Rudd Marquees Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06375537 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Rudd Marquees Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Intangible assets

5

-

-

Tangible assets

6

138,310

134,677

138,310

134,677

Current assets

Debtors

7

24,660

47,905

Cash at bank and in hand

171,882

189,713

196,542

237,618

Creditors

Amounts falling due within one year

8

(104,496

)

(113,932

)

Net current assets

92,046

123,686

Total assets less current liabilities

230,356

258,363

Creditors

Amounts falling due after more than one year

9

(24,167

)

(34,167

)

Provisions for liabilities

(32,901

)

(24,234

)

Net assets

173,288

199,962

Capital and reserves

Called up share capital

1,010

1,010

Retained earnings

172,278

198,952

173,288

199,962

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 21 July 2023 and were signed on its behalf by:

Mr P Rudd - Director

1.	Statutory information

Rudd Marquees Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06375537

Registered office:

Garage Lane Industrial Estate

Setchey

King's Lynn

Norfolk

PE33 0BE

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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

The financial statements have been prepared under the historical cost convention or historic cost modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss, except for the financial instruments that are measured at their fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

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

The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted.

Going Concern

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 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.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

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.

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.

Plant and machinery

-

10% on reducing balance

Equipment

-

15% p.a. reducing balance

Motor vehicles

-

25% p.a. reducing balance

Office equipment

-

10% on reducing balance

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.

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 are largely independent of the cash inflows from other assets or group of assets.

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.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognised 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.

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.

4.	Employees and directors

The average number of employees during the year was 7 (2021 - 6 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2022

and 31 December 2022

180,000

Amortisation

At 1 January 2022

and 31 December 2022

180,000

Net book value

At 31 December 2022

-

At 31 December 2021

-

6.	Tangible fixed assets

Plant and

Motor

Office

machinery

Equipment

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2022

157,174

190,773

49,942

2,937

400,826

Additions

545

26,422

-

-

26,967

Disposals

-

(5,553

)

(8,309

)

-

(13,862

)

At 31 December 2022

157,719

211,642

41,633

2,937

413,931

Depreciation

At 1 January 2022

88,753

133,957

41,662

1,777

266,149

Charge for year

6,883

10,712

2,027

117

19,739

Eliminated on disposal

-

(2,129

)

(8,138

)

-

(10,267

)

At 31 December 2022

95,636

142,540

35,551

1,894

275,621

Net book value

At 31 December 2022

62,083

69,102

6,082

1,043

138,310

At 31 December 2021

68,421

56,816

8,280

1,160

134,677

7.

Debtors: amounts falling due within one year

31.12.22

31.12.21

£

£

Trade debtors

13,686

39,945

Other debtors

10,974

7,960

24,660

47,905

8.

Creditors: amounts falling due within one year

31.12.22

31.12.21

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

9,652

9,041

Taxation and social security

23,837

54,685

Other creditors

61,007

40,206

104,496

113,932

9.

Creditors: amounts falling due after more than one year

31.12.22

31.12.21

£

£

Bank loans

24,167

34,167

10.	Related party disclosures

No transactions were undertaken with directors or related parties during the year such as were required to be disclosed under Financial Reporting Standard 102, Section 1A (effective January 2019).