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Registration number: 12371992

Rudis Developers Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

Rudis Developers Limited

(Registration number: 12371992)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,171

3,991

Current assets

 

Stocks

6

441,516

440,406

Cash at bank and in hand

 

660

885

 

442,176

441,291

Creditors: Amounts falling due within one year

(450,935)

(450,624)

Net current liabilities

 

(8,759)

(9,333)

Total assets less current liabilities

 

(5,588)

(5,342)

Creditors: Amounts falling due after more than one year

(4,000)

-

Accruals and deferred income

 

-

(1,500)

Net liabilities

 

(9,588)

(6,842)

Capital and reserves

 

Called up share capital

8

30

30

Retained earnings

(9,618)

(6,872)

Shareholders' deficit

 

(9,588)

(6,842)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Rudis Developers Limited

(Registration number: 12371992)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Ms Caroline Rawlings
Director

 

Rudis Developers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26 Bell Lane
Saham Toney
Thetford
Norfolk
IP25 7HD
United Kingdom

These financial statements were authorised for issue by the Board on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% Straight Line basis

 

Rudis Developers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Office Equipment

33% Straight Line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Rudis Developers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

820

778

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

1,002

4,250

5,252

At 31 December 2023

1,002

4,250

5,252

Depreciation

At 1 January 2023

817

444

1,261

Charge for the year

183

637

820

At 31 December 2023

1,000

1,081

2,081

Carrying amount

At 31 December 2023

2

3,169

3,171

At 31 December 2022

185

3,806

3,991

6

Stocks

2023
£

2022
£

Work in progress

441,516

440,406

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

Rudis Developers Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

30

30

30

30