Registered number
10747381
Renewable Access Systems Limited
Filleted Accounts
31 May 2023
Renewable Access Systems Limited
Registered number: 10747381
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,550 4,697
Current assets
Debtors 4 12,000 11,534
Cash at bank and in hand 26 264
12,026 11,798
Creditors: amounts falling due within one year 5 (8,222) (8,912)
Net current assets 3,804 2,886
Total assets less current liabilities 7,354 7,583
Creditors: amounts falling due after more than one year 6 (6,586) (6,662)
Provisions for liabilities (674) (892)
Net assets 94 29
Capital and reserves
Called up share capital 1 1
Profit and loss account 93 28
Shareholder's funds 94 29
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Martin Levy Anderson
Director
Approved by the board on 2 November 2023
Renewable Access Systems Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings, tools & equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2022 820 11,900 12,720
At 31 May 2023 820 11,900 12,720
Depreciation
At 1 June 2022 285 7,738 8,023
Charge for the year 107 1,040 1,147
At 31 May 2023 392 8,778 9,170
Net book value
At 31 May 2023 428 3,122 3,550
At 31 May 2022 535 4,162 4,697
4 Debtors 2023 2022
£ £
Other debtors 12,000 11,534
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,944 1,928
Trade creditors - 1,152
Taxation and social security costs 5,428 4,982
Other creditors 850 850
8,222 8,912
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,586 6,662
7 Other information
Renewable Access Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Horton House
2 Urmston Lane
Stretford
Manchester
M32 9BP
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