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Registered number: 14415598










RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2024

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
COMPANY INFORMATION


Directors
Mark Cawley (appointed 8 December 2023)
John Philip Heathcock (appointed 27 February 2024)




Registered number
14415598



Registered office
2 Cassel Court
Haverton Hill Road

Billingham

United Kingdom

TS23 1RB




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP




Bankers
Santander UK
Bridle Road

Bootle

Merseyside

L30 4GB





 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Balance Sheet
8 - 9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 25


 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the period ended 31 January 2024.

Principal activity

The principal activity of the group in the period under review was that of the sale, maintenance and repair of overhead cranes, hoists and lifting systems; tool and equipment hire; the supply of safety equipment and tools and industrial training.

Directors

The directors who served during the period were:

Mark Cawley (appointed 8 December 2023)
John Bruce Gill (appointed 8 December 2023, resigned 27 February 2024)
Michael John Riley (appointed 12 October 2022, resigned 8 December 2023)
Neil Sanderson (appointed 12 October 2022, resigned 8 December 2023)
Tavia Marie Sparks (appointed 8 December 2023, resigned 27 February 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 31 October 2024 and signed on its behalf.
 





John Philip Heathcock
Director

Page 2

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 

Opinion


We have audited the financial statements of RS Industrial Services (North East) Limited (the 'Company') for the period ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•  the responsible individual ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non compliance with applicable laws and    regulations;
•  we identified the laws and regulations applicable to the Company through discussions with directors and
 other management, and from our commercial knowledge and experience of the sector;
•  we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the Company, including Companies Act 2006, taxation    legislation, data protection, Lifting Operations and Lifting Equipment         Regulations (LOLER) 1998 Provision and Use of Work Equipment Regulations (PUWER) and     employment legislation;
•  we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
•  identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•  making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud; and
•  considering the internal controls in place to mitigate risks of fraud and non compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:
•  performed analytical procedures to identify any unusual or unexpected relationships; and
•  tested journal entries to identify unusual transactions.
 
Page 5

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED (CONTINUED)



In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited to:
•  agreeing financial statement disclosures to underlying supporting documentation;
•  reading the minutes of meetings of those charged with governance;
•  enquiring of management as to actual and potential litigation and claims (where applicable); and
•  reviewing correspondence with HMRC and relevant regulators (where relevant).
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. 
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Deborah Graham (Senior Statutory Auditor)
for and on behalf of
Ryecroft Glenton
Chartered Accountants
Statutory Auditors
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

31 October 2024
Page 6

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JANUARY 2024

Period ended 31 January 2024
Period ended 31 October 2023
£
£

  

Turnover
  
1,462,044
-

Cost of sales
  
(885,556)
-

Gross profit
  
576,488
-

Administrative expenses
  
(519,022)
-

Other operating income
  
28,677
-

Operating profit
  
86,143
-

Profit before tax
  
86,143
-

Tax on profit
  
(77,831)
-

Profit for the financial period
  
8,312
-

Other comprehensive income for the period
  

Total comprehensive income for the period
  
8,312
-

The notes on pages 11 to 25 form part of these financial statements.

Page 7

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
REGISTERED NUMBER: 14415598

BALANCE SHEET
AS AT 31 JANUARY 2024

31 January
31 October
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
388,646
-

Investments
  
2
-

  
388,648
-

Current assets
  

Stocks
 8 
692,733
-

Debtors: amounts falling due within one year
 9 
2,283,358
1

Cash at bank and in hand
 10 
664,767
-

  
3,640,858
1

Creditors: amounts falling due within one year
 11 
(3,943,362)
-

Net current (liabilities)/assets
  
 
 
(302,504)
 
 
1

Total assets less current liabilities
  
86,144
1

Provisions for liabilities
  

Deferred tax
  
(77,831)
-

  
 
 
(77,831)
 
 
-

Net assets
  
8,313
1


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
8,312
-

  
8,313
1


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2024.




John Philip Heathcock
Director

The notes on pages 11 to 25 form part of these financial statements.
Page 8

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
REGISTERED NUMBER: 14415598
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024


Page 9

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

Shares issued during the period
1
-
1



At 31 October 2023
1
-
1



Profit for the period
-
8,312
8,312


At 31 January 2024
1
8,312
8,313


The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.


General information

RS Industrial Services (North East) Limited is private limited company, limited by shares, registered in England and Wales. The companies registered number is 14415598 and registered office is 2 Cassell Court, Billingham, TS23 1RB. 
The company was incorporated on 12 October 2022 and commenced trading on 08 December 2023. The company presents it's financial statements for the shortened period to 31 January 2024. The accounting period was shortened to bring it in line with it's parent companies for consolidation purposes.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Foresight Group Holdings Limited as at 31 January 2024 and these financial statements may be obtained from C/O Foresight Group LLP, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG.

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 11

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Going concern

The Company made a profit in the current year and forecasts continued profits going forward. In addition, there are sufficient cash reserves to enable them to continue as a going concern. 
As a result the directors have decided that there is no material uncertainty surrounding the companies ability to operate for the foreseeable future and have opted to prepare the accounts on the going concern basis.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 12

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, being both straight line and reducing balance.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
10%
Reducing balance
Office equipment
-
20%
Reducing balance
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include attributable labour costs.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 15

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets


Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 16

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgments,
estimated 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 period in which the estimate is revised where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current and
future periods.
Stock Provisioning
The value of stocks has been reduced by a provision for slow-moving or obsolete stock. Stock provisioning applies assumptions based on stock ageing or if stock is not expected to sell in the future. 

