Registration number:
RD Professional Services Ltd
for the Year Ended 30 June 2024
RD Professional Services Ltd
Contents
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
RD Professional Services Ltd
(Registration number: 11414782)
Balance Sheet as at 30 June 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1,000 |
1,000 |
|
|
Retained earnings |
716,061 |
507,538 |
|
|
Shareholders' funds |
717,061 |
508,538 |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
|
|
RD Professional Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
RD Professional Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|
Asset class |
Depreciation method and rate |
|
Office equipment |
25% straight line basis |
|
Plant and machinery |
25% straight line basis |
|
Fixture and fittings |
25% straight line basis |
|
Motor vehicles |
25% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
RD Professional Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
|
Prior Period Adjustments |
During the preparation of the financial statements for the year ended 31 December 2024, the company identified that certain additions to tangible fixed assets in 2022 and 2023, financed through loan arrangements, were not recorded in the financial statements for those respective periods. As a result, the fixed aseets and related finance liability were understated. Furthermore, associated depreciation, interest expense and finance charges were omitted from the Statement of Profit or Loss.
These represent material omissions that meet the criteria for prior period errors under FRS 102 Section 10 - Accounting Policies, Estimates and Errors and has been corrected by restating the comparative figures for 2023 and the opening balances as at 1 January 2023.
The impact of the restatement is as follows:
RD Professional Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Additional Notes
• The company has applied retrospective restatement, as required under FRS 102.10.21, for correction of prior period errors.
• The restated figures reflect accurate balances for fixed assets, liabilities, and profit or loss.
• There was no impact on cash flows, as the assets were acquired under finance arrangements.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
RD Professional Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
|
Tangible assets |
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
RD Professional Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2024 |
2023 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
RD Professional Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
Note:
At 30 June 2024, the company had the following loans outstanding, all of which are measured at amortised cost:
Loan 1: £33,898 outstanding (including interest). This loan was obtained in 2022 to finance working capital and is repayable in monthly instalments of £968.50 up to May 2027. The effective interest rate is 6.24%.
Loan 2: £20,232 outstanding (including interest). This loan was obtained in 2022 for the acquisition of fixed assets and is repayable in monthly instalments of £578.07 up to May 2027. The effective interest rate is 6.30%.
Loan 3: £17,542 outstanding (including interest). This loan was obtained in 2023 for the acquisition of fixed assets and is repayable in monthly instalments of £877.10 up to February 2026. The effective interest rate is 8.85%.
Security: All loans are secured against the underlying assets financed.
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
Related party transactions |
During the year the company made the following related party transactions:
Directors
During the year, the Directors loans outstanding at the year end was £207,267 (2023 : £117,482). Interest was charged at an annual rate of 2.5%. These amounts are unsecured and repayable on demand.