R.F. Solutions Limited - Accounts to registrar (filleted) - small 18.2
R.F. Solutions Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2020 |
| for |
| R.F. Solutions Limited |
| R.F. Solutions Limited (Registered number: 02774001) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| R.F. Solutions Limited |
| Company Information |
| for the Year Ended 30 September 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 4 The Courtyard |
| Holmsted Farm |
| Staplefield Road |
| Haywards Heath |
| RH17 5JF |
| R.F. Solutions Limited (Registered number: 02774001) |
| Balance Sheet |
| 30 September 2020 |
| 30.9.20 | 30.9.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| R.F. Solutions Limited (Registered number: 02774001) |
| Balance Sheet - continued |
| 30 September 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| R.F. Solutions Limited (Registered number: 02774001) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2020 |
| 1. | STATUTORY INFORMATION |
| R.F. Solutions Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. At the year end the company had net current assets of £2,168,035 (2019: £1,733,844), including cash at bank of £893,091 (2019: 901,016). The director has considered the potential impact of the global COVID-10 pandemic on the company's activities and operations and concluded that the ongoing pandemic is not expected to have a material impact on the company's trading, for at lease twelve months from the date of approval of the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. |
| Revenue from the sale of goods is recognised when goods are delivered and legal title has passed |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Patents and licences are being amortised over their estimated useful life on ten years. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter. |
| Plant and machinery | - 20% reducing balance |
| Fixtures and fittings | - 20% reducing balance |
| Motor vehicles | - 20% reducing balance or over the term of the lease |
| Furniture and equipment | - 50% 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. |
| R.F. Solutions Limited (Registered number: 02774001) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| R.F. Solutions Limited (Registered number: 02774001) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 October 2019 |
| Additions |
| At 30 September 2020 |
| AMORTISATION |
| At 1 October 2019 |
| Charge for year |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures | Furniture |
| Plant and | and | Motor | and |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2019 |
| Additions |
| At 30 September 2020 |
| DEPRECIATION |
| At 1 October 2019 |
| Charge for year |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| R.F. Solutions Limited (Registered number: 02774001) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 October 2019 |
| Additions |
| At 30 September 2020 |
| DEPRECIATION |
| At 1 October 2019 |
| Charge for year |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.20 | 30.9.19 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.20 | 30.9.19 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.20 | 30.9.19 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| R.F. Solutions Limited (Registered number: 02774001) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 30.9.20 | 30.9.19 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 30.9.20 | 30.9.19 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.20 | 30.9.19 |
| value: | £ | £ |
| Ordinary | 1 | 46 | 46 |
| 11. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme for both directors. The assets of the scheme are held separately from those of the company in an independently administered fund.The company makes contributions to a group personal pension scheme set up on behalf of the other employees. The costs of the scheme are charged to the profit and loss account in the year of contribution and amounted to 32,987 (2019: £20,408). |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At the year end the director, J K Fairall, owed the company £174,223 (2019 - £220,316). The amount has no set repayment date, is unsecured and is subject to interest at a rate of 2.5%. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |