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RDS UTILITIES LIMITED
Unaudited filleted financial statements
30 September 2023
Company registration number 06695032
RDS UTILITIES LIMITED
Contents
Statement of financial position
Notes to the financial statements
RDS UTILITIES LIMITED
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 7,690 7,690
Tangible assets 6 814,299 850,014
_______ _______
821,989 857,704
Current assets
Debtors 7 465 117,951
Cash at bank and in hand 416,960 146,691
_______ _______
417,425 264,642
Creditors: amounts falling due
within one year 8 ( 70,765) ( 54,649)
_______ _______
Net current assets 346,660 209,993
_______ _______
Total assets less current liabilities 1,168,649 1,067,697
Provisions for liabilities ( 29,506) ( 32,180)
_______ _______
Net assets 1,139,143 1,035,517
_______ _______
Capital and reserves
Called up share capital 2 2
Fair value reserve 57,081 57,081
Profit and loss account 1,082,060 978,434
_______ _______
Shareholders funds 1,139,143 1,035,517
_______ _______
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2024 , and are signed on behalf of the board by:
Mr R. Shepheard
Director
Company registration number: 06695032
RDS UTILITIES LIMITED
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is JAD Associates Limited, 4 Bloors Lane, Rainham, Gillingham, Kent, ME8 7EG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis.
Turnover
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 20% straight line to residual value
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Investment properties are depreciated on a straight line over 50 years to net realisable value
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15%-20% reducing balance/straight line
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 October 2022 and 30 September 2023 7,690 7,690
_______ _______
Amortisation
At 1 October 2022 and 30 September 2023 - -
_______ _______
Carrying amount
At 30 September 2023 7,690 7,690
_______ _______
At 30 September 2022 7,690 7,690
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2022 797,402 28,910 20,751 32,975 880,038
Additions - - 979 - 979
Disposals - - - ( 32,975) ( 32,975)
_______ _______ _______ _______ _______
At 30 September 2023 797,402 28,910 21,730 - 848,042
_______ _______ _______ _______ _______
Depreciation
At 1 October 2022 - 16,796 11,867 1,361 30,024
Charge for the year - 1,951 3,129 6,595 11,675
Disposals - - - ( 7,956) ( 7,956)
_______ _______ _______ _______ _______
At 30 September 2023 - 18,747 14,996 - 33,743
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2023 797,402 10,163 6,734 - 814,299
_______ _______ _______ _______ _______
At 30 September 2022 797,402 12,114 8,884 31,614 850,014
_______ _______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 October 2022 and 30 September 2023 686,000
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 September 2023
Aggregate cost 721,294 721,294
Aggregate depreciation - -
_______ _______
Carrying amount 721,294 721,294
_______ _______
At 30 September 2022
Aggregate cost 721,294 721,294
Aggregate depreciation - -
_______ _______
Carrying amount 721,294 721,294
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 116,918
Other debtors 465 1,033
_______ _______
465 117,951
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 59,036 26,572
Social security and other taxes 7,860 22,669
Other creditors 3,869 5,408
_______ _______
70,765 54,649
_______ _______
9. Operating leases
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr R. Shepheard ( 2,777) 1,758 ( 1,019)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr R. Shepheard ( 4,443) 1,666 ( 2,777)
_______ _______ _______
11. Controlling party
The company is controlled jointly by Mr and Mrs Shepheard , directors and holders of 100% of the Company's share capital in equal proportion.