Company registration number 12141169 (England and Wales)
RS PROPERTY SURVEYS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
RS PROPERTY SURVEYS LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,803
9,362
Current assets
Debtors
5
16,268
30,556
Cash at bank and in hand
5,993
12,216
22,261
42,772
Creditors: amounts falling due within one year
6
(26,852)
(41,001)
Net current (liabilities)/assets
(4,591)
1,771
Total assets less current liabilities
16,212
11,133
Creditors: amounts falling due after more than one year
7
(19,684)
(10,410)
Net (liabilities)/assets
(3,472)
723
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(3,572)
623
Total equity
(3,472)
723

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
Mr R Smith
Director
Company Registration No. 12141169
RS PROPERTY SURVEYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

RS Property Surveys Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Gladstone House, 77-79 High Street, Egham, Surrey, United Kingdom, TW20 9HY.

 

The principal place of business of the company is 72 Woodrow Drive, Wokingham, RG40 1RT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion.

Other income

Interest receivable is accounted for on an accruals basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing Balance
Computers and equipment
25% Reducing Balance
Motor vehicles
33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

RS PROPERTY SURVEYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RS PROPERTY SURVEYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and equipment
Computers and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
789
5,586
27,174
33,549
Additions
-
0
592
24,496
25,088
Disposals
-
0
-
0
(27,174)
(27,174)
At 31 August 2024
789
6,178
24,496
31,463
Depreciation and impairment
At 1 September 2023
392
2,660
21,135
24,187
Depreciation charged in the year
99
705
9,069
9,873
Eliminated in respect of disposals
-
0
-
0
(23,400)
(23,400)
At 31 August 2024
491
3,365
6,804
10,660
Carrying amount
At 31 August 2024
298
2,813
17,692
20,803
At 31 August 2023
397
2,926
6,039
9,362
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,725
2,928
Corporation tax recoverable
6,061
5,834
Other debtors
(597)
18,337
16,189
27,099
Deferred tax asset
79
3,457
16,268
30,556
RS PROPERTY SURVEYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,110
6,090
Trade creditors
542
1,090
Corporation tax
12,898
19,357
Other taxation and social security
520
-
0
Other creditors
6,782
14,464
26,852
41,001
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,412
10,410
Other creditors
15,272
-
0
19,684
10,410
8
Directors' transactions

At the year end, the company owed £843 to a director (2023 - £17,963 was owed by a director to the company).

 

During the year, the company paid dividends of £55,000. After the year end, it was identified that part of this dividend has been paid without sufficient distributable reserves. The directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose and are taking appropriate advice to determine required remedial actions.

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