R S F TECHNOLOGIES LIMITED
Balance Sheet
as at 31 December 2023
Notes 2023 2022
Fixed assets £ £
Tangible assets 3 3,495 4,763
3,495 4,763
Current assets
Stocks 600 760
Debtors 4 13,330 5,164
Cash at bank and in hand 5,072 11,903
19,002 17,827
Creditors: amounts falling due within one year 5 (16,607) (13,834)
Net current assets 2,395 3,993
Total assets less current liabilities 5,890 8,756
Net assets 5,890 8,756
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 4,890 7,756
Shareholders' funds 5,890 8,756
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. K.A. Francis
Director
Approved by the board on 12 September 2024
R S F TECHNOLOGIES LIMITED
Notes to the Accounts
for the year ended 31 December 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, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 25% reducing balance basis
Computer equipment 33⅓% straight line basis
Other office equipment 25% reducing balance basis
Vehicles 25% 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, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery Computers and office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 5,822 10,835 5,247 21,904
At 31 December 2023 5,822 10,835 5,247 21,904
Depreciation
At 1 January 2023 5,220 10,375 1,546 17,141
Charge for the year 152 191 925 1,268
At 31 December 2023 5,372 10,566 2,471 18,409
Net book value
At 31 December 2023 450 269 2,776 3,495
At 31 December 2022 602 460 3,701 4,763
4 Debtors 2023 2022
£ £
Trade debtors 12,635 4,941
Prepayments 544 223
Taxes and social security costs 151 -
13,330 5,164
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,641 4,431
Taxes and social security costs - 142
Directors' loan accounts 9,966 9,261
16,607 13,834
6 Controlling party
The untimate controlling party throughout the year was Mr. K.A. Francis who owns 75.5% of the issued share capital in the company.
7 Other information
R S F TECHNOLOGIES LIMITED is a private company limited by shares and incorporated in England (Company Number 07179081). Its registered office is 99A, North Street, Bridgtown Industrial Estate, Cannock, Staffordshire, WS11 0AZ.
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