R.S.C. Precision Engineering Limited
Unaudited Financial Statements
For the year ended 30 September 2023
Pages for Filing with Registrar
Company Registration No. 01379734 (England and Wales)
R.S.C. Precision Engineering Limited
Company Information
Directors
R. Emery
K. Emery
Company number
01379734
Registered office
Unit 1A Horndon Business Park
Station Road
West Horndon
Brentwood
Essex
CM13 3XL
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
R.S.C. Precision Engineering Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
R.S.C. Precision Engineering Limited
Balance Sheet
As at 30 September 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
989
1,164
Tangible assets
5
1,031,354
827,608
1,032,343
828,772
Current assets
Stock
39,603
45,068
Debtors
6
1,361,485
875,809
Cash at bank and in hand
384,213
411,510
1,785,301
1,332,387
Creditors: amounts falling due within one year
7
(1,033,890)
(904,131)
Net current assets
751,411
428,256
Total assets less current liabilities
1,783,754
1,257,028
Creditors: amounts falling due after more than one year
8
(163,689)
(102,278)
Provisions for liabilities
9
(247,078)
(147,652)
Net assets
1,372,987
1,007,098
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
1,372,887
1,006,998
Total equity
1,372,987
1,007,098
R.S.C. Precision Engineering Limited
Balance Sheet (Continued)
As at 30 September 2023
Page 2
For the financial year ended 30 September 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.
The financial statements were approved by the board of directors and authorised for issue on 1 March 2024 and are signed on its behalf by:
R. Emery
K. Emery
Director
Director
Company Registration No. 01379734
R.S.C. Precision Engineering Limited
Notes to the Financial Statements
For the year ended 30 September 2023
Page 3
1
Accounting policies
Company information
R.S.C. Precision Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is Unit 1A Horndon Business Park, Station Road, West Horndon, Brentwood, Essex, CM13 3XL.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 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 represents amounts receivable for precision tools manufactured, net of VAT.
1.3
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
15% reducing balance
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:
Leasehold improvements
10% straight line
Plant and machinery
15% - 25% 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.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 4
1.7
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
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.
1.9
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.10
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.
1.11
The company makes contributions to a money purchase scheme, the assets of the scheme being held separately from the assets of the company. The pension cost charge represents contributions payable to the scheme. There were 2 (2022 - 2) directors in the scheme during the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
33
30
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 5
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
22,433
116,252
Adjustments in respect of prior periods
(159,062)
Total current tax
(136,629)
116,252
Deferred tax
Origination and reversal of timing differences
99,426
(22,698)
Total tax (credit)/charge
(37,203)
93,554
4
Intangible fixed assets
Other
£
Cost
At 1 October 2022 and 30 September 2023
5,920
Amortisation and impairment
At 1 October 2022
4,756
Amortisation charged for the year
175
At 30 September 2023
4,931
Carrying amount
At 30 September 2023
989
At 30 September 2022
1,164
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 6
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
60,340
2,595,026
2,655,366
Additions
417,225
417,225
Disposals
(164,546)
(164,546)
At 30 September 2023
60,340
2,847,705
2,908,045
Depreciation and impairment
At 1 October 2022
60,340
1,767,418
1,827,758
Depreciation charged in the year
202,287
202,287
Eliminated in respect of disposals
(153,354)
(153,354)
At 30 September 2023
60,340
1,816,351
1,876,691
Carrying amount
At 30 September 2023
1,031,354
1,031,354
At 30 September 2022
827,608
827,608
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,132,278
861,106
Corporation tax recoverable
161,506
Prepayments and accrued income
67,701
14,703
1,361,485
875,809
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 7
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
150,335
254,986
Corporation tax
22,433
116,252
Other taxation and social security
220,937
211,565
Net obligations under hire purchase contracts
172,075
119,099
Other creditors
468,110
202,229
1,033,890
904,131
Bank facilities and overdrafts are secured by an unlimited debenture dated 15 December 2006 in the bank's standard form.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Net obligations under hire purchase contracts
163,689
102,278
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
247,078
147,652
10
Called up share capital
2023
2022
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 8
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
192,000
192,000
12
Related party transactions
During the year under review an amount of £192,000 (2022: £158,500) was paid to R&S Properties, a partnership under the control of the directors, for rent at market value and is included in administrative expenses, £108,200 (2022: Nil) of this was outstanding at they year end and included within other creditors.
Included in other creditors at the year is an amount owed to R. Emery of £37,154 (2022: £119,685) and an amount owed to K. Emery of £13,565 (2022: £4,800). During the year dividends of £Nil (2022: £247,258) were paid to the directors R. Emery and K. Emery.
The directors have provided a personal guarantee of £20,000 as security against the bank facility.
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