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Filleted

Registration number: 13641983

RDFC Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

RDFC Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

RDFC Ltd

Company Information

Directors

Ms H Cadman

Ms R A Jones

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

RDFC Ltd

(Registration number: 13641983)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

16,991

18,870

Current assets

 

Stocks

6

6,300

7,000

Debtors

7

1,862

3,078

Cash at bank and in hand

 

6,770

7,622

 

14,932

17,700

Creditors: Amounts falling due within one year

8

(32,021)

(35,884)

Net current liabilities

 

(17,089)

(18,184)

Net (liabilities)/assets

 

(98)

686

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(198)

586

Total equity

 

(98)

686

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

RDFC Ltd

(Registration number: 13641983)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

.........................................
Ms H Cadman
Director

   
     
 

RDFC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 27 October 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

RDFC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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

Motor Vehicles

20% Reducing Balance

Plant and Machinery

10% Reducing Balance

Office Equipment

20% Reducing Balance

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

RDFC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,678

1,131

 

RDFC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

12,403

599

6,999

20,001

Additions

800

-

-

800

At 31 March 2023

13,203

599

6,999

20,801

Depreciation

At 1 April 2022

711

70

350

1,131

Charge for the year

1,243

106

1,330

2,679

At 31 March 2023

1,954

176

1,680

3,810

Carrying amount

At 31 March 2023

11,249

423

5,319

16,991

At 31 March 2022

11,692

529

6,649

18,870

6

Stocks

2023
£

2022
£

Other inventories

6,300

7,000

7

Debtors

2023
£

2022
£

Other debtors

1,862

3,078

1,862

3,078

8

Creditors

Creditors: amounts falling due within one year

 

RDFC Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

3,145

2,237

Other related parties

 

26,333

32,386

Corporation tax liability

 

1,608

196

Other creditors

 

935

1,065

 

32,021

35,884

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary Shares of £1 each

50

50

50

50

B Ordinary Shares of £1 each

50

50

50

50

 

100

100

100

100

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Ms H Cadman

32,386

(13,433)

6,132

25,085

-

-

-

-

 

32,386

(13,433)

6,132

25,085

       

 

2022

At 24 September 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Ms H Cadman

-

(44,116)

76,502

32,386

-

-

-

-

 

-

(44,116)

76,502

32,386