Company registration number 12259017 (England and Wales)
FIELDS & RUDD LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
FIELDS & RUDD LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
FIELDS & RUDD LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
31 May 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,861
18,746
Current assets
Debtors
4
204,873
317,121
Cash at bank and in hand
647,587
433,638
852,460
750,759
Creditors: amounts falling due within one year
5
(121,269)
(188,807)
Net current assets
731,191
561,952
Net assets
754,052
580,698
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
753,952
580,598
Total equity
754,052
580,698

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
D Fields
J Rudd
Director
Director
Company registration number 12259017 (England and Wales)
FIELDS & RUDD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Fields & Rudd Ltd is a private company limited by shares incorporated in England and Wales. The registered office is .

1.1
Reporting period

The reporting period has been reduced to ten months to be coterminous with the VAT quarterly submission date of 31 March 2023. As a result, the comparatives are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office Equipment
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FIELDS & RUDD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
16
7
FIELDS & RUDD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
3
Tangible fixed assets
Office Equipment
£
Cost
At 1 June 2022
28,543
Additions
10,284
Disposals
(225)
At 31 March 2023
38,602
Depreciation and impairment
At 1 June 2022
9,797
Depreciation charged in the period
6,010
Eliminated in respect of disposals
(66)
At 31 March 2023
15,741
Carrying amount
At 31 March 2023
22,861
At 31 May 2022
18,746
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
164,369
290,813
Other debtors
40,504
26,308
204,873
317,121
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,705
24,832
Taxation and social security
81,474
136,901
Other creditors
25,090
27,074
121,269
188,807
6
Financial commitments, guarantees and contingent liabilities

As at 31 March 2023 the company had financial commitments totaling £286,882.

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