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Registration number: 04014065

Rummey Design Associates Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Rummey Design Associates Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,384

5,483

Current assets

 

Debtors

5

175,100

202,483

Cash at bank and in hand

 

5,840

15,027

 

180,940

217,510

Creditors: Amounts falling due within one year

6

(137,237)

(158,629)

Net current assets

 

43,703

58,881

Total assets less current liabilities

 

48,087

64,364

Creditors: Amounts falling due after more than one year

6

(20,158)

(29,923)

Net assets

 

27,929

34,441

Capital and reserves

 

Called up share capital

2,500

2,500

Retained earnings

25,429

31,941

Shareholders' funds

 

27,929

34,441

For the financial year ending 30 April 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Rummey Design Associates Limited

Statement of Financial Position as at 30 April 2024

Approved and authorised by the director on 31 January 2025
 

.........................................

Mr R W Rummey

Director

Company registration number: 04014065

 

Rummey Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the masterplanning, urban design, landscape and architectural design for the property, leisure and development industries.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 30 April 2024 but had net assets at that date amounting to £27,929.

Having made enquiries the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue based upon the stage of completion of contractual services.

Government grants

Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Rummey Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Office equipment

20% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Rummey Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2023 - 4).

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

114,998

114,998

At 30 April 2024

114,998

114,998

Depreciation

At 1 May 2023

109,515

109,515

Charge for the year

1,099

1,099

At 30 April 2024

110,614

110,614

Carrying amount

At 30 April 2024

4,384

4,384

At 30 April 2023

5,483

5,483

5

Debtors

2024
£

2023
£

Trade debtors

63,155

67,181

Amounts recoverable under contracts

68,840

61,069

Other debtors

43,105

74,233

175,100

202,483

 

Rummey Design Associates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

94,445

104,005

Trade creditors

 

13,102

35,233

Taxation and social security

 

5,629

4,684

Other creditors

 

24,061

14,707

 

137,237

158,629

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

20,158

29,923



 

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loans

9,771

9,770

Bank overdrafts

84,674

94,235

94,445

104,005

Bank overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company and a right of set off against credit balances.

Non-current loans and borrowings

2024
£

2023
£

Bank loans

20,158

29,923

8

Transactions with directors

At 30 April 2024 an amount of £Nil (2023: £34,034) was due from the director. During the year, there were advances of £1,680 and repayments of £35,714. Interest of £145 (2023: £962) is payable to the company at 2.25% pa. There are no set terms in place.