Registered number
04500132
RS BAINS LIMITED
Filleted Accounts
31 March 2024
RS BAINS LIMITED
Registered number: 04500132
Balance Sheet
as at 31 March 2024
Notes 2024 2022
£ £
Fixed assets
Intangible assets 3 - 6
Tangible assets 4 20,315 25,641
20,315 25,647
Current assets
Stocks 55,928 58,168
Debtors 5 697,072 115,756
Cash at bank and in hand 206,566 168,130
959,566 342,054
Creditors: amounts falling due within one year 6 (853,833) (218,268)
Net current assets 105,733 123,786
Net assets 126,048 149,433
Capital and reserves
Called up share capital 4 4
Profit and loss account 126,044 149,429
Shareholders' funds 126,048 149,433
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rajbinder Singh Bains
Director
Approved by the board on 27 August 2024
RS BAINS LIMITED
Notes to the Accounts
for the period from 1 October 2022 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings Straight line over life of the lease
Plant and machinery 33% Reducing Balance
Fixtures, fittings, tools and equipment 15% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2022
Number Number
Average number of persons employed by the company 14 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 127,706
Additions 555,031
Disposals (555,031)
At 31 March 2024 127,706
Amortisation
At 1 October 2022 127,700
Provided during the period 6
At 31 March 2024 127,706
Net book value
At 31 March 2024 -
At 30 September 2022 6
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Furniture & Fittings Total
£ £ £ £
Cost
At 1 October 2022 71,674 3,716 23,577 98,967
At 31 March 2024 71,674 3,716 23,577 98,967
Depreciation
At 1 October 2022 53,760 3,711 15,855 73,326
Charge for the period 3,584 5 1,737 5,326
At 31 March 2024 57,344 3,716 17,592 78,652
Net book value
At 31 March 2024 14,330 - 5,985 20,315
At 30 September 2022 17,914 5 7,722 25,641
5 Debtors 2024 2022
£ £
Trade debtors 111,781 105,513
Other debtors 585,291 10,243
697,072 115,756
6 Creditors: amounts falling due within one year 2024 2022
£ £
Trade creditors 64,712 71,376
Corporation tax 2,593 10,003
Other taxes and social security costs 525 1,010
Other creditors 786,003 135,879
853,833 218,268
7 Other information
RS BAINS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Woodlands Woodlands Lane
Shorne
Gravesend
Kent
DA12 3HH
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