Registration number:
R F Industries Limited
for the Year Ended 31 October 2023
R F Industries Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
R F Industries Limited
Company Information
Director |
RR Sucharitkul |
Company secretary |
SL Sucharitkul |
Registered office |
|
Accountants |
|
R F Industries Limited
(Registration number: 3857045)
Statement of Financial Position as at 31 October 2023
Note |
2023 |
2022 |
|
Non-current assets |
|||
Property, plant and equipment |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Payables: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Equity |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Total equity |
|
|
R F Industries Limited
(Registration number: 3857045)
Statement of Financial Position as at 31 October 2023 (continued)
For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.
The financial statements of R F Industries Limited were approved and authorised for issue by the
.........................................
Director
R F Industries Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
General information |
R F Industries Limited (the 'company') is a private company limited by share capital, incorporated in England and Wales under the Companies Act The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the director's report on page 2.
Accounting policies |
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.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Key sources of estimation uncertainty
The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following
estimates have had the most significant effect on amounts recognised in the financial statements.
The company makes provision for depreciation of property plant and equipment; this provision requires estimates of the useful economic lives and residual values for the underlying assets. These estimates are based on a variety of factors which may be uncertain.
The carrying amount at the year end is £309,997 (2022: £300,800).
R F Industries Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Revenue is shown net of value added tax.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.
Taxation
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Freehold property |
2% on cost |
Plant and machinery |
25% on cost |
Motor vehicles |
20% on cost |
Computer equipment |
33% on cost |
Office equipment |
15% on cost |
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.
R F Industries Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
Debtors
Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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 debtors.
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 stocks 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
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors 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.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
R F Industries Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Warranty provision
Provision is made for the future costs of rectification work to be carried out after the year end relating
to sales made under warranty in the period.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
R F Industries Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023 (continued)
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Accelerated capital allowances |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is below the standard rate of corporation tax in the in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at 22.4267% |
|
|
Effect of change in rate of taxes |
|
- |
Effect of expense not deductible in determining taxable profit |
|
|
Adjustment for prior period |
( |
- |
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Accelerated capital allowances |
|
2022 |
Liability |
Accelerated capital allowances |
|
R F Industries Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023 (continued)
Property, plant and equipment |
Freehold property |
Plant and machinery |
Motor vehicles |
Computer and office equipment |
Total |
|
Cost |
|||||
At 1 November 2022 |
|
|
|
|
|
Additions |
- |
|
|
|
|
At 31 October 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 November 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 October 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 31 October 2023 |
|
|
|
|
|
At 31 October 2022 |
|
|
|
|
|
Included in cost of land and buildings is freehold land of £50,000 (2021 - £50,000) which is not depreciated.
Inventories |
2023 |
2022 |
|
Stocks |
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
R F Industries Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023 (continued)
Cash and Cash equivalent |
2023 |
2022 |
|
Cash at bank |
|
|
Creditors |
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Social security and other taxes |
|
|
Corporation tax liability |
50,664 |
60,988 |
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
100 |
|
100 |
|
|
|
|
The company has two classes of share capital which carry no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other
adjustments.
Ultimate controlling party |
The company is controlled by its director R R Sucharitkul.
R F Industries Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023 (continued)
Events after the financial period |
|