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COMPANY REGISTRATION NUMBER: 05055596
RS Workshop Equipment Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
RS Workshop Equipment Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
RS Workshop Equipment Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
R Milton
A E Jones
S Radcliffe
COMPANY SECRETARY
L Gribben
REGISTERED OFFICE
Unit 28
Barnwell Manor Estate
Barnwell
Peterborough
Cambs
PE8 5PL
ACCOUNTANTS
Streets
Chartered Accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
BANKERS
Barclays
1 Church Street
Peterborough
Cambs
PE1 1XE
RS Workshop Equipment Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
32,663
28,636
Current assets
Stocks
80,049
61,282
Debtors
6
78,014
129,860
Cash at bank and in hand
122,072
94,260
---------
---------
280,135
285,402
Creditors: amounts falling due within one year
7
140,396
135,653
---------
---------
Net current assets
139,739
149,749
---------
---------
Total assets less current liabilities
172,402
178,385
Provisions
5,902
7,160
---------
---------
Net assets
166,500
171,225
---------
---------
Capital and reserves
Called up share capital
30,600
30,600
Profit and loss account
135,900
140,625
---------
---------
Shareholders funds
166,500
171,225
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RS Workshop Equipment Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
R Milton
A E Jones
Director
Director
S Radcliffe
Director
Company registration number: 05055596
RS Workshop Equipment Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 28, Barnwell Manor Estate, Barnwell, Peterborough, Cambs, PE8 5PL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually this is on despatch of the goods. The amount of revenue can be measured reliably once it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of income and retained earnings.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% Reducing balance per annum
Motor vehicles
-
25% Reducing balance per annum
Equipment
-
25% Reducing balance per annum
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
19,344
25,518
20,133
64,995
Additions
13,800
726
14,526
Disposals
( 12,940)
( 12,940)
--------
--------
--------
--------
At 31 March 2024
19,344
26,378
20,859
66,581
--------
--------
--------
--------
Depreciation
At 1 April 2023
10,173
10,993
15,193
36,359
Charge for the year
2,293
2,918
1,280
6,491
Disposals
( 8,932)
( 8,932)
--------
--------
--------
--------
At 31 March 2024
12,466
4,979
16,473
33,918
--------
--------
--------
--------
Carrying amount
At 31 March 2024
6,878
21,399
4,386
32,663
--------
--------
--------
--------
At 31 March 2023
9,171
14,525
4,940
28,636
--------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
72,842
125,327
Other debtors
5,172
4,533
--------
---------
78,014
129,860
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,706
107,209
Social security and other taxes
17,270
24,338
Other creditors
5,420
4,106
---------
---------
140,396
135,653
---------
---------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
5,902
7,160
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
5,902
7,160
-------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
2,420
2,354
-------
-------