R.P.M. Shopfront Manufacturers Limited 31/08/2023 iXBRL

R.P.M. Shopfront Manufacturers Limited 31/08/2023 iXBRL

R.P.M. SHOPFRONT MANUFACTURERS LIMITED - Company Information

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Company registration number: 988702
R.P.M. Shopfront Manufacturers Limited
Unaudited filleted financial statements
31 August 2023
R.P.M. Shopfront Manufacturers Limited
Contents
Balance sheet
Notes to the financial statements
R.P.M. Shopfront Manufacturers Limited
Balance sheet
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 167,394 190,862
_________ _________
167,394 190,862
Current assets
Stocks and work in progress 241,908 239,052
Debtors 6 112,094 171,704
Cash at bank and in hand 19,738 531
_________ _________
373,740 411,287
Creditors: amounts falling due
within one year 7 ( 133,161) ( 223,115)
_________ _________
Net current assets 240,579 188,172
_________ _________
Total assets less current liabilities 407,973 379,034
Creditors: amounts falling due
after more than one year 8 ( 14,000) ( 36,251)
Provisions for liabilities ( 5,196) -
_________ _________
Net assets 388,777 342,783
_________ _________
Capital and reserves
Called up share capital 10 3,131 3,131
Profit and loss account 385,646 339,652
_________ _________
Shareholders funds 388,777 342,783
_________ _________
For the year ending 31 August 2023 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 January 2024 , and are signed on behalf of the board by:
.............................................
Mr E.J. Mitchell
Director
Company registration number: 988702
R.P.M. Shopfront Manufacturers Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is 14, Millers Avenue, Brynmenyn Industrial Estate, nr Bridgend, South Wales, CF32 9TD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 groups of assets.
Stocks and work in progress
Stocks and work in progress 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 stocks and work in progress to their present location and condition.
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 Balance sheet 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 in finance costs in profit or loss in the period it arises.
Financial instruments
All of the company's financial instruments are basic as defined in FRS 102, and as such are measured at transaction value or amortised cost. Financial assets 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.
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 in finance costs 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 9 (2022: 7 ).
5. Tangible assets
Freehold and leasehold properties Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 204,016 83,331 76,766 364,113
Disposals - - ( 59,015) ( 59,015)
_________ _________ _________ _________
At 31 August 2023 204,016 83,331 17,751 305,098
_________ _________ _________ _________
Depreciation
At 1 September 2022 41,983 75,627 55,641 173,251
Charge for the year 1,761 1,156 3,422 6,339
Disposals - - ( 41,886) ( 41,886)
_________ _________ _________ _________
At 31 August 2023 43,744 76,783 17,177 137,704
_________ _________ _________ _________
Carrying amount
At 31 August 2023 160,272 6,548 574 167,394
_________ _________ _________ _________
At 31 August 2022 162,033 7,704 21,125 190,862
_________ _________ _________ _________
6. Debtors
2023 2022
£ £
Trade debtors 67,825 130,838
Deferred tax asset (note 9) - 2,623
Prepayments and accrued income 17,708 7,646
Other debtors 26,561 30,597
_________ _________
112,094 171,704
_________ _________
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 8,000 52,906
Trade creditors 96,025 106,218
Social security and other taxes 6,130 6,322
Obligations under finance leases - 5,061
Director loan accounts 8,657 10,895
Other creditors 14,349 41,713
_________ _________
133,161 223,115
_________ _________
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 14,000 22,000
Other creditors - 14,251
_________ _________
14,000 36,251
_________ _________
The above amount due more than five years hence represents the final instalments in the repayment of the company's Covid "Bounce-Back" loan, which has a term of six years, and which attracts interest at a fixed rate of 2.5%.
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in debtors (note 6) - 2,623
Included in provisions (note ) ( 5,196) -
_________ _________
( 5,196) 2,623
_________ _________
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances ( 5,196) ( 6,433)
Unused tax losses - 9,056
_________ _________
(5,196) 2,623
_________ _________
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 3,131 3,131 3,131 3,131
_________ _________ _________ _________