| R S Drylining (London) Limited |
| Registered number: |
05892090 |
| Balance Sheet |
| as at 31 March 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
64,328 |
|
|
58,833 |
|
| Current assets |
| Debtors |
4 |
|
382,587 |
|
|
657,779 |
| Cash at bank and in hand |
|
|
377,639 |
|
|
46,729 |
|
|
|
760,226 |
|
|
704,508 |
|
| Creditors: amounts falling due within one year |
5 |
|
(477,012) |
|
|
(533,361) |
|
| Net current assets |
|
|
|
283,214 |
|
|
171,147 |
|
| Total assets less current liabilities |
|
|
|
347,542 |
|
|
229,980 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(332,270) |
|
|
(105,455) |
|
|
|
| Net assets |
|
|
|
15,272 |
|
|
124,525 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
15,172 |
|
|
124,425 |
|
| Shareholders' funds |
|
|
|
15,272 |
|
|
124,525 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Gurjinderjit Singh Dhuga |
| Director |
| Approved by the board on 24 August 2022 |
|
| R S Drylining (London) Limited |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Government grants |
|
Grants received during the year from the government are recognised as other income. This income is recognised when the application is made to the local authority after receiving confirmation of entitlement from them. There would either be a debtor, a deferred income or no balance due recognised depending upon when the cash was received from the local authority. The grants received in the year include the Coronavirus Job Retention Scheme (CJRS). CJRS is recognised on a straight line basis, accrued over the furlough period for each relevant employee on the PAYE payroll scheme. Cash payments are received from HMRC. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
20% reducing balance |
|
Motor vehicles |
20% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the past periods. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Functional and presentation currency |
|
The financial statements of the company are measured and presented in the currency of the primary economic environment in which the company operates, the functional currency. The financial statements are presented in Pound sterling (£), which is the company’s functional currency. |
|
|
Employee benefits |
|
Short-term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
Post-employment defined contribution plans
Amounts in respect of defined contributions plans are recognised as an expense as they are incurred.
Termination benefits
Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. |
|
|
Going concern |
|
The financial statements have been prepared on the basis that the company will receive continued financial support from bank and directors and has adequate resources to continue in operational existence for the foreseeable future. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Fixtures, fittings, tools and equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2021 |
52,071 |
|
61,183 |
|
113,254 |
|
Additions |
3,515 |
|
18,507 |
|
22,022 |
|
At 31 March 2022 |
55,586 |
|
79,690 |
|
135,276 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2021 |
32,395 |
|
22,026 |
|
54,421 |
|
Charge for the year |
4,638 |
|
11,889 |
|
16,527 |
|
At 31 March 2022 |
37,033 |
|
33,915 |
|
70,948 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2022 |
18,553 |
|
45,775 |
|
64,328 |
|
At 31 March 2021 |
19,676 |
|
39,157 |
|
58,833 |
|
|
| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
340,017 |
|
615,209 |
|
Other debtors |
42,570 |
|
42,570 |
|
|
|
|
|
|
382,587 |
|
657,779 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Obligations under finance lease and hire purchase contracts |
18,120 |
|
13,348 |
|
Trade creditors |
36 |
|
217,108 |
|
Corporation tax |
- |
|
13,521 |
|
Other taxes and social security costs |
451,303 |
|
180,632 |
|
Other creditors |
7,553 |
|
108,752 |
|
|
|
|
|
|
477,012 |
|
533,361 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
310,242 |
|
79,970 |
|
Obligations under finance lease and hire purchase contracts |
22,028 |
|
25,485 |
|
|
|
|
|
|
332,270 |
|
105,455 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
Other creditors include director's loan of £nil (2021 - £88,045). |
|
|
| 8 |
Controlling party |
|
|
The director doesn't consider there to be an ultimate controlling party. |
|
|
| 9 |
Other information |
|
|
R S Drylining (London) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
Regus House Admirals Park |
|
Victory Way |
|
Dartford |
|
DA2 6QD |
