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COMPANY REGISTRATION NUMBER: 05055596
RS Workshop Equipment Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
RS Workshop Equipment Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
RS Workshop Equipment Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
R Milton
A E Jones
S Radcliffe
COMPANY SECRETARY
L Gribben
REGISTERED OFFICE
Unit 28
Barnwell Manor Estate
Barnwell
Peterborough
Cambs
PE8 5PL
ACCOUNTANTS
Streets
Chartered accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
Barclays
1 Church Street
Peterborough
Cambs
PE1 1XE
RS Workshop Equipment Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
28,636
15,670
Current assets
Stocks
61,282
65,374
Debtors
6
129,860
76,892
Cash at bank and in hand
94,260
185,133
---------
---------
285,402
327,399
Creditors: amounts falling due within one year
7
135,653
143,656
---------
---------
Net current assets
149,749
183,743
---------
---------
Total assets less current liabilities
178,385
199,413
Provisions
7,160
3,673
---------
---------
Net assets
171,225
195,740
---------
---------
Capital and reserves
Called up share capital
30,600
30,600
Profit and loss account
140,625
165,140
---------
---------
Shareholders funds
171,225
195,740
---------
---------
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 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 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 .
RS Workshop Equipment Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
R Milton
A E Jones
Director
Director
S Radcliffe
Director
Company registration number: 05055596
RS Workshop Equipment Limited
Notes to the Financial Statements
Year ended 31 March 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 28, Barnwell Manor Estate, Barnwell, Peterborough, Cambs, PE8 5PL.
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. 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually this is on despatch of the goods. The amount of revenue can be measured reliably once 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. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
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 in equity, 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.
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 statement of income and retained earnings.
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.
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:
Plant and machinery
-
25% Reducing balance per annum
Motor vehicles
-
25% Reducing balance per annum
Equipment
-
25% Reducing balance per annum
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.
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.
Defined contribution pension plans
Contributions to defined contribution pension 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 5 (2022: 3 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
11,224
15,185
20,133
46,542
Additions
8,120
10,333
18,453
--------
--------
--------
--------
At 31 March 2023
19,344
25,518
20,133
64,995
--------
--------
--------
--------
Depreciation
At 1 April 2022
8,018
9,309
13,545
30,872
Charge for the year
2,155
1,684
1,648
5,487
--------
--------
--------
--------
At 31 March 2023
10,173
10,993
15,193
36,359
--------
--------
--------
--------
Carrying amount
At 31 March 2023
9,171
14,525
4,940
28,636
--------
--------
--------
--------
At 31 March 2022
3,206
5,876
6,588
15,670
--------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
125,327
73,343
Other debtors
4,533
3,549
---------
--------
129,860
76,892
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
107,209
92,059
Social security and other taxes
24,338
48,262
Other creditors
4,106
3,335
---------
---------
135,653
143,656
---------
---------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
7,160
3,673
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
7,160
3,673
-------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
2,354
2,354
-------
-------