RSU Services Limited 28/02/2018 iXBRL

RSU Services Limited 28/02/2018 iXBRL

RSU SERVICES LTD - Company Information

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Company registration number: 06823547
RSU Services Limited
Unaudited filleted financial statements
28 February 2018
RSU Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
RSU Services Limited
Directors and other information
Director Mr J Davis
Company number 06823547
Registered office 2 Lansdowne Road
The Lansdowne Building
Croydon
CR9 2ER
Accountants Doshi & Co. Accountants
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
RSU Services Limited
Report to the director on the preparation of the
unaudited statutory financial statements of RSU Services Limited
Year ended 28 February 2018
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 28 February 2018 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Doshi & Co. Accountants
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
30 November 2018
RSU Services Limited
Statement of financial position
28 February 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 1,541 2,268
_______ _______
1,541 2,268
Current assets
Debtors 6 258,193 164,070
Cash at bank and in hand 3,426 71,893
_______ _______
261,619 235,963
Creditors: amounts falling due
within one year 7 ( 164,335) ( 123,290)
_______ _______
Net current assets 97,284 112,673
_______ _______
Total assets less current liabilities 98,825 114,941
Creditors: amounts falling due
after more than one year 8 ( 90,109) ( 112,980)
_______ _______
Net assets 8,716 1,961
_______ _______
Capital and reserves
Called up share capital 1 1
Capital redemption reserve ( 27,158) ( 27,158)
Profit and loss account 35,873 29,118
_______ _______
Shareholders funds 8,716 1,961
_______ _______
For the year ending 28 February 2018 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 November 2018 , and are signed on behalf of the board by:
Mr J Davis
Director
Company registration number: 06823547
RSU Services Limited
Statement of changes in equity
Year ended 28 February 2018
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 March 2016 1 ( 27,158) 27,158 1
Profit for the year 35,135 35,135
_______ _______ _______ _______
Total comprehensive income for the year - - 35,135 35,135
Dividends paid and payable ( 33,175) ( 33,175)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 33,175) ( 33,175)
_______ _______ _______ _______
At 28 February 2017 and 1 March 2017 1 ( 27,158) 29,118 1,961
Profit for the year 43,595 43,595
_______ _______ _______ _______
Total comprehensive income for the year - - 43,595 43,595
Dividends paid and payable ( 36,840) ( 36,840)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 36,840) ( 36,840)
_______ _______ _______ _______
At 28 February 2018 1 ( 27,158) 35,873 8,716
_______ _______ _______ _______
RSU Services Limited
Notes to the financial statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is RSU Services Limited, 2 Lansdowne Road, The Lansdowne Building, Croydon, CR9 2ER.
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.
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:
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 8 (2017: 8 ).
The aggregate payroll costs incurred during the year were:
2018 2017
£ £
Wages and salaries 153,880 130,868
_______ _______
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 March 2017 and 28 February 2018 3,635 3,635
_______ _______
Depreciation
At 1 March 2017 1,367 1,367
Charge for the year 727 727
_______ _______
At 28 February 2018 2,094 2,094
_______ _______
Carrying amount
At 28 February 2018 1,541 1,541
_______ _______
At 28 February 2017 2,268 2,268
_______ _______
6. Debtors
2018 2017
£ £
Trade debtors 40,571 -
Other debtors 217,622 164,070
_______ _______
258,193 164,070
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 25,325 25,325
Trade creditors 22,931 7,247
Corporation tax 70,502 74,994
Social security and other taxes 39,159 10,706
Other creditors 6,418 5,018
_______ _______
164,335 123,290
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 90,109 112,980
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr J Davis 124,514 38,077 162,591
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr J Davis - 124,514 124,514
_______ _______ _______
10. Controlling party
The director controls the company by virtue of his shareholdings in the company.