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Registered Number: 09131983
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 July 2023

for

RS PROJECTS SOUTH LIMITED

Director Mr M Kelly
Registered Number 09131983
Registered Office Suite 1 The Portway Centre
Old Sarum Park, Old Sarum
Salisbury
SP4 6EB
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park, Old Sarum
Salisbury
SP4 6EB
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 4,306    5,773 
4,306    5,773 
Current assets      
Stocks 4 250    748 
Debtors: amounts falling due within one year 5 769    2,359 
Cash at bank and in hand 116,631    132,689 
117,650    135,796 
Creditors: amount falling due within one year 6 (43,008)   (71,830)
Net current assets 74,642    63,966 
 
Total assets less current liabilities 78,948    69,739 
Provisions for liabilities 7 (855)   (1,200)
Net assets 78,093    68,539 
 

Capital and reserves
     
Called up share capital 8 20    20 
Profit and loss account 78,073    68,519 
Shareholder's funds 78,093    68,539 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 05 March 2024 and were signed by:


-------------------------------
Mr M Kelly
Director
2
General Information
RS Projects South Limited is a private company, limited by shares, registered in England and Wales, registration number 09131983, registration address Suite 1 The Portway Centre, Old Sarum Park, Old Sarum, Salisbury, SP4 6EB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover represents the value of goods and services provided in the year, net of trade discounts and value added tax.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Reducing Balance
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 August 2022 400    18,539    638    19,577 
Additions      
Disposals      
At 31 July 2023 400    18,539    638    19,577 
Depreciation
At 01 August 2022 341    13,087    376    13,804 
Charge for year 12    1,363    92    1,467 
On disposals      
At 31 July 2023 353    14,450    468    15,271 
Net book values
Closing balance as at 31 July 2023 47    4,089    170    4,306 
Opening balance as at 01 August 2022 59    5,452    262    5,773 


4.

Stocks

2023
£
  2022
£
Work in Progress   498 
Stocks 250    250 
250    748 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors   186 
Prepayments & Accrued Income 769    912 
Other Debtors   1,261 
769    2,359 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,783    2,147 
Credit Card 1,403    2,613 
Corporation Tax 8,316    12,878 
Directors' Current Accounts 30,024    53,074 
VAT 1,482    1,118 
43,008    71,830 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 855    1,200 
855    1,200 
Particulars   2023
£
  2022
£
Amount of DT Expense in relation to the origination of timing differences (399) 1,200 
Amount of DT Expense in relation to changes to tax rates 54 
(345) 1,200 


8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
20 Ordinary shares of £1.00 each 20    20 
20    20 

9.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Mr M Kelly(30,024)(53,074)

The loan is interest free with no fixed date of repayment.
10.

Dividend

During the year, total dividend of £35,300 (2022 - £69,000) were paid to the director.
3