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Registered number: 02353674
RJH Finishing Systems Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Enterprise Chartered Certified Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02353674
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 294 -
Tangible Assets 5 185,391 192,578
185,685 192,578
CURRENT ASSETS
Stocks 6 461,703 454,142
Debtors 7 1,503,166 1,514,677
Cash at bank and in hand 638,407 397,680
2,603,276 2,366,499
Creditors: Amounts Falling Due Within One Year 8 (380,515 ) (385,335 )
NET CURRENT ASSETS (LIABILITIES) 2,222,761 1,981,164
TOTAL ASSETS LESS CURRENT LIABILITIES 2,408,446 2,173,742
Creditors: Amounts Falling Due After More Than One Year 9 - (39,184 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (46,348 ) (32,271 )
NET ASSETS 2,362,098 2,102,287
CAPITAL AND RESERVES
Called up share capital 11 387,754 387,754
Revaluation reserve 12 207,720 207,720
Profit and Loss Account 1,766,624 1,506,813
SHAREHOLDERS' FUNDS 2,362,098 2,102,287
Page 1
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Jones
Director
17/04/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
RJH Finishing Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02353674 . The registered office is Artillery Street, Heckmondwike, West Yorkshire, WF16 0NR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 2 years.
2.5. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are patents and licences. It is amortised to the profit and loss account over its estimated economic life of 10 years.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% straight line
Fixtures & Fittings 20% - 25% straight line
Computer Equipment 20% - 25% straight line
2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 12)
13 12
4. Intangible Assets
Goodwill Other Intellectual Property Total
£ £ £ £
Cost
As at 1 November 2023 13,719 - 10,000 23,719
Additions - 2,350 - 2,350
As at 31 October 2024 13,719 2,350 10,000 26,069
Amortisation
As at 1 November 2023 13,719 - 10,000 23,719
Provided during the period - 2,056 - 2,056
As at 31 October 2024 13,719 2,056 10,000 25,775
Net Book Value
As at 31 October 2024 - 294 - 294
As at 1 November 2023 - - - -
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 November 2023 208,921 12,482 221,403
Disposals - (1,708 ) (1,708 )
As at 31 October 2024 208,921 10,774 219,695
Depreciation
As at 1 November 2023 21,126 7,699 28,825
Provided during the period 4,665 814 5,479
As at 31 October 2024 25,791 8,513 34,304
Net Book Value
As at 31 October 2024 183,130 2,261 185,391
As at 1 November 2023 187,795 4,783 192,578
The company's plant & machinery together with fixtures & fittings and office equipment were valued on 12 March 2020 by Walker Singleton on a Fair Value Basis.
6. Stocks
2024 2023
£ £
Stock 461,703 454,142
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 110,248 118,477
Amounts owed by group undertakings 1,374,960 1,374,960
Other debtors 17,958 21,240
1,503,166 1,514,677
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 33,337 44,450
Trade creditors 126,460 123,242
Bank loans and overdrafts 5,847 7,796
Other creditors 75,091 87,711
Taxation and social security 139,780 122,136
380,515 385,335
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 33,337
Bank loans - 5,847
- 39,184
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 33,337 44,450
Later than one year and not later than five years - 33,337
33,337 77,787
33,337 77,787
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 387,754 387,754
12. Reserves
Revaluation Reserve
£
As at 1 November 2023 207,720
As at 31 October 2024 207,720
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