9
false
false
false
false
false
false
false
false
false
false
true
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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,679,509
1,574,584
56,625
1,631,209
48,300
104,925
xbrli:pure
xbrli:shares
iso4217:GBP
01052713
2022-07-01
2023-06-30
01052713
2023-06-30
01052713
2022-06-30
01052713
2021-07-01
2022-06-30
01052713
2022-06-30
01052713
2021-06-30
01052713
bus:Director1
2022-07-01
2023-06-30
01052713
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-06-30
01052713
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-06-30
01052713
core:PlantMachinery
2023-06-30
01052713
core:FurnitureFittings
2023-06-30
01052713
core:MotorVehicles
2023-06-30
01052713
core:WithinOneYear
2023-06-30
01052713
core:WithinOneYear
2022-06-30
01052713
core:ShareCapital
2023-06-30
01052713
core:ShareCapital
2022-06-30
01052713
core:RetainedEarningsAccumulatedLosses
2023-06-30
01052713
core:RetainedEarningsAccumulatedLosses
2022-06-30
01052713
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-07-01
2023-06-30
01052713
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-06-30
01052713
bus:SmallEntities
2022-07-01
2023-06-30
01052713
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
01052713
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
01052713
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
01052713
bus:FullAccounts
2022-07-01
2023-06-30
01052713
core:PlantMachinery
2022-07-01
2023-06-30
01052713
core:FurnitureFittings
2022-07-01
2023-06-30
01052713
core:MotorVehicles
2022-07-01
2023-06-30
01052713
core:ComputerEquipment
2023-06-30
01052713
core:ComputerEquipment
2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
01052713
R. Bance & Company Limited |
|
Filleted Unaudited Financial Statements |
|
R. Bance & Company Limited |
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Intangible assets |
5 |
|
48,300 |
104,925 |
|
|
|
|
|
Current assets
Stocks |
758,201 |
|
815,220 |
Debtors |
7 |
281,852 |
|
274,326 |
Cash at bank and in hand |
7,234 |
|
5,104 |
|
------------- |
|
------------- |
|
1,047,287 |
|
1,094,650 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
(
367,294) |
|
(
295,747) |
|
------------- |
|
------------- |
Net current assets |
|
679,993 |
798,903 |
|
|
---------- |
---------- |
Total assets less current liabilities |
|
728,293 |
903,828 |
|
|
---------- |
---------- |
Net assets |
|
728,293 |
903,828 |
|
|
---------- |
---------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1,093,600 |
1,093,600 |
Profit and loss account |
|
(
365,307) |
(
189,772) |
|
|
------------- |
------------- |
Shareholders funds |
|
728,293 |
903,828 |
|
|
------------- |
------------- |
|
|
|
|
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 30 June 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. Bance & Company Limited |
|
Statement of Financial Position (continued) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
16 August 2024
, and are signed on behalf of the board by:
Company registration number:
01052713
R. Bance & Company Limited |
|
Notes to the Financial Statements |
|
Year ended 30 June 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 Cockcrow Hill House, St Mary's Road, Surbiton, Surrey, KT6 5HE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through profit or loss as set out in the accounting policies below. The financial statements are prepared in sterling, which is the functional currency of the company.
Going concern
The directors have a reasonable expectation that with their ongoing support the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Product design and development Exceptional expenditure, including labour costs, incurred in designing and developing a number of new products of the company has been capitalised.
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:
|
Product design and development |
- |
4 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.
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:
|
Plant & Machinery |
- |
33% on cost |
|
Fixtures & Fittings |
- |
15% on cost |
|
Motor Vehicles |
- |
25% on cost |
|
Computer Equipment |
- |
33% on cost |
|
|
|
|
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.
Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises the purchase price plus the cost incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price and further costs expected to be incurred to completion, sale and distribution. Stock includes equipment on hire which is stated at a valuation by the directors having regard to the uncertain nature of the hire income and the low second hand value of the equipment.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2022:
9
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
At 1 July 2022 and 30 June 2023 |
1,679,509 |
|
------------- |
Amortisation |
|
At 1 July 2022 |
1,574,584 |
Charge for the year |
56,625 |
|
------------- |
At 30 June 2023 |
1,631,209 |
|
------------- |
Carrying amount |
|
At 30 June 2023 |
48,300 |
|
------------- |
At 30 June 2022 |
104,925 |
|
------------- |
|
|
6.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 July 2022 and 30 June 2023 |
16,112 |
25,669 |
78,156 |
30,197 |
150,134 |
|
-------- |
-------- |
-------- |
-------- |
---------- |
Depreciation |
|
|
|
|
|
At 1 July 2022 and 30 June 2023 |
16,112 |
25,669 |
78,156 |
30,197 |
150,134 |
|
-------- |
-------- |
-------- |
-------- |
---------- |
Carrying amount |
|
|
|
|
|
At 30 June 2023 |
– |
– |
– |
– |
– |
|
-------- |
-------- |
-------- |
-------- |
---------- |
At 30 June 2022 |
– |
– |
– |
– |
– |
|
-------- |
-------- |
-------- |
-------- |
---------- |
|
|
|
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
217,688 |
179,885 |
Other debtors |
64,164 |
94,441 |
|
---------- |
---------- |
|
281,852 |
274,326 |
|
---------- |
---------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
77,689 |
49,323 |
Trade creditors |
131,101 |
115,456 |
Social security and other taxes |
24,579 |
35,283 |
Other creditors |
133,925 |
95,685 |
|
---------- |
---------- |
|
367,294 |
295,747 |
|
---------- |
---------- |
|
|
|
A debenture dated 27 September 2019 acts as security for the debt.
9.
Directors' advances, credits and guarantees
At the year end the company owed the directors £84,077 (2022: £24,279).