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Company No: 03807341 (England and Wales)

RUNDELL ASSOCIATES LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

RUNDELL ASSOCIATES LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

RUNDELL ASSOCIATES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
RUNDELL ASSOCIATES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 42,527 38,561
Investments 4 32,580 32,580
75,107 71,141
Current assets
Debtors 5 551,055 497,411
Cash at bank and in hand 444 609
551,499 498,020
Creditors: amounts falling due within one year 6 ( 607,204) ( 518,921)
Net current liabilities (55,705) (20,901)
Total assets less current liabilities 19,402 50,240
Creditors: amounts falling due after more than one year 7 ( 5,017) ( 15,134)
Provision for liabilities 8 ( 5,868) ( 4,681)
Net assets 8,517 30,425
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 8,515 30,423
Total shareholder's funds 8,517 30,425

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

Director's responsibilities:

The financial statements of Rundell Associates Ltd (registered number: 03807341) were approved and authorised for issue by the Director. They were signed on its behalf by:

M R J Rundell
Director

15 July 2025

RUNDELL ASSOCIATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
RUNDELL ASSOCIATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rundell Associates Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 17 19

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 157,379 317,396 474,775
Additions 0 16,951 16,951
Disposals 0 ( 1,374) ( 1,374)
At 31 December 2024 157,379 332,973 490,352
Accumulated depreciation
At 01 January 2024 157,379 278,835 436,214
Charge for the financial year 0 12,405 12,405
Disposals 0 ( 794) ( 794)
At 31 December 2024 157,379 290,446 447,825
Net book value
At 31 December 2024 0 42,527 42,527
At 31 December 2023 0 38,561 38,561

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 32,580 32,580
At 31 December 2024 32,580 32,580
Carrying value at 31 December 2024 32,580 32,580
Carrying value at 31 December 2023 32,580 32,580

5. Debtors

2024 2023
£ £
Trade debtors 28,232 143,086
Amounts owed by director 497,953 280,522
Prepayments and accrued income 13,875 62,808
S455 10,995 10,995
551,055 497,411

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 41,389 19,094
Trade creditors 44,929 41,002
Accruals and deferred income 54,800 4,800
Taxation and social security 444,280 445,984
Other creditors 21,806 8,041
607,204 518,921

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,017 15,134

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 4,681) ( 9,303)
(Charged)/credited to the Statement of Income and Retained Earnings ( 1,187) 4,622
At the end of financial year ( 5,868) ( 4,681)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 5,868) ( 4,681)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,029 1,808

11. Related party transactions

Transactions with the entity's director

Included within other debtors is a balance of £497,953 (2023: £280,522) owed by M R J Rundell a director. Advances made during the year total £1,036,717 and repayments made during the year total £754,186. No interest was charged.

Other related party transactions

All dividends for this year and the previous year were paid to the director of the company, who owns 100% of the shareholding.