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COMPANY REGISTRATION NUMBER: 11247651
RECON SURVEY & SAFETY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2023
RECON SURVEY & SAFETY LTD
STATEMENT OF FINANCIAL POSITION
30 April 2023
2023
2022
Note
£
£
£
£
Fixed Assets
Tangible assets
5
70,738
36,828
Current Assets
Stocks
40,210
30,642
Debtors
6
94,958
59,095
Cash at bank and in hand
108,792
108,994
-----------
-----------
243,960
198,731
Creditors: amounts falling due within one year
7
86,554
84,443
-----------
-----------
Net Current Assets
157,406
114,288
-----------
-----------
Total Assets Less Current Liabilities
228,144
151,116
-----------
-----------
Net Assets
228,144
151,116
-----------
-----------
RECON SURVEY & SAFETY LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2023
2023
2022
Note
£
£
£
£
Capital and Reserves
Called up share capital
200
200
Profit and loss account
227,944
150,916
-----------
-----------
Shareholders Funds
228,144
151,116
-----------
-----------
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.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
Mr S Finney
Director
Company registration number: 11247651
RECON SURVEY & SAFETY LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit H2 Castings Way, Leafbridge Business Park, Station Road, North Hykeham, Lincoln, LN6 9WG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly 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.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 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.
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:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
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 stock to its present location and condition.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible Assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2022
14,110
1,500
43,444
59,054
Additions
9,701
20,236
30,677
60,614
Disposals
( 23,530)
( 23,530)
---------
---------
---------
---------
At 30 April 2023
23,811
21,736
50,591
96,138
---------
---------
---------
---------
Depreciation
At 1 May 2022
4,490
525
17,211
22,226
Charge for the year
4,763
986
10,118
15,867
Disposals
( 12,693)
( 12,693)
---------
---------
---------
---------
At 30 April 2023
9,253
1,511
14,636
25,400
---------
---------
---------
---------
Carrying amount
At 30 April 2023
14,558
20,225
35,955
70,738
---------
---------
---------
---------
At 30 April 2022
9,620
975
26,233
36,828
---------
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
84,340
58,073
Other debtors
10,618
1,022
---------
---------
94,958
59,095
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,446
28,874
Social security and other taxes
50,651
47,866
Other creditors
5,457
7,703
---------
---------
86,554
84,443
---------
---------
8. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
41,352
18,852
Later than 1 year and not later than 5 years
62,332
47,434
-----------
---------
103,684
66,286
-----------
---------