Surf AccountsProduction v1.0.0 v1.0.0 2022-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is manufacturing in copper, brass, stainless steel and pewter, primarily for the hospitality and commercial office sectors. 3 July 2023 9 9 NI027367 2023-03-31 NI027367 2022-03-31 NI027367 2021-03-31 NI027367 2022-04-01 2023-03-31 NI027367 2021-04-01 2022-03-31 NI027367 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI027367 uk-curr:PoundSterling 2022-04-01 2023-03-31 NI027367 uk-bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI027367 uk-bus:FullAccounts 2022-04-01 2023-03-31 NI027367 uk-bus:Director1 2022-04-01 2023-03-31 NI027367 uk-bus:CompanySecretary1 2022-04-01 2023-03-31 NI027367 uk-bus:RegisteredOffice 2022-04-01 2023-03-31 NI027367 uk-bus:Agent1 2022-04-01 2023-03-31 NI027367 uk-core:ShareCapital 2023-03-31 NI027367 uk-core:ShareCapital 2022-03-31 NI027367 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI027367 uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 NI027367 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI027367 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-03-31 NI027367 uk-bus:FRS102 2022-04-01 2023-03-31 NI027367 uk-core:Goodwill 2022-04-01 2023-03-31 NI027367 uk-core:LandBuildings 2022-04-01 2023-03-31 NI027367 uk-core:PlantMachinery 2022-04-01 2023-03-31 NI027367 uk-core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI027367 uk-core:MotorVehicles 2022-04-01 2023-03-31 NI027367 uk-core:Goodwill 2022-03-31 NI027367 uk-core:Goodwill 2023-03-31 NI027367 uk-core:CurrentFinancialInstruments 2023-03-31 NI027367 uk-core:CurrentFinancialInstruments 2022-03-31 NI027367 uk-core:WithinOneYear 2023-03-31 NI027367 uk-core:WithinOneYear 2022-03-31 NI027367 uk-core:OtherMiscellaneousReserve 2022-03-31 NI027367 uk-core:OtherMiscellaneousReserve 2022-04-01 2023-03-31 NI027367 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 NI027367 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 NI027367 uk-core:OtherDeferredTax 2023-03-31 NI027367 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-03-31 NI027367 uk-core:OtherMiscellaneousReserve 2023-03-31 NI027367 2022-04-01 2023-03-31 NI027367 uk-bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI027367
 
 
Rathbanna Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2023
Rathbanna Limited
DIRECTOR AND OTHER INFORMATION

 
Director Paul ONeill
 
 
Company Secretary Anne O'Neill
 
 
Company Registration Number NI027367
 
 
Registered Office and Business Address 23 Derrinraw Road
Portadown
Co. Armagh
BT62 1UX
United Kingdom
 
 
Accountants MG accountants
(Portadown)
25 - 27 Carleton Street
Portadown
Co. Armagh
BT62 3EP
Northern Ireland
 
 
Bankers Ulster Bank
  20 High Street
  Portadown
  Craigavon
  Co. Armagh
  BT62 1HU
  United Kingdom
 
   
Solicitors McElhone & Co.
  1B High Street
  Portadown
  Co. Armagh



Rathbanna Limited
Company Registration Number: NI027367
BALANCE SHEET
as at 31 March 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 6 569,424 491,632
Investment properties 7 52,510 52,510
───────── ─────────
621,934 544,142
───────── ─────────
 
Current Assets
Stocks 8 36,575 51,409
Debtors 9 790,471 215,172
Cash and cash equivalents 1,499,917 1,874,376
───────── ─────────
2,326,963 2,140,957
───────── ─────────
Creditors: amounts falling due within one year 10 (227,634) (178,973)
───────── ─────────
Net Current Assets 2,099,329 1,961,984
───────── ─────────
Total Assets less Current Liabilities 2,721,263 2,506,126
 
