RDC Networks Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06936726 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

RDC NETWORKS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R Collings

Mrs L Collings

REGISTERED OFFICE:

4 Office Village

Forder Way

Cygnet Park

Hampton

Peterborough

PE7 8GX

REGISTERED NUMBER:

06936726 (England and Wales)

ACCOUNTANTS:

Fortus Business Advisors & Accountants

4 Office Village

Forder Way

Cygnet Park, Hampton

Peterborough

Cambridgeshire

PE7 8GX

FIXED ASSETS

Tangible assets

4

1,597

24,472

CURRENT ASSETS

Debtors

5

16,293

22,300

Cash at bank and in hand

90,564

168,629

106,857

190,929

CREDITORS

Amounts falling due within one year

6

32,001

36,040

NET CURRENT ASSETS

74,856

154,889

TOTAL ASSETS LESS CURRENT LIABILITIES

76,453

179,361

CREDITORS

Amounts falling due after more than one year

7

-

21,737

NET ASSETS

76,453

157,624

CAPITAL AND RESERVES

Called up share capital

90

90

Capital redemption reserve

(11,990

)

(11,990

)

Retained earnings

88,353

169,524

76,453

157,624

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 23 September 2021 and were signed on its behalf by:

Mr R Collings - Director

1.	STATUTORY INFORMATION

RDC Networks 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

The preparation of the financial statements 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.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Government grants relating to the Coronavirus Job Retention Scheme are recognised in income in the period in which it becomes receivable under the performance model.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of asset.

Going concern

During 2020 the worldwide spread of Coronavirus has occurred and from March 2020 is affecting the UK. This will affect how the company operates and the markets it operates in. The company is making appropriate adjustments in terms of how it operates and to protect its employees. The UK Government is to provide a package of financial support to protect companies and these will be accessed as is necessary. The effects of the virus are likely to have a negative impact on 2021 results but the directors believe that the impact will be temporary.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 March 2020

2,429

37,466

39,895

Additions

1,075

-

1,075

Disposals

-

(37,466

)

(37,466

)

At 28 February 2021

3,504

-

3,504

DEPRECIATION

At 1 March 2020

1,374

14,049

15,423

Charge for year

533

-

533

Eliminated on disposal

-

(14,049

)

(14,049

)

At 28 February 2021

1,907

-

1,907

NET BOOK VALUE

At 28 February 2021

1,597

-

1,597

At 29 February 2020

1,055

23,417

24,472

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 March 2020

37,466

Disposals

(37,466

)

At 28 February 2021

-

DEPRECIATION

At 1 March 2020

14,049

Eliminated on disposal

(14,049

)

At 28 February 2021

-

NET BOOK VALUE

At 28 February 2021

-

At 29 February 2020

23,417

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

12,901

22,300

Other debtors

477

-

Deferred tax asset

1,759

-

Prepayments

1,156

-

16,293

22,300

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

30,000

-

Hire purchase contracts (see note 8)

-

2,698

Trade creditors

1,294

2,402

Corporation tax

(5,354

)

16,596

Social security and other taxes

(501

)

334

VAT

4,939

5,908

Directors' loan accounts

303

6,805

Accrued expenses

1,320

1,297

32,001

36,040

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts (see note 8)

-

21,737

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

-

2,698

Between one and five years

-

21,737

-

24,435

Non-cancellable operating

leases

2021

2020

£

£

Within one year

5,150

-

Between one and five years

9,012

-

14,162

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year advances were made of £22,217 (2020: £1,758) and repayments of £1,215 (2020: £8,399). At the year end, a director owed the company £14,196 (2020: £6,806 owed to a director shown in creditors) and is shown within debtors. This loan is interest free, repayable on demand and has subsequently been repaid.