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REGISTERED NUMBER: 02120758 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Runitem Limited

Runitem Limited (Registered number: 02120758)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Runitem Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr J J Screen





SECRETARY: Mrs E Screen





REGISTERED OFFICE: 5 Rosse Close
Parsons
Washington
Tyne and Wear
NE37 1EZ





REGISTERED NUMBER: 02120758 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Runitem Limited (Registered number: 02120758)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 5,000 10,000
Tangible assets 6 169,574 199,515
174,574 209,515

CURRENT ASSETS
Stocks 4,089 5,259
Debtors 7 168,524 125,662
Cash at bank and in hand 123,374 117,405
295,987 248,326
CREDITORS
Amounts falling due within one year 8 (198,071 ) (233,914 )
NET CURRENT ASSETS 97,916 14,412
TOTAL ASSETS LESS CURRENT
LIABILITIES

272,490

223,927

CREDITORS
Amounts falling due after more than one
year

9

(85,995

)

(126,671

)
NET ASSETS 186,495 97,256

CAPITAL AND RESERVES
Called up share capital 1,001 1,001
Profit and loss account 185,494 96,255
SHAREHOLDERS' FUNDS 186,495 97,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





Mr J J Screen - Director


Runitem Limited (Registered number: 02120758)

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

1. STATUTORY INFORMATION

Runitem Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis due to the continued support of the directors and shareholders.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of drains, plumbing and heating services stated net of discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the company and is at the point of the services being completed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twelve years.

Intangible assets
Franchise licence fee costs have been capitalised and are amortised on a straight line basis over the term of the licence of 12 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc - 33% on cost, 20% on cost and 15% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit and loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


Runitem Limited (Registered number: 02120758)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
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 and 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.

Current and deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Rentals payable under operating leases are charges to profit or loss on a straight line basis over the term of the lease.

Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term employee benefits are recognised as an expense in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 20 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 60,000 50,000 110,000
AMORTISATION
At 1 January 2023 50,000 50,000 100,000
Charge for year 5,000 - 5,000
At 31 December 2023 55,000 50,000 105,000
NET BOOK VALUE
At 31 December 2023 5,000 - 5,000
At 31 December 2022 10,000 - 10,000

Runitem Limited (Registered number: 02120758)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 624,604
Additions 25,072
Disposals (9,600 )
At 31 December 2023 640,076
DEPRECIATION
At 1 January 2023 425,089
Charge for year 54,213
Eliminated on disposal (8,800 )
At 31 December 2023 470,502
NET BOOK VALUE
At 31 December 2023 169,574
At 31 December 2022 199,515

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 144,627 103,104
Other debtors 23,897 22,558
168,524 125,662

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Finance leases (see note 10) 30,928 32,542
Trade creditors 64,037 64,132
Taxation and social security 70,894 65,312
Other creditors 32,212 71,928
198,071 233,914

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 30,746 40,493
Finance leases (see note 10) 55,249 86,178
85,995 126,671

10. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 30,928 32,542
Between one and five years 55,249 86,178
86,177 118,720

11. SECURED DEBTS

The finance leases are secured against the items of plant and machinery to which they relate and have a carrying amount of £92,836 (2022: £126,936).