Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30truefalse2022-07-0134falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11358168 2022-07-01 2023-06-30 11358168 2021-07-01 2022-06-30 11358168 2023-06-30 11358168 2022-06-30 11358168 2021-07-01 11358168 c:Director1 2022-07-01 2023-06-30 11358168 d:MotorVehicles 2022-07-01 2023-06-30 11358168 d:MotorVehicles 2023-06-30 11358168 d:MotorVehicles 2022-06-30 11358168 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11358168 d:OfficeEquipment 2022-07-01 2023-06-30 11358168 d:OfficeEquipment 2023-06-30 11358168 d:OfficeEquipment 2022-06-30 11358168 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11358168 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 11358168 d:CurrentFinancialInstruments 2023-06-30 11358168 d:CurrentFinancialInstruments 2022-06-30 11358168 d:Non-currentFinancialInstruments 2023-06-30 11358168 d:Non-currentFinancialInstruments 2022-06-30 11358168 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11358168 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 11358168 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 11358168 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 11358168 d:ShareCapital 2023-06-30 11358168 d:ShareCapital 2022-06-30 11358168 d:RetainedEarningsAccumulatedLosses 2022-06-30 11358168 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 11358168 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 11358168 c:FRS102 2022-07-01 2023-06-30 11358168 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 11358168 c:FullAccounts 2022-07-01 2023-06-30 11358168 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11358168 d:Subsidiary2 2022-07-01 2023-06-30 11358168 d:Subsidiary2 1 2022-07-01 2023-06-30 11358168 6 2022-07-01 2023-06-30 11358168 2 2023-06-30 11358168 2 2022-06-30 iso4217:GBP xbrli:pure
Registered number: 11358168









RUSSEL INDUSTRIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
RUSSEL INDUSTRIES LIMITED
REGISTERED NUMBER: 11358168

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
32,253
50,011

Investments
 5 
979,002
3,692,937

  
1,011,255
3,742,948

Current assets
  

Debtors: amounts falling due within one year
 6 
1,422,755
67,188

Cash at bank and in hand
  
541,628
1,229

  
1,964,383
68,417

Creditors: amounts falling due within one year
 7 
(135,871)
(678,493)

Net current assets/(liabilities)
  
 
 
1,828,512
 
 
(610,076)

Total assets less current liabilities
  
2,839,767
3,132,872

Creditors: amounts falling due after more than one year
 8 
(150,000)
(150,000)

Provisions for liabilities
  

Deferred tax
 9 
-
(1,868)

  
 
 
-
 
 
(1,868)

Net assets
  
2,689,767
2,981,004


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,689,667
2,980,904

  
2,689,767
2,981,004


Page 1

 
RUSSEL INDUSTRIES LIMITED
REGISTERED NUMBER: 11358168

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 February 2024.




Mr N J Russel
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Russel Industries Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 1F Chester Road, Pentre, Deeside, Cambridgeshire, CH5 2DQ. This Company is part of a small group. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
33%
Straight line
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 6

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
49,000
4,274
53,274



At 30 June 2023

49,000
4,274
53,274



Depreciation


At 1 July 2022
1,361
1,902
3,263


Charge for the year on owned assets
16,333
1,425
17,758



At 30 June 2023

17,694
3,327
21,021



Net book value



At 30 June 2023
31,306
947
32,253



At 30 June 2022
47,639
2,372
50,011

Page 8

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 July 2022
4,363,558
329,379
4,692,937


Additions
425,000
-
425,000


Disposals
(4,138,935)
-
(4,138,935)



At 30 June 2023

649,623
329,379
979,002





At 1 July 2022
1,000,000
-
1,000,000


Impairment on disposals
(1,000,000)
-
(1,000,000)



At 30 June 2023

-
-
-



Net book value



At 30 June 2023
649,623
329,379
979,002



At 30 June 2022
3,363,558
329,379
3,692,937


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

RAM Innovations Ltd
Unit F Pentre Industrial Estate, Chester Road, Pentre, Deeside, Flintshire, CH5 2DQ
Ordinary
100%

Page 9

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Trade debtors
22,523
67,030

Amounts owed by group undertakings
100
100

Other debtors
1,400,000
58

Deferred taxation
132
-

1,422,755
67,188



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
50,409
59,992

Amounts owed to group undertakings
-
422,740

Corporation tax
46,011
35,434

Other taxation and social security
16,240
52,694

Other creditors
18,361
14,101

Accruals and deferred income
4,850
93,532

135,871
678,493


A fixed and floating charge is secured over all the assets (present and future) of the Company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
150,000
150,000

150,000
150,000


Page 10

 
RUSSEL INDUSTRIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,868)
(403)


Charged to profit or loss
2,000
(1,465)



At end of year
132
(1,868)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
132
(1,868)

132
(1,868)


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £6,768 (2022 - £9,861) . Contributions totalling £NIL (2022 - £1,793) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

During the year the Company operated loans with the directors of the Company. The amount payable to
the directors of the Company at the year end was £15,634 (2022 - £12,307).
During the year the Company operated loans with a wholly owned subsidiary. The amount payable to the subsidiary at the year end was £NIL (2022 - £422,741). This loan is interest free and repayable on demand. 
During the year the Company also operated loans with a company under common control. The amount
payable to the company at the year end was £100 (2022 - £100). This loan is interest free and repayable
on demand. 


Page 11