Company Registration No. SC149867 (Scotland)
RUSSELL MAINSTREAM SUPPLY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
RUSSELL MAINSTREAM SUPPLY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,535
43,161
Current assets
Stocks
44,680
61,900
Debtors
4
89,824
86,323
Cash at bank and in hand
90,802
70,714
225,306
218,937
Creditors: amounts falling due within one year
5
(112,989)
(123,912)
Net current assets
112,317
95,025
Total assets less current liabilities
149,852
138,186
Creditors: amounts falling due after more than one year
6
(21,662)
(33,363)
Provisions for liabilities
7
(7,132)
(8,304)
Net assets
121,058
96,519
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
120,958
96,419
Total equity
121,058
96,519

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year 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 year 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.

RUSSELL MAINSTREAM SUPPLY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
Mr William Russell
Director
Company Registration No. SC149867
RUSSELL MAINSTREAM SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Russell Mainstream Supply Limited is a private company limited by shares incorporated in Scotland. The registered office is Viewfield, Annfield Muir, CUPAR, Fife, KY15 7TT.

1.1
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.

1.2
Turnover

Turnover comprises the invoiced value of electrodes and specialist hygiene products supplied by the company, net of Value Added Tax and trade discounts.

 

1.3
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:

Fixtures and fittings
15% reducing balance
Office equipment
25% reducing balance
Motor vehicles
20% reducing balance

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.

1.4
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

1.5
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

RUSSELL MAINSTREAM SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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 income statement, 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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.8
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
4
5
RUSSELL MAINSTREAM SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
1,393
14,178
50,330
65,901
Additions
3,450
557
-
0
4,007
Disposals
-
0
(600)
-
0
(600)
At 31 March 2023
4,843
14,135
50,330
69,308
Depreciation and impairment
At 1 April 2022
1,349
11,217
10,174
22,740
Depreciation charged in the year
524
814
8,031
9,369
Eliminated in respect of disposals
-
0
(336)
-
0
(336)
At 31 March 2023
1,873
11,695
18,205
31,773
Carrying amount
At 31 March 2023
2,970
2,440
32,125
37,535
At 31 March 2022
44
2,961
40,156
43,161
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
66,396
53,602
Other debtors
23,428
32,721
89,824
86,323
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,010
8,320
Trade creditors
71,869
71,629
Corporation tax
15,873
16,071
Other taxation and social security
10,890
5,614
Other creditors
158
7,947
Directors current accounts
13
11,581
Accruals and deferred income
4,176
2,750
112,989
123,912
RUSSELL MAINSTREAM SUPPLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,662
33,363
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
7,132
8,304
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
2023-03-312022-04-01false27 November 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr M RussellMr W RussellMrs E RussellMr William RussellSC1498672022-04-012023-03-31SC1498672023-03-31SC1498672022-03-31SC149867core:FurnitureFittings2023-03-31SC149867core:ComputerEquipment2023-03-31SC149867core:MotorVehicles2023-03-31SC149867core:FurnitureFittings2022-03-31SC149867core:ComputerEquipment2022-03-31SC149867core:MotorVehicles2022-03-31SC149867core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC149867core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC149867core:CurrentFinancialInstruments2023-03-31SC149867core:CurrentFinancialInstruments2022-03-31SC149867core:Non-currentFinancialInstruments2023-03-31SC149867core:Non-currentFinancialInstruments2022-03-31SC149867core:ShareCapital2023-03-31SC149867core:ShareCapital2022-03-31SC149867core:RetainedEarningsAccumulatedLosses2023-03-31SC149867core:RetainedEarningsAccumulatedLosses2022-03-31SC149867bus:CompanySecretaryDirector12022-04-012023-03-31SC149867core:FurnitureFittings2022-04-012023-03-31SC149867core:ComputerEquipment2022-04-012023-03-31SC149867core:MotorVehicles2022-04-012023-03-31SC1498672021-04-012022-03-31SC149867core:FurnitureFittings2022-03-31SC149867core:ComputerEquipment2022-03-31SC149867core:MotorVehicles2022-03-31SC1498672022-03-31SC149867core:WithinOneYear2023-03-31SC149867core:WithinOneYear2022-03-31SC149867bus:PrivateLimitedCompanyLtd2022-04-012023-03-31SC149867bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC149867bus:FRS1022022-04-012023-03-31SC149867bus:AuditExemptWithAccountantsReport2022-04-012023-03-31SC149867bus:Director12022-04-012023-03-31SC149867bus:Director22022-04-012023-03-31SC149867bus:Director32022-04-012023-03-31SC149867bus:CompanySecretary12022-04-012023-03-31SC149867bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP