R.F. Solutions Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02774001 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2022

for

R.F. Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J K Fairall

K B Fairall

SECRETARY:

K B Fairall

REGISTERED OFFICE:

4 The Courtyard

Holmsted Farm

Staplefield Road

Haywards Heath

West Sussex

RH17 5JF

REGISTERED NUMBER:

02774001 (England and Wales)

ACCOUNTANTS:

Warren House Accountants Limited

4 The Courtyard

Holmsted Farm

Staplefield Road

Haywards Heath

RH17 5JF

FIXED ASSETS

Intangible assets

4

9,034

10,476

Tangible assets

5

268,644

197,148

277,678

207,624

CURRENT ASSETS

Stocks

1,080,496

886,055

Debtors

6

1,624,583

1,630,129

Cash at bank and in hand

1,295,392

1,122,844

4,000,471

3,639,028

CREDITORS

Amounts falling due within one year

7

1,176,212

1,204,333

NET CURRENT ASSETS

2,824,259

2,434,695

TOTAL ASSETS LESS CURRENT LIABILITIES

3,101,937

2,642,319

CREDITORS

Amounts falling due after more than one year

8

(635

)

(8,250

)

PROVISIONS FOR LIABILITIES

(37,727

)

(13,248

)

NET ASSETS

3,063,575

2,620,821

CAPITAL AND RESERVES

Called up share capital

10

46

46

Capital redemption reserve

54

54

Retained earnings

3,063,475

2,620,721

SHAREHOLDERS' FUNDS

3,063,575

2,620,821

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2023 and were signed on its behalf by:

J K Fairall - Director

1.	STATUTORY INFORMATION

R.F. Solutions 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.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. At the year end the company had net current assets of £3,379,063 (2021: £2,434,695), including cash at bank of £1,295,392 (2021: £1,122,844).

Turnover

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

Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised over their estimated useful life on ten years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Plant and machinery

- 20% reducing balance

Fixtures and fittings

- 20% reducing balance

Motor vehicles

- 20% reducing balance or over the term of the lease

Furniture and equipment

- 50% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2021 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2021

and 30 September 2022

14,423

AMORTISATION

At 1 October 2021

3,947

Charge for year

1,442

At 30 September 2022

5,389

NET BOOK VALUE

At 30 September 2022

9,034

At 30 September 2021

10,476

5.	TANGIBLE FIXED ASSETS

Fixtures

Furniture

Plant and

and

Motor

and

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2021

743,188

483,798

159,227

100,639

1,486,852

Additions

155,213

-

-

1,975

157,188

Disposals

-

-

(29,950

)

-

(29,950

)

At 30 September 2022

898,401

483,798

129,277

102,614

1,614,090

DEPRECIATION

At 1 October 2021

663,249

413,984

114,185

98,286

1,289,704

Charge for year

43,673

13,963

26,715

1,341

85,692

Eliminated on disposal

-

-

(29,950

)

-

(29,950

)

At 30 September 2022

706,922

427,947

110,950

99,627

1,345,446

NET BOOK VALUE

At 30 September 2022

191,479

55,851

18,327

2,987

268,644

At 30 September 2021

79,939

69,814

45,042

2,353

197,148

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

Motor

vehicles

£

COST

At 1 October 2021

and 30 September 2022

133,597

DEPRECIATION

At 1 October 2021

88,555

Charge for year

26,715

At 30 September 2022

115,270

NET BOOK VALUE

At 30 September 2022

18,327

At 30 September 2021

45,042

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade debtors

516,224

316,784

Amounts owed by associates

906,050

830,793

Other debtors

202,309

482,552

1,624,583

1,630,129

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Hire purchase contracts (see note 9)

7,615

8,928

Trade creditors

278,937

533,560

Taxation and social security

160,601

210,066

Other creditors

729,059

451,779

1,176,212

1,204,333

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

30.9.21

£

£

Hire purchase contracts (see note 9)

635

8,250

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.9.22

30.9.21

£

£

Net obligations repayable:

Within one year

7,615

8,928

Between one and five years

635

8,250

8,250

17,178

Non-cancellable operating

leases

30.9.22

30.9.21

£

£

Within one year

-

120,000

Between one and five years

-

480,000

In more than five years

-

310,000

-

910,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.22

30.9.21

value:

£

£

46

Ordinary Shares

£1

46

46

11.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for both directors. The assets of the scheme are held separately from those of the company in an independently administered fund.The company makes contributions to a group personal pension scheme set up on behalf of the employees. The costs of the scheme are charged to the profit and loss account in the year of contribution and amounted to £34,841(2021: £40,416).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the director, J K Fairall, was owed by the company £178,186. (2021 owed to the company - £243,180). The amount has no set repayment date, is unsecured and is subject to interest at HMRC official rates on any amounts owed to the company.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors.