Registered number
04042829
RS Vents Limited
Filleted Accounts
31 October 2023
RS Vents Limited
Registered number: 04042829
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 66,581 55,605
Current assets
Stocks 14,500 34,899
Debtors 4 298,937 255,953
Cash at bank and in hand 113,933 133,204
427,370 424,056
Creditors: amounts falling due within one year 5 (145,854) (139,906)
Net current assets 281,516 284,150
Total assets less current liabilities 348,097 339,755
Creditors: amounts falling due after more than one year 6 (1,250) (4,250)
Provisions for liabilities (16,645) (13,901)
Net assets 330,202 321,604
Capital and reserves
Called up share capital 102 100
Profit and loss account 330,100 321,504
Shareholders' funds 330,202 321,604
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R Postlewhaite
Director
Approved by the board on 28 July 2024
RS Vents Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% per annum reducing balance basis
Computer equipment 3 years straight line
Plant and machinery 20% per annum reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 16
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 51,080 114,811 165,891
Additions 1,341 54,333 55,674
Disposals - (52,795) (52,795)
At 31 October 2023 52,421 116,349 168,770
Depreciation
At 1 November 2022 44,521 65,765 110,286
Charge for the year 1,758 13,201 14,959
On disposals - (23,056) (23,056)
At 31 October 2023 46,279 55,910 102,189
Net book value
At 31 October 2023 6,142 60,439 66,581
At 31 October 2022 6,559 49,046 55,605
4 Debtors 2023 2022
£ £
Trade debtors 133,003 251,012
Amounts owed by group undertakings and undertakings in which the company has a participating interest 147,875 -
Other debtors 18,059 4,941
298,937 255,953
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 3,000 3,000
Trade creditors 55,946 54,975
Directors loan 625 -
Taxation and social security costs 45,680 62,211
Other creditors 40,603 19,720
145,854 139,906
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 1,250 4,250
7 Controlling party
The company is controlled by Mr R Postlewhaite.
8 Other information
RS Vents Limited is a private company limited by shares and incorporated in England. Its registered office is:
41 Swan Road
Swan Industrial Estate
Washington
Tyne & Wear
NE38 8JJ
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