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Company registration number: 07137786
RBF Electrical Services Ltd
Unaudited filleted financial statements
31 January 2023
RBF Electrical Services Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
RBF Electrical Services Ltd
Directors and other information
Director Mr Raymond Barry Frankish
Mrs Tracy Ann Frankish
Company number 07137786
Registered office KEBONY
Ralphs Lane
Frampton West
Boston
PE20 1RJ
Business address KEBONY
Ralphs Lane
Frampton West
Boston
PE20 1RJ
Accountants Lister & Co
75 High Street
Boston
Lincolnshire
PE21 8SX
RBF Electrical Services Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of RBF Electrical Services Ltd
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RBF Electrical Services Ltd for the year ended 31 January 2023 which comprise the statement of financial position and 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 http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of RBF Electrical Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of RBF Electrical Services Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RBF Electrical Services Ltd and its director as a body for our work or for this report.
It is your duty to ensure that RBF Electrical Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of RBF Electrical Services Ltd. You consider that RBF Electrical Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of RBF Electrical Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE21 8SX
19 July 2023
RBF Electrical Services Ltd
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 4,773 3,408
_______ _______
4,773 3,408
Current assets
Stocks 6,920 4,575
Debtors 6 36,000 48,436
Cash at bank and in hand - 170
_______ _______
42,920 53,181
Creditors: amounts falling due
within one year 7 ( 45,531) ( 42,042)
_______ _______
Net current (liabilities)/assets ( 2,611) 11,139
_______ _______
Total assets less current liabilities 2,162 14,547
Creditors: amounts falling due
after more than one year 8 ( 9,979) ( 13,935)
Provisions for liabilities - ( 252)
_______ _______
Net (liabilities)/assets ( 7,817) 360
_______ _______
Capital and reserves
Called up share capital 9 1 1
Profit and loss account ( 7,818) 359
_______ _______
Shareholders (deficit)/funds ( 7,817) 360
_______ _______
For the year ending 31 January 2023 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 July 2023 , and are signed on behalf of the board by:
Mr Raymond Barry Frankish
Director
Company registration number: 07137786
RBF Electrical Services Ltd
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is KEBONY, Ralphs Lane, Frampton West, Boston, PE20 1RJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company continues to trade as a going concern owing to an overdraft facility currently in place, due for renewal in December 2023. The directors will put monies into the company if required in future.
Turnover
Turnover represents the amount receivable for goods and services sold during the year net of value added tax.Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer and it is probable that associated economic benefits will flow to the company.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Long leasehold property - 4 % straight line
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 in finance costs 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 3 (2022: 3 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 February 2022 1,908 2,798 3,229 7,935
Additions - 1,852 - 1,852
_______ _______ _______ _______
At 31 January 2023 1,908 4,650 3,229 9,787
_______ _______ _______ _______
Depreciation
At 1 February 2022 414 2,533 1,580 4,527
Charge for the year 60 179 248 487
_______ _______ _______ _______
At 31 January 2023 474 2,712 1,828 5,014
_______ _______ _______ _______
Carrying amount
At 31 January 2023 1,434 1,938 1,401 4,773
_______ _______ _______ _______
At 31 January 2022 1,494 265 1,649 3,408
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 32,042 46,772
Other debtors 3,958 1,664
_______ _______
36,000 48,436
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 20,707 16,851
Trade creditors 10,629 6,429
Social security and other taxes 5,474 10,534
Other creditors 8,721 8,228
_______ _______
45,531 42,042
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 9,979 13,935
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
10. Other financial commitments
Financial commitments not included on the balance sheet at the year amounted to £8,942.
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Raymond Barry Frankish ( 3) 2,252 - 2,249
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Raymond Barry Frankish ( 153) 4,000 ( 3,850) ( 3)
_______ _______ _______ _______
The Directors loan was repaid in full within 9 months of the year end.