ACCOUNTS - Final Accounts preparation

R COLE ACCOUNTANCY SERVICES LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31Accountancy Services2021-04-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10616553 2021-04-01 2022-03-31 10616553 2020-04-01 2021-03-31 10616553 2022-03-31 10616553 2021-03-31 10616553 c:Director1 2021-04-01 2022-03-31 10616553 d:CurrentFinancialInstruments 2022-03-31 10616553 d:CurrentFinancialInstruments 2021-03-31 10616553 d:Non-currentFinancialInstruments 2022-03-31 10616553 d:Non-currentFinancialInstruments 2021-03-31 10616553 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10616553 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 10616553 d:ShareCapital 2022-03-31 10616553 d:ShareCapital 2021-03-31 10616553 d:RetainedEarningsAccumulatedLosses 2022-03-31 10616553 d:RetainedEarningsAccumulatedLosses 2021-03-31 10616553 c:OrdinaryShareClass1 2021-04-01 2022-03-31 10616553 c:OrdinaryShareClass1 2022-03-31 10616553 c:OrdinaryShareClass1 2021-03-31 10616553 c:FRS102 2021-04-01 2022-03-31 10616553 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 10616553 c:FullAccounts 2021-04-01 2022-03-31 10616553 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 10616553 2 2021-04-01 2022-03-31 10616553 6 2021-04-01 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10616553

R COLE ACCOUNTANCY SERVICES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

R COLE ACCOUNTANCY SERVICES LIMITED

REGISTERED NUMBER: 10616553

BALANCE SHEET

AS AT 31 MARCH 2022

		2022		2021
Note		£		£

Fixed assets
Investments	4		89,262		89,262
			89,262		89,262
Current assets
Debtors	5	503,705		346,646
Cash at bank and in hand		18,294		68,069
		521,999		414,715
Creditors: amounts falling due within one year	6	(318,873)		(322,075)
Net current assets			203,126		92,640
Total assets less current liabilities			292,388		181,902

Net assets			292,388		181,902

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		292,288	181,802
		292,388	181,902

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R COLE ACCOUNTANCY SERVICES LIMITED

REGISTERED NUMBER: 10616553

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

Mr R B Cole

Director

Date: 19 December 2022

The notes on pages 3 to 6 form part of these financial statements.

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R COLE ACCOUNTANCY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

R Cole Accountancy Services Limited is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at 37 Green Park, Erddig, Wrexham LL13 7YE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

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R COLE ACCOUNTANCY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Dividends

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

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R COLE ACCOUNTANCY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

4.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 April 2021	89,262
	At 31 March 2022	89,262

Debtors

					2022	2021
					£	£

Due after more than one year
Other debtors	325,000	325,000
	325,000	325,000
Due within one year
Trade debtors	25,930	14,246
Short term loan	150,000	5,000
Prepayments and accrued income	2,775	2,400
	503,705	346,646

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Corporation tax	25,917	20,298
Other taxation and social security	31,132	4,765
Other creditors	260,624	295,812
Accruals and deferred income	1,200	1,200
	318,873	322,075

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R COLE ACCOUNTANCY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

7.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

100 (2021 - 100) Ordinary shares shares of £1.00 each	100	100

8.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Comapny in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £0 (2021: £15,000). There were no contributions payable to the fund at the balance sheet date.

9.	Related party transactions
	Included in other creditors is a loan made to the Company by the director amounting to £260,624 (2021: £295,812). The loan is interest free and the balance is repayable on demand.

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