RBS Building Services Limited Filleted accounts for Companies House (small and micro)

RBS BUILDING SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04576102

RBS BUILDING SERVICES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2022

RBS BUILDING SERVICES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

RBS BUILDING SERVICES LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr D Manchester

Company secretary	Mrs E L Manchester

Registered office	168 Church Road
	Hove
	East Sussex
	BN3 2DL

Accountants	UHY Hacker Young
	Chartered accountants
	168 Church Road
	Hove
	BN3 2DL

RBS BUILDING SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		30,468	40,940

Current assets

Stocks		73,995	73,995
Debtors	7	156,907	60,500
Cash at bank and in hand		–	60,397
		----------	----------
		230,902	194,892

Creditors: amounts falling due within one year	8	191,796		160,780
		----------		----------
Net current assets			39,106	34,112
			---------	---------
Total assets less current liabilities			69,574	75,052

Creditors: amounts falling due after more than one year	9		55,069	67,716

Provisions

Taxation including deferred tax	5,115	6,755
	---------	---------
Net assets	9,390	581
	---------	---------

RBS BUILDING SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	22	22
Profit and loss account	9,368	559
	-------	----
Shareholders funds	9,390	581
	-------	----

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 statement of income and retained earnings has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act 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 15 August 2023 , and are signed on behalf of the board by:

Mr D Manchester
Director

Company registration number: 04576102

RBS BUILDING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL. The principal activity of the company during the year was building and shopfitting.

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.

Going concern

The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the company's banker and directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

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.

Income tax

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

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:

Fixtures & fittings	-	25% reducing balance
Motor vehilces	-	25% reducing balance

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 using the performance model. 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 satisfyingthe 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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 6 (2021: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2022 and 31 December 2022	35,000
	---------
Amortisation
At 1 January 2022 and 31 December 2022	35,000
	---------
Carrying amount
At 31 December 2022	–
	---------
At 31 December 2021	–
	---------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2022	135,191	83,720	218,911
Disposals	–	( 17,780)	( 17,780)
	----------	---------	----------
At 31 December 2022	135,191	65,940	201,131
	----------	---------	----------
Depreciation
At 1 January 2022	120,502	57,469	177,971
Charge for the year	3,672	6,484	10,156
Disposals	–	( 17,464)	( 17,464)
	----------	---------	----------
At 31 December 2022	124,174	46,489	170,663
	----------	---------	----------
Carrying amount
At 31 December 2022	11,017	19,451	30,468
	----------	---------	----------
At 31 December 2021	14,689	26,251	40,940
	----------	---------	----------

7. Debtors

	2022	2021
	£	£
Trade debtors	31,493	–
Other debtors	125,414	60,500
	----------	---------
	156,907	60,500
	----------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	75,631	14,552
Trade creditors	18,674	24,007
Corporation tax	46,868	25,817
Social security and other taxes	31,517	67,667
Other creditors	19,106	28,737
	----------	----------
	191,796	160,780
	----------	----------

One of the two bank loans shown in creditors falling due within one year and after more than one year are secured by way of a debenture on the company and a personal guarantee given by the director.

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

	2022	2021
	£	£
Bank loans and overdrafts	55,069	66,133
Other creditors	–	1,583
	---------	---------
	55,069	67,716
	---------	---------

10. Directors' loans

At the year end the company owed the director £383 (2021 - £9,518). These loans are interest free and repayable on demand.