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Registration number: 05650564

Russell Associates Architects Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Russell Associates Architects Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Russell Associates Architects Limited

Company Information

Director

Paul Russell

Registered office

Unit 4 Hopyard Studios
13 Lovibond Lane
Greenwich
London
SE10 9FY

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

Russell Associates Architects Limited

(Registration number: 05650564)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,591

1,384

Current assets

 

Debtors

6

60,138

51,933

Cash at bank and in hand

 

4,904

5,084

 

65,042

57,017

Creditors: Amounts falling due within one year

7

(108,335)

(99,976)

Net current liabilities

 

(43,293)

(42,959)

Total assets less current liabilities

 

(39,702)

(41,575)

Creditors: Amounts falling due after more than one year

7

(15,254)

(25,447)

Net liabilities

 

(54,956)

(67,022)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(55,056)

(67,122)

Shareholders' deficit

 

(54,956)

(67,022)

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.

 

Russell Associates Architects Limited

(Registration number: 05650564)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 28 October 2024
 

.........................................
Paul Russell
Director

 

Russell Associates Architects Limited

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:
Unit 4 Hopyard Studios
13 Lovibond Lane
Greenwich
London
SE10 9FY

These financial statements were authorised for issue by the director on 28 October 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 company's financial statements have been prepared on a going concern basis, which assumes that the company will be able to meet its debts as they fall due. However, at the end of the financial year the company has net liabilities of £54,956 (2022: £67,022). Both the director and shareholder believe it is appropriate to prepare the financial statements on a going concern basis, as the director is the main creditor £75,074 (2022: £58,608) and they agreed to continue to support the company for the foreseeable future.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods..

 

Russell Associates Architects Limited

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

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 and;
it is probable that future economic benefits will flow to the entity.

Income is recognised when the service is delivered. Where the service being delivered straddles the accounting period end, the income is apportioned on a pro-rata basis.

Tax

The tax expense for the period comprises 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.

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

Fixtures and Fittings

25% Reducing Balance

 

Russell Associates Architects Limited

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

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.

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.

 

Russell Associates Architects Limited

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

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 7 (2022 - 7).

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

-

2,713

Deferred taxation

Arising from changes in tax rates and laws

-

(16,839)

Tax receipt in the income statement

-

(14,126)

 

Russell Associates Architects Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

2,597

2,597

Additions

3,808

3,808

At 31 December 2023

6,405

6,405

Depreciation

At 1 January 2023

1,213

1,213

Charge for the year

1,601

1,601

At 31 December 2023

2,814

2,814

Carrying amount

At 31 December 2023

3,591

3,591

At 31 December 2022

1,384

1,384

 

Russell Associates Architects Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

35,463

34,622

Prepayments

1,556

1,549

Other debtors

23,119

15,762

 

60,138

51,933

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,169

10,169

Trade creditors

 

417

3,084

Taxation and social security

 

20,315

24,149

Accruals and deferred income

 

2,360

3,285

Other creditors

 

75,074

59,289

 

108,335

99,976

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Russell Associates Architects Limited

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

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

12,000

Summary of transactions with entities with joint control or significant interest

Russell Associates (Architecture) Limited ("RA(A)")
 (controlled by Paul Russell)
 During the year there was no movement between the company and RA(A). At the balance sheet date the amount due from RA(A) was £4,053 (2022: £4,053).
 

Summary of transactions with other related parties

Paul Russell
 (director/ shareholder)
 During the year he made additional loan advances to the company of £16,468 (2022: £40,409), At the year end the amount owed to him was £75,074 (2022: £58,608).