RSI Compliance Ltd 13263756 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Technical testing and analysis Digita Accounts Production Advanced 6.30.9574.0 true true 13263756 2023-01-01 2023-12-31 13263756 2023-12-31 13263756 core:RetainedEarningsAccumulatedLosses 2023-12-31 13263756 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 13263756 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 13263756 core:CurrentFinancialInstruments 2023-12-31 13263756 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13263756 core:Non-currentFinancialInstruments 2023-12-31 13263756 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 13263756 core:MotorVehicles 2023-12-31 13263756 core:OtherPropertyPlantEquipment 2023-12-31 13263756 bus:SmallEntities 2023-01-01 2023-12-31 13263756 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13263756 bus:FilletedAccounts 2023-01-01 2023-12-31 13263756 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13263756 bus:RegisteredOffice 2023-01-01 2023-12-31 13263756 bus:Director1 2023-01-01 2023-12-31 13263756 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13263756 core:MotorVehicles 2023-01-01 2023-12-31 13263756 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 13263756 core:PlantMachinery 2023-01-01 2023-12-31 13263756 countries:AllCountries 2023-01-01 2023-12-31 13263756 2022-04-01 2022-12-31 13263756 2022-12-31 13263756 core:RetainedEarningsAccumulatedLosses 2022-12-31 13263756 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 13263756 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 13263756 core:CurrentFinancialInstruments 2022-12-31 13263756 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13263756 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 13263756 core:Non-currentFinancialInstruments 2022-12-31 13263756 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 13263756 core:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13263756

RSI Compliance Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

RSI Compliance Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

RSI Compliance Ltd

Company Information

Director

Mr Simon Taylor

Registered office

19 John Street
Bamber Bridge
Preston
PR5 6TJ

 

RSI Compliance Ltd

(Registration number: 13263756)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

87,100

-

Current assets

 

Stocks

5

21,053

-

Debtors

6

125,061

77,305

Cash at bank and in hand

 

-

20,043

 

146,114

97,348

Creditors: Amounts falling due within one year

7

(101,444)

(68,798)

Net current assets

 

44,670

28,550

Total assets less current liabilities

 

131,770

28,550

Creditors: Amounts falling due after more than one year

7

(90,307)

-

Provisions for liabilities

(11,356)

-

Net assets

 

30,107

28,550

Capital and reserves

 

Retained earnings

30,107

28,550

Shareholders' funds

 

30,107

28,550

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.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 July 2024
 

.........................................
Mr Simon Taylor
Director

 

RSI Compliance Ltd

Notes to the Unaudited 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 & Wales.

The address of its registered office is:
19 John Street
Bamber Bridge
Preston
PR5 6TJ
England

These financial statements were authorised for issue by the director on 17 July 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 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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

RSI Compliance Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 and machinery

25% reducing balance

Motor vehicles

15% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

RSI Compliance Ltd

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

 

RSI Compliance Ltd

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

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

Additions

120,035

2,198

122,233

Disposals

(32,100)

-

(32,100)

At 31 December 2023

87,935

2,198

90,133

Depreciation

Charge for the year

7,029

154

7,183

Eliminated on disposal

(4,150)

-

(4,150)

At 31 December 2023

2,879

154

3,033

Carrying amount

At 31 December 2023

85,056

2,044

87,100

5

Stocks

2023
£

2022
£

Work in progress

21,053

-

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

47,982

55,695

Amounts owed by related parties

20,457

11,220

Prepayments

 

135

3,497

CIS debtor and retentions

 

56,487

6,893

   

125,061

77,305

 

RSI Compliance Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

26,675

-

Trade creditors

 

32,270

48,679

Accruals and deferred income

 

1,313

1,250

Wages creditor

 

1,041

-

PAYE & NI

 

-

5,374

Outstanding pension contributions

 

202

553

Corporation tax

 

7,098

12,869

Director loan

 

32,845

73

 

101,444

68,798

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

90,307

-

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

27,353

-

Hire purchase contracts

62,954

-

90,307

-

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,187

-

Bank overdrafts

11,522

-

Hire purchase contracts

9,966

-

26,675

-