Company registration number 10393765 (England and Wales)
RS DRYLINING MCR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023
RS DRYLINING MCR LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RS DRYLINING MCR LTD
BALANCE SHEET
AS AT
29 SEPTEMBER 2023
29 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,653
27,273
Current assets
Stocks
87,309
136,809
Debtors
4
69,098
110,634
Cash at bank and in hand
4,773
2,811
161,180
250,254
Creditors: amounts falling due within one year
5
(136,485)
(246,022)
Net current assets
24,695
4,232
Total assets less current liabilities
45,348
31,505
Creditors: amounts falling due after more than one year
6
(51,280)
(60,848)
Net liabilities
(5,932)
(29,343)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(5,933)
(29,344)
Total equity
(5,932)
(29,343)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 25 January 2024
Mr I Bogdani
Director
Company Registration No. 10393765
RS DRYLINING MCR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023
- 2 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
RS DRYLINING MCR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Company information
RS Drylining Mcr Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Room 105 City View House, 5 Union Street, Ardwick, Manchester, M12 4JD.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
20
RS DRYLINING MCR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 September 2022 and 29 September 2023
41,939
Depreciation and impairment
At 30 September 2022
14,666
Depreciation charged in the year
6,620
At 29 September 2023
21,286
Carrying amount
At 29 September 2023
20,653
At 29 September 2022
27,273
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,603
97,527
Other debtors
65,495
13,107
69,098
110,634
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,750
6,381
Trade creditors
59,733
145,794
Taxation and social security
27,663
50,180
Other creditors
42,339
43,667
136,485
246,022
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
35,619
42,168
Other creditors
15,661
18,680
51,280
60,848