.........................................
Mr Ross Douglas Martin
Director

 

RDM Heating Limited

trading as Dream Doors Edinburgh

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
16 Plantation Parkway
Bishopbriggs
Glasgow
G64 2FD

These financial statements were authorised for issue by the director on 29 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

RDM Heating Limited

trading as Dream Doors Edinburgh

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing balance

Fixtures & Fittings

20% Reducing balance

Motor Vehicles

25% Reducing balance

Office equipment

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise Fee

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

RDM Heating Limited

trading as Dream Doors Edinburgh

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2021 - 5).

 

RDM Heating Limited

trading as Dream Doors Edinburgh

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

23,100

23,100

At 31 October 2022

23,100

23,100

Amortisation

Amortisation charge

4,620

4,620

At 31 October 2022

4,620

4,620

Carrying amount

At 31 October 2022

18,480

18,480

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 November 2021

-

23,240

6,873

30,113

Additions

5,385

23,201

-

28,586

At 31 October 2022

5,385

46,441

6,873

58,699

Depreciation

At 1 November 2021

-

1,137

3,515

4,652

Charge for the year

1,190

11,327

840

13,357

At 31 October 2022

1,190

12,464

4,355

18,009

Carrying amount

At 31 October 2022

4,195

33,977

2,518

40,690

At 31 October 2021

-

22,103

3,358

25,461

 

RDM Heating Limited

trading as Dream Doors Edinburgh

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

6

Debtors

2022
£

2021
£

Trade debtors

-

12,282

Prepayments

8,400

-

Other debtors

3,750

-

12,150

12,282

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

17,716

22,103

Trade creditors

 

27,278

-

Taxation and social security

 

39,671

26,116

Accruals and deferred income

 

958

5,848

Other creditors

 

53,908

-

 

139,531

54,067

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7,420

-