RFC Power Limited - Period Ending 2021-06-30

RFC Power Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

RFC Power Limited

Company Information

Directors

Prof N P Brandon Dr V Yufit Prof A R J Kucernak T A von Werne IP2IPO Services Limited P Lenoble

Registered office

Windsor House Cornwall Road Harrogate HG1 2PW

Registered number

10838031

Accountants

Corrigan Accountants Limited The Tramshed 25 Lower Park Row Bristol BS1 5BN

RFC Power Limited

(Registration number: 10838031)
Balance Sheet as at 30 June 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	3,092	2,967
Current assets
Debtors	5	12,258	38,117
Cash at bank and in hand		904,560	346,958
		916,818	385,075
Creditors: Amounts falling due within one year	6	(32,358)	(13,936)
Net current assets		884,460	371,139
Net assets		887,552	374,106
Capital and reserves
Called up share capital		17	13
Share premium reserve		1,370,993	620,997
Other reserves		30,000	-
Profit and loss account		(513,458)	(246,904)
Total equity		887,552	374,106

RFC Power Limited

(Registration number: 10838031)
Balance Sheet as at 30 June 2021

For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 17 March 2022 and signed on its behalf by:
 

.........................................

T A von Werne
Director

RFC Power Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Cornwall Road
Harrogate
HG1 2PW

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

RFC Power Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Furniture, fittings and equipment	25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 6).

RFC Power Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

4	Tangible fixed assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2020	3,113	3,113
Additions	1,133	1,133
At 30 June 2021	4,246	4,246
Depreciation
At 1 July 2020	146	146
Charge for the year	1,008	1,008
At 30 June 2021	1,154	1,154
Carrying amount
At 30 June 2021	3,092	3,092
At 30 June 2020	2,967	2,967

RFC Power Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

5	Debtors: amounts falling due within one year

	2021 £	2020 £
Other debtors	7,252	7,252
Prepayments	1,503	1,832
VAT	3,503	1,756
Accrued income	-	27,277
	12,258	38,117

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Trade creditors	21,271	1,121
Taxation and social security	7,690	6,661
Other creditors	1,146	904
Accruals	2,251	5,250
	32,358	13,936

RFC Power Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

7	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
T Ordinary shares of £0.001 each	861	0.86	664	0.66
Ordinary shares of £0.001 each	16,355	16.36	12,605	12.61
	17,216	17	13,269	13

New shares allotted

During the year the company issued 3,750 ordinary shares for an aggregate consideration of £750,000. In addition, the company also issued 197 T ordinary shares for an aggregate value of £0.20.