Registered number
11106594
RSP Lincoln Ltd
Filleted Accounts
31 December 2024
RSP Lincoln Ltd
Registered number: 11106594
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 590 590
Tangible assets 4 395,642 464,992
396,232 465,582
Current assets
Stocks 28,960 28,000
Debtors 5 836,660 573,138
Investments held as current assets 6 1,000 -
Cash at bank and in hand 57,931 122,660
924,551 723,798
Creditors: amounts falling due within one year 7 (610,736) (634,608)
Net current assets 313,815 89,190
Total assets less current liabilities 710,047 554,772
Creditors: amounts falling due after more than one year 8 (340,866) (256,686)
Net assets 369,181 298,086
Capital and reserves
Called up share capital 500 500
Profit and loss account 368,681 297,586
Shareholders' funds 369,181 298,086
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.
Mr L Stanney
Director
Approved by the board on 25 April 2025
RSP Lincoln Ltd
Notes to the Accounts
for the year ended 31 December 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 Not depreciated
Plant and machinery 25% and 10% reducing balance
Fixtures, fittings, tools and equipment 25% 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Vehicle registrations:
Cost
At 1 January 2024 590
At 31 December 2024 590
Amortisation
At 31 December 2024 -
Net book value
At 31 December 2024 590
At 31 December 2023 590
Vehicle registrations are not being written off as there is no estimated economic life.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 173,511 43,798 372,655 589,964
Additions - 2,385 1,700 4,085
Disposals - (8,003) - (8,003)
At 31 December 2024 173,511 38,180 374,355 586,046
Depreciation
At 1 January 2024 - 15,235 109,737 124,972
Charge for the year - 5,523 65,730 71,253
On disposals - (5,821) - (5,821)
At 31 December 2024 - 14,937 175,467 190,404
Net book value
At 31 December 2024 173,511 23,243 198,888 395,642
At 31 December 2023 173,511 28,563 262,918 464,992
Freehold land and buildings: 2024 2023
£ £
Historical cost 173,511 173,511
Cumulative depreciation based on historical cost - -
173,511 173,511
5 Debtors 2024 2023
£ £
Trade debtors 614,689 441,386
Amounts owed by group undertakings and undertakings in which the company has a participating interest 90,622 -
Other debtors 131,349 131,752
836,660 573,138
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 1,000 -
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 37,029 10,304
Obligations under finance lease and hire purchase contracts 30,020 30,020
Trade creditors 317,377 333,690
Taxation and social security costs 11,159 341
Other creditors 215,151 260,253
610,736 634,608
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 206,157 91,957
Obligations under finance lease and hire purchase contracts 134,709 164,729
340,866 256,686
9 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 54,696 50,556
Secured bank loans 92,854 102,077
The bank loan relates to a commercial mortgage that is secured on the industrial unit disclosed as land and buildings in tangible fixed assets,
10 Other information
RSP Lincoln Ltd is a private company limited by shares and incorporated in England. Its registered office is:
c/o Broughton Lambert, Boundary Enterprise Park
Boundary Lane, South Hykeham
Lincoln
Lincolnshire
LN6 9NQ
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