REGISTERED NUMBER: |
John Rhodes & Son (Ironfounders) Limited |
Financial Statements |
for the Year Ended 28 February 2024 |
REGISTERED NUMBER: |
John Rhodes & Son (Ironfounders) Limited |
Financial Statements |
for the Year Ended 28 February 2024 |
John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893) |
Contents of the Financial Statements |
for the year ended 28 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
John Rhodes & Son (Ironfounders) Limited |
Company Information |
for the year ended 28 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893) |
Balance Sheet |
28 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES |
NET LIABILITIES | ( |
) | ( |
) |
John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893) |
Balance Sheet - continued |
28 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893) |
Notes to the Financial Statements |
for the year ended 28 February 2024 |
1. | STATUTORY INFORMATION |
The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The director has reviewed the trading expectations for the remainder of 2024 and in to 2025, as well as the company's cash resources. Due to the cyclical nature of the work undertaken by the company the director anticipates the profits of 2025 to be at a similar level to those of the current accounting period. The director considers that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing these financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents the income from services undertaken as an agent for specialist moulds for iron castings. |
Goodwill |
Goodwill was initially recorded at cost and was fully amortised over its useful economic life. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Patterns | - |
Tangible fixed assets are initially recorded at cost. |
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 has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. |
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. |
John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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 or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 28 February 2024 |
AMORTISATION |
At 1 March 2023 |
and 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Patterns | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Directors' current accounts | 20,542 | 16,891 |
Accruals and deferred income |
John Rhodes & Son (Ironfounders) Limited (Registered number: 04293893) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |