15 16 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 55,156 21,449 11,031 32,480 22,676 33,707 xbrli:pure xbrli:shares iso4217:GBP 01104572 2023-07-01 2024-06-30 01104572 2024-06-30 01104572 2023-06-30 01104572 2022-07-01 2023-06-30 01104572 2023-06-30 01104572 2022-06-30 01104572 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 01104572 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01104572 core:PlantMachinery 2023-07-01 2024-06-30 01104572 core:FurnitureFittings 2023-07-01 2024-06-30 01104572 bus:Director3 2023-07-01 2024-06-30 01104572 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 01104572 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 01104572 core:LandBuildings 2023-06-30 01104572 core:PlantMachinery 2023-06-30 01104572 core:FurnitureFittings 2023-06-30 01104572 core:LandBuildings 2024-06-30 01104572 core:PlantMachinery 2024-06-30 01104572 core:FurnitureFittings 2024-06-30 01104572 core:LandBuildings 2023-07-01 2024-06-30 01104572 core:WithinOneYear 2024-06-30 01104572 core:WithinOneYear 2023-06-30 01104572 core:ShareCapital 2024-06-30 01104572 core:ShareCapital 2023-06-30 01104572 core:OtherReservesSubtotal 2024-06-30 01104572 core:OtherReservesSubtotal 2023-06-30 01104572 core:RetainedEarningsAccumulatedLosses 2024-06-30 01104572 core:RetainedEarningsAccumulatedLosses 2023-06-30 01104572 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 01104572 core:LandBuildings 2023-06-30 01104572 core:PlantMachinery 2023-06-30 01104572 core:FurnitureFittings 2023-06-30 01104572 bus:Director1 2023-07-01 2024-06-30 01104572 bus:SmallEntities 2023-07-01 2024-06-30 01104572 bus:Audited 2023-07-01 2024-06-30 01104572 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 01104572 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01104572 bus:FullAccounts 2023-07-01 2024-06-30 01104572 core:AllAssociates 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 01104572
RUD Chains Limited
Filleted Financial Statements
30 June 2024
RUD Chains Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
RUD Chains Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
22,676
33,707
Tangible assets
6
679,286
698,742
---------
---------
701,962
732,449
Current assets
Stocks
1,864,415
1,699,945
Debtors
7
979,823
1,573,770
Cash at bank and in hand
325,083
27,405
------------
------------
3,169,321
3,301,120
Creditors: amounts falling due within one year
8
2,583,093
3,115,359
------------
------------
Net current assets
586,228
185,761
------------
---------
Total assets less current liabilities
1,288,190
918,210
------------
---------
Net assets
1,288,190
918,210
------------
---------
Capital and reserves
Called up share capital
303,000
303,000
Other reserves
402,361
416,695
Profit and loss account
582,829
198,515
------------
---------
Shareholders funds
1,288,190
918,210
------------
---------
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr J S Rieger
Director
Company registration number: 01104572
RUD Chains Limited
Notes to the Financial Statements
Year ended 30 June 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 Units 10-14 John Wilson Business Park, Thanet Way, Whitstable, Kent, CT5 3QT.
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 properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements, estimates and assumptions that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Purchase recognition - Directors recognise the purchases when significant risks and rewards of ownership are passed to them as buyer. They consider this has taken place on delivery and therefore record all deliveries not yet invoiced as accruals at the year end. (ii) Bad debt - Directors have included bad debt provisions for items which have not been paid between the year end date and the date of signing the accounts. Any debts which are in legal disputes have been reviewed and a proportions has been provided based on expected outcome. (iii) Useful economic life of fixed assets - The annual depreciation and amortisation charges are based upon management's assessment of the useful economic lives and residual values of the company's tangible assets. These are re-assessed annually and amended where necessary. (iv) Stock valuation - Stocks are measured at the lower of cost and estimated selling price less cost to complete and sell.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. 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 profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value. Website costs will be amortised over its the useful economic life once production has been completed.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Land and buildings
-
4% reducing balance
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value
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 15 (2023: 13 ).
5. INTANGIBLE ASSETS
Website costs
£
Cost
At 1 July 2023 and 30 June 2024
55,156
--------
Amortisation
At 1 July 2023
21,449
Charge for the year
11,031
--------
At 30 June 2024
32,480
--------
Carrying amount
At 30 June 2024
22,676
--------
At 30 June 2023
33,707
--------
6. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
700,000
65,540
176,482
942,022
Additions
6,944
15,507
22,451
---------
--------
---------
---------
At 30 June 2024
700,000
72,484
191,989
964,473
---------
--------
---------
---------
Depreciation
At 1 July 2023
121,160
46,316
75,804
243,280
Charge for the year
19,020
6,923
15,964
41,907
---------
--------
---------
---------
At 30 June 2024
140,180
53,239
91,768
285,187
---------
--------
---------
---------
Carrying amount
At 30 June 2024
559,820
19,245
100,221
679,286
---------
--------
---------
---------
At 30 June 2023
578,840
19,224
100,678
698,742
---------
--------
---------
---------
Included in freehold property is land with a value of £103,344 which is not being depreciated. If carried at historic cost land and buildings would be held at the year end at a net book value of £157,460 (2023: £162,146).
7. DEBTORS
2024
2023
£
£
Trade debtors
872,194
1,461,938
Other debtors
107,629
111,832
---------
------------
979,823
1,573,770
---------
------------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,289
Trade creditors
101,580
411,635
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,732,866
1,925,794
Corporation tax
168,280
5,896
Social security and other taxes
294,055
222,114
Other creditors
( 713,688)
529,631
------------
------------
2,583,093
3,115,359
------------
------------
Advances from factors are secured by a fixed and floating charge over the property and all other assets.
Bank loans and overdraft are secured by a fixed and floating charge over the property and all other assets.
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
12,240
9,750
--------
-------
10. SUMMARY AUDIT OPINION
The auditor's report dated 16 September 2024 was unqualified .
The senior statutory auditor was Roderick Archibald , for and on behalf of Burgess Hodgson LLP .
11. RELATED PARTY TRANSACTIONS
The company has taken advantage in these financial statements of not showing related party transactions in accordance with FRS 102 on the basis that the consolidated financial statements are publicly available.
12. CONTROLLING PARTY
The company is a subsidiary of RUD-Kettenfabrik Gebr. Rieger GmbH , a company incorporated in Germany. The smallest and largest group company for which consolidated financial statements are drawn up and of which the company is a member, is RUD Kettenfabrik Gebr. Rieger GmbH. The financial statements of the group can be obtained from: RUD Kettenfabrik Gebr. Rieger GmbH Friedensinsel 73432 Aalen Germany