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Registration number: 06831177

Resin Bonded Slab Company Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Resin Bonded Slab Company Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Resin Bonded Slab Company Ltd

Company Information

Director

R Potter

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

 

Resin Bonded Slab Company Ltd

(Registration number: 06831177)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,539

3,423

Tangible assets

5

56,125

112,828

 

68,664

116,251

Current assets

 

Debtors

6

4,761

44,659

Cash at bank and in hand

 

17,741

1,727

 

22,502

46,386

Creditors: Amounts falling due within one year

7

(118,298)

(141,548)

Net current liabilities

 

(95,796)

(95,162)

Total assets less current liabilities

 

(27,132)

21,089

Creditors: Amounts falling due after more than one year

7

(14,637)

(27,926)

Net liabilities

 

(41,769)

(6,837)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(41,770)

(6,838)

Shareholders' deficit

 

(41,769)

(6,837)

For the financial 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 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.

Approved and authorised by the director on 23 October 2024
 

 

Resin Bonded Slab Company Ltd

(Registration number: 06831177)
Balance Sheet as at 29 February 2024

.........................................
R Potter
Director

 

Resin Bonded Slab Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
39 High Street
Battle
East Sussex
TN33 0EE
United Kingdom

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding that there is a deficiency
of assets at the year end date amounting to £41,770. The validity of this assumption is dependent on the
continued financial support of the company's director and creditors. The financial statements do not include any
adjustments that would result from discontinuance of their financial support. On this basis, the director considers
that it is appropriate for the financial statements to be prepared on the going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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.

 

Resin Bonded Slab Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

20 years straight line

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. 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.

 

Resin Bonded Slab Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Resin Bonded Slab Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2023

3,556

3,556

Additions acquired separately

9,528

9,528

At 29 February 2024

13,084

13,084

Amortisation

At 1 March 2023

133

133

Amortisation charge

412

412

At 29 February 2024

545

545

Carrying amount

At 29 February 2024

12,539

12,539

At 28 February 2023

3,423

3,423

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

2,920

55,815

108,968

167,703

Additions

373

-

(39,690)

(39,317)

Disposals

(1,417)

-

(1,184)

(2,601)

At 29 February 2024

1,876

55,815

68,094

125,785

Depreciation

At 1 March 2023

1,987

33,574

19,314

54,875

Charge for the year

244

5,560

11,243

17,047

Eliminated on disposal

(1,213)

-

(1,049)

(2,262)

At 29 February 2024

1,018

39,134

29,508

69,660

Carrying amount

At 29 February 2024

858

16,681

38,586

56,125

At 28 February 2023

933

22,241

89,654

112,828

 

Resin Bonded Slab Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

2024
£

2023
£

Trade debtors

-

38,021

Prepayments

390

338

Other debtors

4,371

6,300

4,761

44,659

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

14,069

14,069

Trade creditors

 

15,357

15,692

Social security and other taxes

 

261

6,761

Other payables

 

84,221

101,626

Accruals

 

4,390

3,400

 

118,298

141,548

Due after one year

 

Loans and borrowings

8

14,637

27,926

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

14,637

27,926

 

Resin Bonded Slab Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,280

22,501

Hire purchase contracts

1,357

5,425

14,637

27,926

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

4,069

4,069

14,069

14,069