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Registered number: 08789241
RK Door Systems Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Balme Kitchen & Pearce Ltd
Chartered Accountants
25 Lemon Street
Truro
Cornwall
TR1 2LS
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 08789241
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 366,653 222,730
366,653 222,730
CURRENT ASSETS
Stocks 5 139,765 124,973
Debtors 6 251,129 309,348
Cash at bank and in hand 1,021,753 831,214
1,412,647 1,265,535
Creditors: Amounts Falling Due Within One Year 7 (992,215 ) (764,045 )
NET CURRENT ASSETS (LIABILITIES) 420,432 501,490
TOTAL ASSETS LESS CURRENT LIABILITIES 787,085 724,220
Creditors: Amounts Falling Due After More Than One Year 8 (15,833 ) (25,833 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (52,668 ) (42,318 )
NET ASSETS 718,584 656,069
CAPITAL AND RESERVES
Called up share capital 9 105 105
Income Statement 718,479 655,964
SHAREHOLDERS' FUNDS 718,584 656,069
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Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Income Statement.
On behalf of the board
Mr Ian Woodman
Director
29 May 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
RK Door Systems Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08789241 . The registered office is 25 Lemon Street, Truro, TR1 2LS.
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. 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:
Freehold No depreciation
Motor Vehicles 15% Reducing balance
Fixtures & Fittings 15% Reducing balance
2.4. 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.
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2.5. 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 year 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 asset reflects 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: 12 (2023: 12)
12 12
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2023 - 216,531 191,849 408,380
Additions 155,982 - 24,982 180,964
As at 31 October 2024 155,982 216,531 216,831 589,344
Depreciation
As at 1 November 2023 - 96,267 89,383 185,650
Provided during the period - 17,924 19,117 37,041
As at 31 October 2024 - 114,191 108,500 222,691
Net Book Value
As at 31 October 2024 155,982 102,340 108,331 366,653
As at 1 November 2023 - 120,264 102,466 222,730
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5. Stocks
2024 2023
£ £
Stock 139,765 124,973
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,457 67,260
Employee loans 51,763 60,128
Prepayments and accrued income 11,430 4,339
Sales ledger control account 170,125 172,289
Basepoint deposit 2,818 2,818
RKD loan account 500 500
Basepoint - deposit held (2,818 ) 1,814
St Agnes deposit 9,119 -
Greywood Fishing Loan account 200 200
RK STEEL 535 -
251,129 309,348
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,833 8,324
Bank loans and overdrafts 23 -
Corporation tax 39,938 (3,148 )
VAT 92,702 138,230
DSL Loan account 484,259 334,259
Pensio control 2,407 2,192
Purchase ledger control account 15,831 80,112
CIS 3,059 826
PAYE & N1 22,483 -
HP LOAN MERCEDES WP19NSO 12,941 21,114
HP LOAN WX18WTT 12,939 20,702
Accruals and deferred income 5,290 5,290
Director's loan account 297,510 156,144
992,215 764,045
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Lloyds Bank Loan 15,833 25,833
9. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 9,119 -
Called Up Share Capital has been paid up (9,014) 105
Amount of Allotted, Called Up Share Capital 105 105
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