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REGISTERED NUMBER: 06817009 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

R F OLD (NEWQUAY) LIMITED

R F OLD (NEWQUAY) LIMITED (REGISTERED NUMBER: 06817009)






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


R F OLD (NEWQUAY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: R F Old
Mrs J K Old





REGISTERED OFFICE: Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD





REGISTERED NUMBER: 06817009 (England and Wales)





ACCOUNTANTS: Whitakers
Chartered Accountants
Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD

R F OLD (NEWQUAY) LIMITED (REGISTERED NUMBER: 06817009)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 254,634 264,840

CURRENT ASSETS
Stocks 10,612 5,684
Debtors 5 68,103 48,408
Cash at bank 90,715 108,104
169,430 162,196
CREDITORS
Amounts falling due within one year 6 72,835 72,123
NET CURRENT ASSETS 96,595 90,073
TOTAL ASSETS LESS CURRENT
LIABILITIES

351,229

354,913

CREDITORS
Amounts falling due after more than one
year

7

(61,295

)

(85,011

)

PROVISIONS FOR LIABILITIES (4,462 ) (5,419 )
NET ASSETS 285,472 264,483

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 285,372 264,383
SHAREHOLDERS' FUNDS 285,472 264,483

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.

R F OLD (NEWQUAY) LIMITED (REGISTERED NUMBER: 06817009)

BALANCE SHEET - continued
28 FEBRUARY 2023


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 31 October 2023 and were signed on its behalf by:





R F Old - Director


R F OLD (NEWQUAY) LIMITED (REGISTERED NUMBER: 06817009)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

R F Old (Newquay) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised when an invoice is raised for work carried out.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Office equipment - 25% on reducing balance
Computer equipment - Straight line over 3 years

Following the completed construction of the garage, the directors have decided to change the depreciation policy for freehold property for the year ending 28 February 2019, to allow the cost of the asset to be written off over it's estimated useful life.

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

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

R F OLD (NEWQUAY) LIMITED (REGISTERED NUMBER: 06817009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Office Computer
property machinery equipment equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 255,355 83,533 2,199 4,789 345,876
Additions - 1,386 763 - 2,149
At 28 February 2023 255,355 84,919 2,962 4,789 348,025
DEPRECIATION
At 1 March 2022 19,992 54,799 1,456 4,789 81,036
Charge for year 5,107 6,871 377 - 12,355
At 28 February 2023 25,099 61,670 1,833 4,789 93,391
NET BOOK VALUE
At 28 February 2023 230,256 23,249 1,129 - 254,634
At 28 February 2022 235,363 28,734 743 - 264,840

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 5,347 5,703
Other debtors 653 261
Directors' current accounts 45,222 30,573
Corporation tax 13,977 9,121
Prepayments 2,904 2,750
68,103 48,408

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 14,758 14,758
Trade creditors 19,141 17,473
Corporation tax 23,077 29,873
Social security and other taxes 14,193 8,353
Accrued expenses 1,666 1,666
72,835 72,123

R F OLD (NEWQUAY) LIMITED (REGISTERED NUMBER: 06817009)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans - 1-5 years 61,295 85,011

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
R F Old
Balance outstanding at start of year 30,573 2,509
Amounts advanced 90,397 97,386
Amounts repaid (75,748 ) (69,322 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,222 30,573

9. ULTIMATE CONTROLLING PARTY

During the year, the company was controlled by Mr R F Old by virtue of the fact that he owns 80% of the company's issued Ordinary share capital.