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Company No: 02520581 (England and Wales)

RICO INDUSTRIAL SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

RICO INDUSTRIAL SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

RICO INDUSTRIAL SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
RICO INDUSTRIAL SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 51,616 74,952
Investments 4 275,151 257,002
326,767 331,954
Current assets
Stocks 78,465 69,797
Debtors 5 778,135 625,366
Cash at bank and in hand 6 2,573 482
859,173 695,645
Creditors: amounts falling due within one year 7 ( 722,339) ( 771,273)
Net current assets/(liabilities) 136,834 (75,628)
Total assets less current liabilities 463,601 256,326
Creditors: amounts falling due after more than one year 8 ( 238,260) ( 247,504)
Net assets 225,341 8,822
Capital and reserves
Called-up share capital 10 5,000 5,000
Profit and loss account 220,341 3,822
Total shareholders' funds 225,341 8,822

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Rico Industrial Services Limited (registered number: 02520581) were approved and authorised for issue by the Director on 24 February 2025. They were signed on its behalf by:

Andrew John Shore
Director
RICO INDUSTRIAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
RICO INDUSTRIAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rico Industrial Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 3 & 4 Henry Edwards Industrial Estate, Boraston Lane, Tenbury Wells, WR15 8LE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 10

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 211,775 117,514 22,439 351,728
Additions 2,100 0 0 2,100
Disposals ( 48,495) 0 0 ( 48,495)
At 31 December 2023 165,380 117,514 22,439 305,333
Accumulated depreciation
At 01 January 2023 160,124 95,327 21,325 276,776
Charge for the financial year 12,400 4,437 223 17,060
Disposals ( 40,119) 0 0 ( 40,119)
At 31 December 2023 132,405 99,764 21,548 253,717
Net book value
At 31 December 2023 32,975 17,750 891 51,616
At 31 December 2022 51,651 22,187 1,114 74,952

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 257,002
Additions 18,149
At 31 December 2023 275,151
Carrying value at 31 December 2023 275,151
Carrying value at 31 December 2022 257,002

5. Debtors

2023 2022
£ £
Trade debtors 62,006 57,840
Amounts owed by Group undertakings 467,874 306,159
Amounts owed by director 153,928 177,338
Accrued income 7,000 7,000
Deferred tax asset 28,778 0
Other debtors 58,549 77,029
778,135 625,366

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 2,573 482
Less: Bank overdrafts ( 51,861) ( 51,998)
(49,288) (51,516)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 61,861 89,877
Trade creditors 125,040 249,172
Accruals and deferred income 4,000 79,611
Taxation and social security 424,015 297,550
Obligations under finance leases and hire purchase contracts (secured £11,754) 11,717 12,172
Other creditors 95,706 42,891
722,339 771,273

The assets held under hire purchase contracts are secured against the hire purchase assets themselves with a carrying value of £24,820.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 115,626 101,661
Amounts owed to Group undertakings 91,843 91,843
Obligations under finance leases and hire purchase contracts (secured) 30,791 54,000
238,260 247,504

The assets held under hire purchase contracts are secured against the hire purchase assets themselves with a carrying value of £54,264.

9. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Credited to the Statement of Income and Retained Earnings 28,778 0
At the end of financial year 28,778 0

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
5,000 Ordinary shares of £ 1.00 each 5,000 5,000

11. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by directors 153,928 177,338

Advances were made to the directors during the year totalling £63,943, credits were made totalling £90,769. The amount outstanding at the year end was £153,928 (2022: £177,338). Interest has been charged at 2.25% totalling £3,416.