R.S. Engineering (Burnley) Limited Filleted accounts for Companies House (small and micro)

R.S. ENGINEERING (BURNLEY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04346954

R.S. ENGINEERING (BURNLEY) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2021

R.S. ENGINEERING (BURNLEY) LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		5,000		19,999

CURRENT ASSETS

Debtors	5	371,352	356,585
Cash at bank and in hand		65,073	82,489
		---------	---------
		436,425	439,074

CREDITORS: amounts falling due within one year	6	365,001		36,759
		---------		---------
NET CURRENT ASSETS			71,424		402,315
			--------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			76,424		422,314

CREDITORS: amounts falling due after more than one year	7		47,500		–

PROVISIONS

Taxation including deferred tax	950	1,545
	--------	---------
NET ASSETS	27,974	420,769
	--------	---------

CAPITAL AND RESERVES

Called up share capital	1,000	1,000
Profit and loss account	26,974	419,769
	--------	---------
SHAREHOLDERS FUNDS	27,974	420,769
	--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

R.S. ENGINEERING (BURNLEY) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 31 August 2021 , and are signed on behalf of the board by:

M. Marshall

Director

Company registration number: 04346954

R.S. ENGINEERING (BURNLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Fawdon House Farm Cottage, Longhirst, Morpeth, Northumberland, NE61 3LQ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Government grants

Government grants or assistance of a revenue nature are recognised in the same period as the related expenditure. Where the grant is for the purpose of giving immediate financial support with no future related costs the income is recognised in the period in which it becomes receivable.

The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.

(d) Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	10% per annum reducing balance
Equipment	-	10%/20% per annum reducing balance

(g) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(h) Financial instruments

Basic financial instruments are recognised at amortised cost.

4. TANGIBLE ASSETS

	Land & Buildings	Plant & Machinery	Equipment	Total
	£	£	£	£
Cost
At 1 April 2020 and 31 March 2021	11,868	6,812	4,200	22,880
	--------	-------	-------	--------
Depreciation
At 1 April 2020	–	681	2,200	2,881
Charge for the year	11,868	1,131	2,000	14,999
	--------	-------	-------	--------
At 31 March 2021	11,868	1,812	4,200	17,880
	--------	-------	-------	--------
Carrying amount
At 31 March 2021	–	5,000	–	5,000
	--------	-------	-------	--------
At 31 March 2020	11,868	6,131	2,000	19,999
	--------	-------	-------	--------

5. DEBTORS

	2021	2020
	£	£
Trade debtors	–	11,274
Amounts owed by group undertakings	215,819	218,894
Corporation tax repayable	2,454	–
Other debtors	153,079	126,417
	---------	---------
	371,352	356,585
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2021	2020
	£	£
Other debtors	52,417	89,417
	--------	--------

6. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	2,500	–
Trade creditors	701	702
Amounts owed to group undertakings	360,000	–
Accruals and deferred income	1,800	439
Corporation tax	–	4,298
Social security and other taxes	–	31,320
	---------	--------
	365,001	36,759
	---------	--------

7. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	47,500	–
	--------	----

The bank loan of £50,000 is repayable by equal instalments commencing December 2020 and is calculated to repay the loan by December 2025. The loan bears interest at a rate of 2.5% per annum, although this is payable by the UK Government until December 2020.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102 Section 1A.

9. RELATED PARTY TRANSACTIONS

The company was under the control of the directors during the year. No transactions with related parties were undertaken such as are required to be disclosed under the provisions of FRS 102 Section 1A.

10. CONTROLLING PARTY

The company is a wholly owned subsidiary undertaking of RSE Holdings Limited, a company incorporated in England and Wales, and as such RSE Holdings Limited is the ultimate controlling party.