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COMPANY REGISTRATION NUMBER: 03318928
COLIN RAWLES RESOURCES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
COLIN RAWLES RESOURCES LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
17,070
22,750
CURRENT ASSETS
Debtors
6
27,879
6,124
Cash at bank and in hand
86,279
125,164
---------
---------
114,158
131,288
CREDITORS: amounts falling due within one year
7
8,283
27,765
---------
---------
NET CURRENT ASSETS
105,875
103,523
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
122,945
126,273
---------
---------
NET ASSETS
122,945
126,273
---------
---------
CAPITAL AND RESERVES
Called up share capital
8
100
100
Profit and loss account
122,845
126,173
---------
---------
SHAREHOLDERS FUNDS
122,945
126,273
---------
---------
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 29 February 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COLIN RAWLES RESOURCES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr C Rawles
Director
Company registration number: 03318928
COLIN RAWLES RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 29 February 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 14 Brookside, Ranton, Stafford, Staffordshire, ST18 9JA.
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, as modified by the revaluation of certain financial assets and liabilities and investment property measured at fair value through the income statement. The financial statements are prepared in Sterling, which is the functional currency of the company. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover in the profit and loss account represents commissions received and associated sales. Commission is recognised in the period to which it relates.
Taxation
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 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.
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 profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution 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 1 (2023: 1 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
1,489
29,819
5,624
36,932
-------
--------
-------
--------
Depreciation
At 1 March 2023
1,270
7,455
5,457
14,182
Charge for the year
33
5,591
56
5,680
-------
--------
-------
--------
At 29 February 2024
1,303
13,046
5,513
19,862
-------
--------
-------
--------
Carrying amount
At 29 February 2024
186
16,773
111
17,070
-------
--------
-------
--------
At 28 February 2023
219
22,364
167
22,750
-------
--------
-------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
23,447
5,091
Prepayments and accrued income
396
353
Director's loan account
3,668
Other debtors
368
680
--------
-------
27,879
6,124
--------
-------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
556
1,887
Corporation tax
5,005
12,497
Social security and other taxes
41
6
Other creditors
2,681
13,375
-------
--------
8,283
27,765
-------
--------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr C Rawles
3,668
3,668
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr C Rawles
----
----
----
The loan is repayable on demand and no interest was charged on the loan to the director.