R & D Machinery Limited - Period Ending 2022-09-30
R & D Machinery Limited - Period Ending 2022-09-30
Registration number:
R & D Machinery Limited
for the Year Ended 30 September 2022
R & D Machinery Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
R & D Machinery Limited
Company Information
Director |
Mr PM Deeble |
Company secretary |
Mr PM Deeble |
Registered office |
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Bankers |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
R & D Machinery Limited
for the Year Ended 30 September 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R & D Machinery Limited for the year ended 30 September 2022 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of R & D Machinery Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of R & D Machinery Limited and state those matters that we have agreed to state to the Board of Directors of R & D Machinery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R & D Machinery Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that R & D Machinery Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of R & D Machinery Limited. You consider that R & D Machinery Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of R & D Machinery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP
R & D Machinery Limited
(Registration number: 05885514)
Balance Sheet as at 30 September 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
1,063,712 |
825,233 |
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Shareholders' funds |
1,063,714 |
825,235 |
R & D Machinery Limited
(Registration number: 05885514)
Balance Sheet as at 30 September 2022
For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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 by the
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Mr PM Deeble
Company secretary and director
R & D Machinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
R & D Machinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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
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:
Asset class |
Depreciation method and rate |
Freehold property |
10% straight line |
Plant and equipment |
25% reducing balance |
Motor vehicles |
25% reducing balance over term of lease |
Fixtures and fittings |
20% straight line |
Hire fleet |
25% reducing balance over term of lease |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
R & D Machinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
R & D Machinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Tangible assets |
Land and buildings |
Plant and equipment |
Motor vehicles |
Hire fleet |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 October 2021 |
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Additions |
- |
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- |
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Disposals |
- |
( |
( |
( |
- |
( |
At 30 September 2022 |
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Depreciation |
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At 1 October 2021 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
- |
( |
At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Included within the net book value of land and buildings above is £6,004 (2021 - £7,452) in respect of freehold land and buildings.
R & D Machinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Stocks |
2022 |
2021 |
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Stock |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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- |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Two bank loans were taken out during the year under the Coronavirus Business Interruption Loan Scheme. The first for £350,000 repayable over 5 years at an interest rate of 12.69% and the second for £250,000 repayable over 3 years at an interest rate of 13.56%.
R & D Machinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
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Hire purchase contracts |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil (2021 - £
Related party transactions |
During the year the company made advances totalling £100,716 (2021: £102,824) to the director. This amount was cleared by dividends paid and capital introduced after the year-end and the balance outstanding as at 30 September 2022 was £55,250 (2021: £101,084). Interest is charged at 2% per annum and is calculated on a monthly basis. Interest of £1,150 (2021: £1,643) was charged on the outstanding balance during the year.