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REGISTERED NUMBER: 03639350 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Rustbuster Limited

Rustbuster Limited (Registered number: 03639350)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 9


Rustbuster Limited

Company Information
for the Year Ended 31 May 2023







Director: C I R Allen





Registered office: Unit 2, Welland House
Cradge Bank
Spalding
Lincolnshire
PE11 3AN





Registered number: 03639350 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Rustbuster Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rustbuster Limited for the year ended 31 May 2023 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Rustbuster Limited in accordance with the terms of our engagement letter dated 22 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Rustbuster Limited and state those matters that we have agreed to state to the director of Rustbuster Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rustbuster Limited and its director for our work or for this report.

It is your duty to ensure that Rustbuster Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rustbuster Limited. You consider that Rustbuster Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Rustbuster Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


21 February 2024

Rustbuster Limited (Registered number: 03639350)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 4,045 7,548

Current assets
Stocks 25,000 19,545
Debtors 6 4,954 8,705
Cash at bank 5,274 2,498
35,228 30,748
Creditors
Amounts falling due within one year 7 46,589 57,637
Net current liabilities (11,361 ) (26,889 )
Total assets less current liabilities (7,316 ) (19,341 )

Creditors
Amounts falling due after more than one
year

8

4,178

6,111
Net liabilities (11,494 ) (25,452 )

Capital and reserves
Called up share capital 10 1,000 1,000
Retained earnings (12,494 ) (26,452 )
Shareholders' funds (11,494 ) (25,452 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Rustbuster Limited (Registered number: 03639350)

Statement of Financial Position - continued
31 May 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 February 2024 and were signed by:





C I R Allen - Director


Rustbuster Limited (Registered number: 03639350)

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


1. Statutory information

Rustbuster Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Rustbuster Limited (Registered number: 03639350)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. Accounting policies - continued

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Defined contribution plans
Contributions to defined contribution 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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Rustbuster Limited (Registered number: 03639350)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. Accounting policies - continued

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Going concern
At the balance sheet date, current liabilities exceed current assets by £11,494. However, the director has indicated that he will continue to support the company and that they have operated within their bank facilities and that the accounts have been prepared on a going concern basis.

4. Employees and directors

The average number of employees during the year was 4 (2022 - 6 ) .

Rustbuster Limited (Registered number: 03639350)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


5. Tangible fixed assets
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1 June 2022 15,756 7,133 6,924 29,813
Disposals - (3,834 ) - (3,834 )
At 31 May 2023 15,756 3,299 6,924 25,979
Depreciation
At 1 June 2022 12,573 4,946 4,746 22,265
Charge for year 795 7 544 1,346
Eliminated on disposal - (1,677 ) - (1,677 )
At 31 May 2023 13,368 3,276 5,290 21,934
Net book value
At 31 May 2023 2,388 23 1,634 4,045
At 31 May 2022 3,183 2,187 2,178 7,548

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 1,197 725
Other debtors - 478
Deferred tax asset 3,078 6,533
Prepayments 679 969
4,954 8,705

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 1,941 1,950
Trade creditors 21,434 31,884
Social security and other taxes 953 1,147
Pension creditor 380 296
VAT 7,125 2,639
Other creditors 12,653 17,349
Accruals and deferred income 2,103 2,372
46,589 57,637

Included within bank loans and overdrafts is a Bounce Back loan. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed.

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 4,178 6,111

Rustbuster Limited (Registered number: 03639350)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


8. Creditors: amounts falling due after more than one year - continued

Included within bank loans and overdrafts is a Bounce Back loan. Interest is chargeable twelve months after the loan being drawn. This loan is 100% government backed.

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 4,943 4,943
Between one and five years 5,354 10,297
10,297 15,240

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500 Ordinary shares £1 500 500
500 Ordinary A shares £1 500 500
1,000 1,000