Resource Development (UK) Ltd Filleted accounts for Companies House (small and micro)

RESOURCE DEVELOPMENT (UK) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 02898181

RESOURCE DEVELOPMENT (UK) LTD

FILLETED FINANCIAL STATEMENTS

30 June 2021

RESOURCE DEVELOPMENT (UK) LTD

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

RESOURCE DEVELOPMENT (UK) LTD

STATEMENT OF FINANCIAL POSITION

30 June 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	6	278,306	265,435

CURRENT ASSETS

Stocks		876,472	800,118
Debtors	7	869,242	752,931
Cash at bank and in hand		3,657	3,096
		---------------	---------------
		1,749,371	1,556,145

CREDITORS: amounts falling due within one year	8	671,542	541,006
		---------------	---------------
NET CURRENT ASSETS		1,077,829	1,015,139
		---------------	---------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,356,135	1,280,574

CREDITORS: amounts falling due after more than one year	9	892,525	751,681

PROVISIONS	50,061	42,104
	---------------	---------------
NET ASSETS	413,549	486,789
	---------------	---------------

RESOURCE DEVELOPMENT (UK) LTD

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2021

	2021	2020
Note	£	£

CAPITAL AND RESERVES

Called up share capital	147,000	147,000
Profit and loss account	266,549	339,789
	------------	------------
SHAREHOLDERS FUNDS	413,549	486,789
	------------	------------

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 income statement has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 30 March 2022 , and are signed on behalf of the board by:

N J S Waite

Director

Company registration number: 02898181

RESOURCE DEVELOPMENT (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 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 Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.

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

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Database software	-	Over 10 years
Website	-	Over 20 years
Plant and machinery	-	33.3% straight line and over 10 years
Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% straight line (motor bikes - over 10 years)

Equipment	-	20% straight line
Leasehold improvements	-	20% straight line

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 the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 25 (2020: 29 ).

5. TAX ON PROFIT

Major components of tax income

	2021	2020
	£	£

Current tax:

UK current tax income	( 25,812)	( 32,573)

Deferred tax:

Origination and reversal of timing differences	7,957	21,490
	----------	----------
Tax on profit	( 17,855)	( 11,083)
	----------	----------

6. TANGIBLE ASSETS

	Other assets	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Leasehold improvements	Total
	£	£	£	£	£	£
Cost
At 1 Jul 2020	91,001	101,622	22,676	145,793	94,861	455,953
Additions	1,562	26,523	33,979	16,478	39,683	118,225
Disposals	–	–	( 932)	( 29,653)	–	( 30,585)
	----------	------------	----------	------------	------------	------------
At 30 Jun 2021	92,563	128,145	55,723	132,618	134,544	543,593
	----------	------------	----------	------------	------------	------------
Depreciation
At 1 Jul 2020	50,590	31,427	16,864	40,613	51,024	190,518
Charge for the year	6,314	20,226	9,016	30,683	20,668	86,907
Disposals	–	–	( 560)	( 11,578)	–	( 12,138)
	----------	------------	----------	------------	------------	------------
At 30 Jun 2021	56,904	51,653	25,320	59,718	71,692	265,287
	----------	------------	----------	------------	------------	------------
Carrying amount
At 30 Jun 2021	35,659	76,492	30,403	72,900	62,852	278,306
	----------	------------	----------	------------	------------	------------
At 30 Jun 2020	40,411	70,195	5,812	105,180	43,837	265,435
	----------	------------	----------	------------	------------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 30 June 2021	24,729	72,900	97,629
	----------	----------	----------
At 30 June 2020	6,258	105,181	111,439
	----------	------------	------------

7. DEBTORS

	2021	2020
	£	£
Trade debtors	324,901	368,102
Amounts owed by group undertakings and undertakings in which the company has a participating interest	295,984	286,650
Other debtors	248,357	98,179
	------------	------------
	869,242	752,931
	------------	------------

8. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	62,350	59,900
Trade creditors	426,767	185,441
Social security and other taxes	88,193	109,499
Other creditors	94,232	186,166
	------------	------------
	671,542	541,006
	------------	------------

The bank loan and overdraft are secured by a cross guarantee and debentures.

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

	2021	2020
	£	£
Bank loans and overdrafts	174,242	250,000
Other creditors	718,283	501,681
	------------	------------
	892,525	751,681
	------------	------------

10. FINANCE LEASES AND HIRE PURCHASE CONTRACTS

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2021	2020
	£	£
Not later than 1 year	24,742	17,315
Later than 1 year and not later than 5 years	90,628	91,275
	------------	------------
	115,370	108,590
	------------	------------

11. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	2021	2020
	£	£
Included in provisions	50,061	42,104
	----------	----------

12. GOVERNMENT GRANTS

The amounts recognised in the financial statements for government grants are as follows:

	2021	2020
	£	£

Recognised in other operating income:

Government grants recognised directly in income	97,361	44,624
	----------	----------

13. SUMMARY AUDIT OPINION

The auditor's report for the year dated 30 March 2022 was unqualified.

The senior statutory auditor was Nicola Thirlwall FCA , for and on behalf of Dyer & Co Services Limited .

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 June 2021, one of the directors owed Resource Development (UK) Ltd Ltd £58,504 (2020: £nil). This was repaid in full in March 2022. There are no terms attached to the loan provided to the director and it has been provided by the company interest free.

15. CONTROLLING PARTY

The company is a 100% owned subsidiary of Dragline (Holdings) Limited.