Page 17

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

4.


Employees

31 January 2024
31 October 2023
£
£

Wages and salaries
367,873
-

Social security costs
39,465
-

Cost of defined contribution scheme
7,421
-

414,759
-


The average monthly number of employees, including directors, during the period was 65 (2023: 0). 


5.


Taxation


31 January 2024
31 October 2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
77,831
-

Total deferred tax
77,831
-


Tax on profit
77,831
-
Page 18

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
 
5.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

31 January 2024
31 October 2023
£
£


Profit on ordinary activities before tax
86,143
-


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
21,536
-

Effects of:


Expenses not deductible for tax purposes
3,097
-

Capital allowances for period in excess of depreciation
(5,356)
-

Deferred tax charge
77,831
-

Group relief
(19,277)
-

Total tax charge for the period
77,831
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

6.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


Additions
24,930
39,999
-
-
7,507
72,436


Acquired through business combination
444,120
608,584
38,745
59,394
-
1,150,843


Disposals
(14,400)
(31,168)
-
-
-
(45,568)



At 31 January 2024

454,650
617,415
38,745
59,394
7,507
1,177,711



Depreciation


Charge for the period on owned assets
7,086
8,255
293
3,114
197
18,945


Acquired through business combination
300,423
446,914
30,874
32,903
-
811,114


Disposals
(11,462)
(29,532)
-
-
-
(40,994)



At 31 January 2024

296,047
425,637
31,167
36,017
197
789,065



Net book value



At 31 January 2024
158,603
191,778
7,578
23,377
7,310
388,646



At 31 October 2023
-
-
-
-
-
-

Page 20

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

7.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


Additions
2



At 31 January 2024
2






Subsidiary undertakings





The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

RS Cranes & Lifting Limited*
2 Cassel Court Haverton Hill Road, Billingham, Cleveland, United Kingdom, TS23 1RB.
Ordinary
100%
RS Industrial Supplies Limited*
Same as above.
Ordinary
100%

* During the year/period the company was dormant.

The aggregate of the share capital and reserves as at 31 January 2024 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

RS Cranes & Lifting Limited*
1
-

RS Industrial Supplies Limited*
1
-

Page 21

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

8.


Stocks

31 January
31 October
2024
2023
£
£

Raw materials and consumables
657,676
-

Work in progress (goods to be sold)
35,057
-

692,733
-



9.


Debtors

31 January
31 October
2024
2023
£
£


Trade debtors
1,989,624
-

Amounts owed by group companies
75,253
-

Other debtors
105,232
1

Prepayments and accrued income
113,249
-

2,283,358
1



10.


Cash and cash equivalents

31 January
31 October
2024
2023
£
£

Cash at bank and in hand
664,767
-

664,767
-


Page 22

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

11.


Creditors: Amounts falling due within one year

31 January
31 October
2024
2023
£
£

Trade creditors
847,444
-

Amounts owed to group companies
2,731,452
-

Other taxation and social security
211,414
-

Other creditors
34,803
-

Accruals and deferred income
118,249
-

3,943,362
-


Amounts owed to group companies are repayable on demand. However, the expectation is that these amounts will not be repaid within the next 12 months. 


12.


Financial instruments

31 January
31 October
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
664,767
-




Financial assets measured at fair value through profit or loss comprise of cash and bank.


13.


Deferred taxation






2024


£






Charged to profit or loss
(77,831)



At end of year
(77,831)

Page 23

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
 
13.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

31 January
31 October
2024
2023
£
£


Accelerated capital allowances
(79,686)
-

Short term timing differences
1,855
-

(77,831)
-


14.


Reserves

Profit and loss account

The profit and loss account balance represents cumulative retained profits and losses. 


15.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £7,421. Contributions totalling £24,574 were payable to the fund at the balance sheet date and are included in creditors.


16.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 January
31 October
2024
2023
£
£


Not later than 1 year
217,000
-

Later than 1 year and not later than 5 years
293,099
-

510,099
-


17.


Related party transactions

During the year the Company paid £31,784 (2023: £nil) in respect of rent to RS Industrial Group Services who is a shareholder of parent company, RSI Bidco Limited. At the year-end £28,003 (2023: £nil) remains outstanding. 

Page 24

 
RS INDUSTRIAL SERVICES (NORTH EAST) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

18.


Controlling party

The company's immediate parent entity is RSI Bidco Limited, an entity registered in England and Wales. The company's ultimate parent is Foresight Group Holdings Limited, a company registered in Guernsey. The smallest and largest group in which the results of the company are consolidated is that headed by Foresight Group Holdings Limited. Group financial statements are available at C/O Foresight Group LLP, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG.


19.


Business combinations

During the year the assets and trade were hived across from RS Industrial Group Ltd to RS Industrial Services (North East) Limited. On the 8 December 2023, RSI Bidco Limited acquired 100% of the share capital in RS Industrial Services (North East) Limited. 

 
Page 25