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Registered number: 01723037 RDW SCENERY CONSTRUCTION LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
RDW SCENERY CONSTRUCTION LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 - 13
RDW SCENERY CONSTRUCTION LIMITED REGISTERED NUMBER: 01723037 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 37,617 |  | 87,888
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 139,646 |  | 384,639 |
Cash at bank and in hand |  | 10,925 |  | 13,733 |
|  | 150,571 |  | 398,372 |
Creditors: amounts falling due within one year | 6 | (125,246) |  | (210,432) |
Net current assets |  |  | 25,325 |  | 187,940
Total assets less current liabilities |  |  | 62,942 |  | 275,828
Creditors: amounts falling due after more than one year | 7 |  | (6,165) |  | (16,501)
Provisions for liabilities |  |  |  |  |
Deferred tax |  |  | (4,088) |  | (14,091)
|  |  | (4,088) |  | (14,091)
Net assets |  |  | 52,689 |  | 245,236
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 120 |  | 120
Profit and loss account |  |  | 52,569 |  | 245,116
|  |  | 52,689 |  | 245,236
Page 1
RDW SCENERY CONSTRUCTION LIMITED REGISTERED NUMBER: 01723037 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A J Howe-Davies
Director
Date: 27 October 2025
The notes on pages 4 to 13 form part of these financial statements. Page 2
RDW SCENERY CONSTRUCTION LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 120 | 512,856 | 512,976
Loss for the year | - | (267,740) | (267,740)
At 1 January 2024 | 120 | 245,116 | 245,236
Loss for the year | - | (192,547) | (192,547)
At 31 December 2024 | 120 | 52,569 | 52,689
| The notes on pages 4 to 13 form part of these financial statements.
Page 3
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
RDW Scenery Construction Limited is a private company, limited by shares, and is incorporated in England and Wales. The address of its registered office is Unit A, Accounts Dept Genesis Business Estate, Rainsford Road, London, NW10 7RG. The financial statements are presented in Pound Sterling which is the functional currency of the company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.4 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 4
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 5
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | reducing balance
|  |  |  | Motor vehicles | - | 25% | on cost
|  |  |  | Fixtures and fittings | - | 25% | reducing balance
|  |  |  | Computer equipment | - | 33% | on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes Page 6
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 7
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
Page 8
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 117,246 | 56,445 | 11,675 | 185,366
| Disposals | (42,496) | - | - | (42,496)
| At 31 December 2024 | 74,750 | 56,445 | 11,675 | 142,870
| Depreciation |  |  |  |
| At 1 January 2024 | 48,370 | 40,196 | 8,912 | 97,478
| Charge for the year on owned assets | 29,312 | 4,062 | 960 | 34,334
| Disposals | (26,559) | - | - | (26,559)
| At 31 December 2024 | 51,123 | 44,258 | 9,872 | 105,253
| Net book value |  |  |  |
| At 31 December 2024 | 23,627 | 12,187 | 1,803 | 37,617
| At 31 December 2023 | 68,876 | 16,249 | 2,763 | 87,888
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Motor vehicles | - | 35,308
Page 9
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 34,018 | 89,824
| Amounts owed by group undertakings | 76,474 | 284,820
| Other debtors | 20,350 | 3,398
| Prepayments and accrued income | 8,804 | 6,597
|  | 139,646 | 384,639
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 10,355 | 10,113
| Other loans | 15,650 | 52,650
| Trade creditors | 78,666 | 41,925
| Amounts owed to group undertakings | 12,185 | 71,938
| Obligations under finance lease and hire purchase contracts | - | 24,667
| Other creditors | 2,150 | 2,539
| Accruals and deferred income | 6,240 | 6,600
|  | 125,246 | 210,432
| The following liabilities were secured:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Hire purchases | - | 24,667
| Details of security provided:
The above liabilities are secured on the specific assets as shown in the fixed asset note.
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 6,165 | 16,501
Page 10
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 10,355 | 10,113
| Other loans | 15,650 | 52,650
|  | 26,005 | 62,763
| Amounts falling due 1-2 years |  |
| Bank loans | 6,165 | 16,501
|  | 32,170 | 79,264
9. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Within one year | - | 24,667
|  | - | 24,667
10. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (14,091)
| Charged to profit or loss | 10,003
| At end of year | (4,088)
Page 11
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (4,088) | (14,877)
| Tax losses carried forward | - | 786
|  | (4,088) | (14,091)
11. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 "A" Ordinary shares of £1 each | 100 | 100
|  | 20 "B" Ordinary shares of £1 each | 20 | 20
|  |  | 120 | 120
The "A" ordinary shares carry full voting rights and the "B" Ordinary shares are non-voting. The "B" Ordinary shares carry rights to capital and income as per the company's memorandum and articles of association.
12. | Contingent liabilities
Bank borrowings of the holding company are secured by a debenture and an unlimited unilateral guarantee provided by the company, together with other group companies. While the company is not the primary obligor, it may be required to settle amounts due under these facilities should the holding company or other guarantor group companies default. Accordingly, this represents a contingent liability for the company.
13. | Pension commitments
The Company operates a defined contribution pension scheme and also makes employer contributions to employees' schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £1,747 (2023 - £2,310). Contributions of £Nil (2023 - £194) were payable to the funds at the balance sheet date
14. | Related party transactions
| The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group. The Company paid rent of £60,000 (2023 - £60,000) to its parent company for premises occupied, on terms not considered arm’s length.
Page 12
RDW SCENERY CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Ultimate controlling party
Until 20 March 2024, the company was not under the control of any one individual or entity. From 21 March 2024, the company has been under the control of Andrew Howe-Davies, the director of the company, by virtue of his majority shareholding.
Page 13