9 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 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC151379 2023-07-01 2024-06-30 SC151379 2024-06-30 SC151379 2023-06-30 SC151379 2022-07-01 2023-06-30 SC151379 2023-06-30 SC151379 2022-06-30 SC151379 core:PlantMachinery 2023-07-01 2024-06-30 SC151379 core:MotorVehicles 2023-07-01 2024-06-30 SC151379 bus:Director2 2023-07-01 2024-06-30 SC151379 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 SC151379 core:PlantMachinery 2023-06-30 SC151379 core:MotorVehicles 2023-06-30 SC151379 core:LandBuildings core:LongLeaseholdAssets 2024-06-30 SC151379 core:PlantMachinery 2024-06-30 SC151379 core:MotorVehicles 2024-06-30 SC151379 core:WithinOneYear 2024-06-30 SC151379 core:WithinOneYear 2023-06-30 SC151379 core:ShareCapital 2024-06-30 SC151379 core:ShareCapital 2023-06-30 SC151379 core:SharePremium 2024-06-30 SC151379 core:SharePremium 2023-06-30 SC151379 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC151379 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC151379 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30 SC151379 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 SC151379 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 SC151379 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 SC151379 core:Non-currentFinancialInstruments 2024-06-30 SC151379 core:Non-currentFinancialInstruments 2023-06-30 SC151379 core:PlantMachinery 2023-06-30 SC151379 core:MotorVehicles 2023-06-30 SC151379 bus:SmallEntities 2023-07-01 2024-06-30 SC151379 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC151379 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC151379 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC151379 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: SC151379
R F X LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
R F X LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
57,629
77,321
Investments
6
170,640
163,716
----------
----------
228,269
241,037
Current assets
Stocks
135,599
140,026
Debtors
7
20,611
38,466
Cash at bank and in hand
790,788
792,351
----------
----------
946,998
970,843
Creditors: amounts falling due within one year
8
6,762
39,272
----------
----------
Net current assets
940,236
931,571
-------------
-------------
Total assets less current liabilities
1,168,505
1,172,608
Provisions
8,588
5,483
-------------
-------------
Net assets
1,159,917
1,167,125
-------------
-------------
Capital and reserves
Called up share capital
51,879
51,879
Share premium account
9,437
9,437
Profit and loss account
1,098,601
1,105,809
-------------
-------------
Shareholders funds
1,159,917
1,167,125
-------------
-------------
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 30 June 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 .
R F X LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mrs T J Mills
Director
Company registration number: SC151379
R F X 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 11a Oakbank Park Way, Livingston, West Lothian, EH53 0TH, UK.
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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the restrictions that were put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
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, 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 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property
-
Fully depreciated
Plant and machinery
-
25% reducing balance
Motor vehicles
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 8 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
49,474
653,691
47,351
750,516
---------
----------
---------
----------
Depreciation
At 1 July 2023
49,474
580,891
42,830
673,195
Charge for the year
18,200
1,492
19,692
---------
----------
---------
----------
At 30 June 2024
49,474
599,091
44,322
692,887
---------
----------
---------
----------
Carrying amount
At 30 June 2024
54,600
3,029
57,629
---------
----------
---------
----------
At 30 June 2023
72,800
4,521
77,321
---------
----------
---------
----------
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 July 2023
15,625
148,091
163,716
Revaluations
6,924
6,924
---------
----------
----------
At 30 June 2024
15,625
155,015
170,640
---------
----------
----------
Impairment
At 1 July 2023 and 30 June 2024
---------
----------
----------
Carrying amount
At 30 June 2024
15,625
155,015
170,640
---------
----------
----------
At 30 June 2023
15,625
148,091
163,716
---------
----------
----------
7. Debtors
2024
2023
£
£
Trade debtors
3,425
19,645
Other debtors
17,186
18,821
---------
---------
20,611
38,466
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,593
35,302
Other creditors
4,169
3,970
-------
---------
6,762
39,272
-------
---------