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COMPANY REGISTRATION NUMBER: 3864391
R.S.C. Spares Limited
Filleted Unaudited Financial Statements
31 October 2023
R.S.C. Spares Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
R.S.C. Spares Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
10,075
12,090
Tangible assets
6
215,790
222,644
---------
---------
225,865
234,734
Current assets
Stocks
371,895
348,845
Debtors
7
393,553
414,858
Cash at bank and in hand
15,645
12,138
---------
---------
781,093
775,841
Creditors: amounts falling due within one year
8
( 282,745)
( 276,396)
---------
---------
Net current assets
498,348
499,445
---------
---------
Total assets less current liabilities
724,213
734,179
Creditors: amounts falling due after more than one year
9
( 2,648)
Provisions
Taxation including deferred tax
10
( 12,980)
( 13,098)
---------
---------
Net assets
711,233
718,433
---------
---------
Capital and reserves
Called up share capital
12
2
2
Revaluation reserve
68,435
69,038
Profit and loss account
642,796
649,393
---------
---------
Shareholders funds
711,233
718,433
---------
---------
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.
For the year ending 31 October 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 .
R.S.C. Spares Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
Mr J.A. Richards
Director
Company registration number: 3864391
R.S.C. Spares Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B, 4 Cwm Road, Swansea, West Glamorgan, SA1 2AY.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Software
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 revalued amounts, 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.
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:
Software
-
Over 10 years
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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Property
-
2% straight line
Property Improvements
-
2% straight line
Fixtures & Office Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Software
£
Cost
At 1 November 2022 and 31 October 2023
20,150
--------
Amortisation
At 1 November 2022
8,060
Charge for the year
2,015
--------
At 31 October 2023
10,075
--------
Carrying amount
At 31 October 2023
10,075
--------
At 31 October 2022
12,090
--------
6. Tangible assets
Property
Property Improvements
Fixtures & Office Equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
207,000
24,822
130,784
75,844
438,450
Additions
1,352
1,352
---------
--------
---------
--------
---------
At 31 October 2023
207,000
24,822
132,136
75,844
439,802
---------
--------
---------
--------
---------
Depreciation
At 1 November 2022
16,560
5,540
125,340
68,366
215,806
Charge for the year
4,140
497
1,699
1,870
8,206
---------
--------
---------
--------
---------
At 31 October 2023
20,700
6,037
127,039
70,236
224,012
---------
--------
---------
--------
---------
Carrying amount
At 31 October 2023
186,300
18,785
5,097
5,608
215,790
---------
--------
---------
--------
---------
At 31 October 2022
190,440
19,282
5,444
7,478
222,644
---------
--------
---------
--------
---------
Tangible assets held at valuation
Property was revalued on 16 October 2018 by Rees Richards & Partners Chartered Surveyors on the basis of open market value. The cost or revaluation of property on which depreciation is charged amounted to £207,000 (2022 - £207,000). The historic cost of property included above at a valuation of £207,000 was £171,008 and the aggregate depreciation thereon would have been £61,762 (2022 - £58,342).
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor Vehicles
£
At 31 October 2023
3,441
-------
At 31 October 2022
4,588
-------
7. Debtors
2023
2022
£
£
Trade debtors
378,764
400,556
Other debtors
14,789
14,302
---------
---------
393,553
414,858
---------
---------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
56,022
23,524
Trade creditors
185,364
198,823
Hire purchase agreements (secured)
2,648
3,061
Social security and other taxes
21,433
31,416
Other creditors
17,278
19,572
---------
---------
282,745
276,396
---------
---------
The bank facilities of the company are secured by legal charges over the assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Hire purchase agreements (secured)
2,648
----
-------
10. Provisions
Deferred tax (note 11)
£
At 1 November 2022
13,098
Charge against provision
( 118)
--------
At 31 October 2023
12,980
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
12,980
13,098
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Revaluation of tangible assets
12,980
13,098
--------
--------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
200
2
200
2
----
----
----
----
13. Related party transactions
The company was under the control of Mr D.T. Richards throughout the current and previous year. Mr D.T. Richards is the managing director and majority shareholder. During the year dividends of £2,000 (2022 - £4,000) were paid to the shareholders.