Provisions for liabilities 12 (99,141) (91,090)
 
Government grants 13 (10,337) (11,814)
───────── ─────────
Net Assets 2,611,785 2,403,222
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 2,611,783 2,403,220
───────── ─────────
Equity attributable to owners of the company 2,611,785 2,403,222
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 3 July 2023
           
           
________________________________          
Paul ONeill          
Director          
           



Rathbanna Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

   
1. General Information
 
Rathbanna Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 23 Derrinraw Road, Portadown, Co. Armagh, BT62 1UX, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 6.00 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Plant and machinery - 12.5% Reducing Balance
  Fixtures, fittings and equipment - 12.5% Reducing Balance
  Motor vehicles - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company contributes to pension schemes on behalf of a number of employees.  The assets of the scheme are held separately from those of the company in independently administered funds.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 9, (2022 - 9).
 
  2023 2022
  Number Number
 
Employees 9 9
  ═════════ ═════════
       
4. Dividends 2023 2022
  £ £
Dividends on equity shares:
 
Ordinary Shares Class 1 - Final paid 60,000 60,000
  ═════════ ═════════
       
5. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 April 2022 207,000 207,000
  ───────── ─────────
 
At 31 March 2023 207,000 207,000
  ───────── ─────────
Amortisation
 
At 31 March 2023 207,000 207,000
  ───────── ─────────
Net book value
At 31 March 2023 - -
  ═════════ ═════════
             
6. Tangible assets
  Land and Plant and Fixtures, Motor Total
  buildings machinery fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost or Valuation
At 1 April 2022 63,129 738,256 22,214 136,803 960,402
Additions 48,662 101,517 3,700 - 153,879
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 111,791 839,773 25,914 136,803 1,114,281
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2022 526 409,899 12,664 45,681 468,770
Charge for the financial year 2,472 53,735 1,656 18,224 76,087
  ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 2,998 463,634 14,320 63,905 544,857
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2023 108,793 376,139 11,594 72,898 569,424
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2022 62,603 328,357 9,550 91,122 491,632
  ═════════ ═════════ ═════════ ═════════ ═════════
     
7. Investment Properties
  Investment
  properties
 
  £
Cost
 
At 31 March 2023 52,510
  ─────────
Net book value
At 31 March 2023 52,510
  ═════════
At 31 March 2022 52,510
  ═════════
       
8. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 36,575 51,409
  ═════════ ═════════
       
9. Debtors 2023 2022
  £ £
 
Trade debtors 630,315 48,534
Other debtors 157,156 163,638
Prepayments and accrued income 3,000 3,000
  ───────── ─────────
  790,471 215,172
  ═════════ ═════════
       
10. Creditors 2023 2022
Amounts falling due within one year £ £
 
Trade creditors 23,306 25,180
Taxation  (Note 11) 151,452 108,551
Director's current account 29,076 19,637
Other creditors 18,600 20,405
Accruals 5,200 5,200
  ───────── ─────────
  227,634 178,973
  ═════════ ═════════
       
11. Taxation 2023 2022
  £ £
 
Creditors:
VAT 86,429 40,334
Corporation tax 50,008 60,860
PAYE / NI 15,015 7,357
  ───────── ─────────
  151,452 108,551
  ═════════ ═════════
         
12. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 91,090 91,090 74,586
Charged to profit and loss 8,051 8,051 16,504
  ───────── ───────── ─────────
At financial year end 99,141 99,141 91,090
  ═════════ ═════════ ═════════
       
13. Government Grants Deferred 2023 2022
  £ £
 
Capital grants received and receivable
At 1 April 2022 11,814 13,502
Decrease in financial year (1,477) (1,688)
  ───────── ─────────
 
At 31 March 2023 10,337 11,814
  ═════════ ═════════
           
14. Related party transactions
 
Mr Paul O'Neill, director of Rathbanna Limited rents the business premises to the company for an annual rental of £18,000.