Rudd Marquees Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06375537 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Rudd Marquees Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mrs T Rudd

Mr S Rudd

Mr P Rudd

Mr J E Rudd

Mr C Rudd

Mr J Rudd

Registered office:

Garage Lane Industrial Estate

Setchey

King's Lynn

Norfolk

PE33 0BE

Registered number:

06375537 (England and Wales)

Accountants:

Stephenson Smart (East Anglia) Limited

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

Fixed assets

Intangible assets

5

-

-

Tangible assets

6

134,677

129,680

134,677

129,680

Current assets

Debtors

7

47,905

35,063

Cash at bank and in hand

189,713

105,234

237,618

140,297

Creditors

Amounts falling due within one year

8

(113,932

)

(68,523

)

Net current assets

123,686

71,774

Total assets less current liabilities

258,363

201,454

Creditors

Amounts falling due after more than one year

9

(34,167

)

(44,167

)

Provisions for liabilities

(24,234

)

(23,198

)

Net assets

199,962

134,089

Capital and reserves

Called up share capital

1,010

1,010

Retained earnings

198,952

133,079

199,962

134,089

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2022 and were signed on its behalf by:

Mr P Rudd - Director

1.	Statutory information

Rudd Marquees Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

10% on reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognised the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

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.

4.	Employees and directors

The average number of employees during the year was 6 (2020 - 7 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2021

and 31 December 2021

180,000

Amortisation

At 1 January 2021

and 31 December 2021

180,000

Net book value

At 31 December 2021

-

At 31 December 2020

-

6.	Tangible fixed assets

Plant and

Motor

Office

machinery

Equipment

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2021

153,358

170,390

49,942

2,937

376,627

Additions

3,816

20,383

-

-

24,199

At 31 December 2021

157,174

190,773

49,942

2,937

400,826

Depreciation

At 1 January 2021

81,447

124,949

38,903

1,648

246,947

Charge for year

7,306

9,008

2,759

129

19,202

At 31 December 2021

88,753

133,957

41,662

1,777

266,149

Net book value

At 31 December 2021

68,421

56,816

8,280

1,160

134,677

At 31 December 2020

71,911

45,441

11,039

1,289

129,680

7.

Debtors: amounts falling due within one year

31.12.21

31.12.20

£

£

Trade debtors

39,945

12,761

Other debtors

7,960

22,302

47,905

35,063

8.

Creditors: amounts falling due within one year

31.12.21

31.12.20

£

£

Bank loans and overdrafts

10,000

5,833

Trade creditors

9,041

3,539

Taxation and social security

54,685

20,953

Other creditors

40,206

38,198

113,932

68,523

9.

Creditors: amounts falling due after more than one year

31.12.21

31.12.20

£

£

Bank loans

34,167

44,167

10.	Related party disclosures

No transactions were undertaken with directors or related parties during the year such as were required to be disclosed under Financial Reporting Standard 102, Section 1A (effective January 2019).