General Information
RIGGING SERVICES DIRECT LIMITED is a private company, limited by shares, registered in , registration number 05962649, registration address 3 MILLS STUDIO, THREE MILL LANE LONDON, E3 3DU.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
7 Straight Line
|
| Motor Vehicles |
25 Reducing Balance
|
| Fixtures and Fittings |
25 Reducing Balance
|
| Computer Equipment |
25 Reducing Balance
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 29 (2024 : 26).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 November 2024 |
3,266,153 |
|
133,417 |
|
85,571 |
|
194,110 |
|
3,679,251 |
| Additions |
573,462 |
|
- |
|
23,617 |
|
2,037 |
|
599,116 |
| Disposals |
(16,370) |
|
(20,432) |
|
- |
|
- |
|
(36,802) |
| At 31 October 2025 |
3,823,245 |
|
112,985 |
|
109,188 |
|
196,147 |
|
4,241,565 |
| Depreciation |
| At 01 November 2024 |
2,214,185 |
|
101,970 |
|
59,835 |
|
142,892 |
|
2,518,882 |
| Charge for year |
205,208 |
|
7,526 |
|
12,338 |
|
13,313 |
|
238,385 |
| On disposals |
(8,659) |
|
(17,223) |
|
- |
|
- |
|
(25,882) |
| At 31 October 2025 |
2,410,734 |
|
92,273 |
|
72,173 |
|
156,205 |
|
2,731,385 |
| Net book values |
| Closing balance as at 31 October 2025 |
1,412,511 |
|
20,712 |
|
37,015 |
|
39,942 |
|
1,510,180 |
| Opening balance as at 01 November 2024 |
1,051,968 |
|
31,447 |
|
25,736 |
|
51,218 |
|
1,160,369 |
|
| 4. |
Fixed Asset Register Review
During the year, the Company carried out a comprehensive review of its fixed asset register and associated depreciation records. As a result of this review, historic discrepancies relating to prior years were identified in the recording of asset values and accumulated depreciation.
A net adjustment of £313,262 has been recorded in the financial statements to correct these balances and to ensure that the carrying value of tangible fixed assets more accurately reflects the assets held by the Company at the balance sheet date.
The Directors consider that this adjustment provides a more appropriate presentation of the Company's financial position.
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2
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