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COMPANY REGISTRATION NUMBER: 7112798
RJP Safety Solutions Limited
Filleted Unaudited Financial Statements
31 December 2023
RJP Safety Solutions Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
RJP Safety Solutions Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
170
227
Current assets
Debtors
7
19,913
1,000
Cash at bank and in hand
6,486
30
--------
-------
26,399
1,030
Creditors: amounts falling due within one year
8
( 26,285)
( 12,562)
--------
--------
Net current assets/(liabilities)
114
( 11,532)
----
--------
Total assets less current liabilities
284
( 11,305)
Provisions
Taxation including deferred tax
9
( 37)
( 43)
----
--------
Net assets/(liabilities)
247
( 11,348)
----
--------
Capital and reserves
Called up share capital
11
201
201
Profit and loss account
46
( 11,549)
----
--------
Shareholders funds/(deficit)
247
( 11,348)
----
--------
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 income and retained earnings has not been delivered.
For the 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RJP Safety Solutions Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr R.J. Preece
Director
Company registration number: 7112798
RJP Safety Solutions Limited
Notes to the Financial Statements
Year ended 31 December 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 Cherry Tree Cottage, Ragged Staff, Saundersfoot, Pembrokeshire, SA69 9HT.
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 director has a reasonable expectation that the company has adequate resources to continue operational existence for the forseeable future. For this reason, the director continues to adopt the going concern basis of accounts 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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.
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.
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:
Office Equipment
-
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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 Nil (2022: 2 ).
5. Tax on profit/(loss)
Major components of tax expense/(income)
2023
2022
£
£
Current tax:
UK current tax expense
23,650
Adjustments in respect of prior periods
( 10,272)
--------
--------
Total current tax
23,650
( 10,272)
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 6)
( 15)
--------
--------
Tax on profit/(loss)
23,644
( 10,287)
--------
--------
6. Tangible assets
Office Equipment
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
1,331
1,331
-------
-------
Depreciation
At 1 January 2023
1,104
1,104
Charge for the year
57
57
-------
-------
At 31 December 2023
1,161
1,161
-------
-------
Carrying amount
At 31 December 2023
170
170
-------
-------
At 31 December 2022
227
227
-------
-------
7. Debtors
2023
2022
£
£
Other debtors
19,913
1,000
--------
-------
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
£
£
Trade creditors
1,100
2,580
Corporation tax
23,650
2,576
Social security and other taxes
142
Other creditors
1,535
7,264
--------
--------
26,285
12,562
--------
--------
9. Provisions
Deferred tax (note 10)
£
At 1 January 2023
43
Charge against provision
( 6)
----
At 31 December 2023
37
----
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
37
43
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
37
43
----
----
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
Ordinary Class A shares of £ 1 each
1
1
1
1
----
----
----
----
201
201
201
201
----
----
----
----
12. Related party transactions
The company was under the control of Mr R.J. Preece throughout the current and previous year. Mr R.J. Preece is the managing director and, together with members of his close family is personally interested in 100% of the company's issued share capital. During the year the company paid dividends totalling £59,700 (2022 - £nil) to the shareholders. Included within other debtors is an amount owed to the company of £9,038 (2022 - £nil) by Mr R.J. Preece , the managing director.