Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312Consulting2022-06-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07241880 2022-06-01 2023-05-31 07241880 2021-06-01 2022-05-31 07241880 2023-05-31 07241880 2022-05-31 07241880 c:Director1 2022-06-01 2023-05-31 07241880 c:Director2 2022-06-01 2023-05-31 07241880 d:PlantMachinery 2022-06-01 2023-05-31 07241880 d:PlantMachinery 2023-05-31 07241880 d:PlantMachinery 2022-05-31 07241880 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07241880 d:FurnitureFittings 2022-06-01 2023-05-31 07241880 d:FurnitureFittings 2023-05-31 07241880 d:FurnitureFittings 2022-05-31 07241880 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07241880 d:OfficeEquipment 2022-06-01 2023-05-31 07241880 d:OfficeEquipment 2023-05-31 07241880 d:OfficeEquipment 2022-05-31 07241880 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07241880 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07241880 d:Goodwill 2023-05-31 07241880 d:Goodwill 2022-05-31 07241880 d:CurrentFinancialInstruments 2023-05-31 07241880 d:CurrentFinancialInstruments 2022-05-31 07241880 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 07241880 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 07241880 d:ShareCapital 2023-05-31 07241880 d:ShareCapital 2022-05-31 07241880 d:RetainedEarningsAccumulatedLosses 2023-05-31 07241880 d:RetainedEarningsAccumulatedLosses 2022-05-31 07241880 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 07241880 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 07241880 c:FRS102 2022-06-01 2023-05-31 07241880 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 07241880 c:FullAccounts 2022-06-01 2023-05-31 07241880 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07241880 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure
Registered number: 07241880






RIB EYE ENGINEERING LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










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RIB EYE ENGINEERING LTD
REGISTERED NUMBER:07241880

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,181
702

  
2,181
702

Current assets
  

Debtors: amounts falling due within one year
 6 
28,719
12,000

Cash at bank and in hand
 7 
37,862
57,995

  
66,581
69,995

Creditors: amounts falling due within one year
 8 
(20,908)
(26,434)

Net current assets
  
 
 
45,673
 
 
43,561

Total assets less current liabilities
  
47,854
44,263

Provisions for liabilities
  

Deferred tax
  
(414)
-

  
 
 
(414)
 
 
-

Net assets
  
47,440
44,263


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
47,430
44,253

  
47,440
44,263


Page 1

 
RIB EYE ENGINEERING LTD
REGISTERED NUMBER:07241880
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 October 2023.




Benedict Duke
Deborah Duke
Director
Director

Page 2

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Rib Eye Engineering Limited is a private limited company, registered in England and Wales. Its registered office is C/O Venthams Ltd, Unit 8, Phoenix House, Redhill Aerodrome, Kings Mill Lane, Redhill, Surrey, RH1 5JY.
The principal activity of the company continues to be the provision of consultancy services within the construction industry. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line
Fixtures and fittings
-
20%
Straight line
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Page 5

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2

Page 6

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
44,000



At 31 May 2023

44,000



Amortisation


At 1 June 2022
44,000



At 31 May 2023

44,000



Net book value



At 31 May 2023
-



At 31 May 2022
-



Page 7

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2022
1,248
1,270
4,563
7,081


Additions
-
-
2,136
2,136


Disposals
(360)
(162)
(2,461)
(2,983)



At 31 May 2023

888
1,108
4,238
6,234



Depreciation


At 1 June 2022
1,243
809
4,327
6,379


Charge for the year on owned assets
-
143
509
652


Disposals
(355)
(162)
(2,461)
(2,978)



At 31 May 2023

888
790
2,375
4,053



Net book value



At 31 May 2023
-
318
1,863
2,181



At 31 May 2022
5
461
236
702


6.


Debtors

2023
2022
£
£


Trade debtors
11,400
12,000

Other debtors
16,651
-

Prepayments and accrued income
668
-

28,719
12,000



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
37,862
57,995

37,862
57,995


Page 8

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
804
-

Other taxation and social security
18,654
25,525

Accruals and deferred income
1,450
909

20,908
26,434



9.


Deferred taxation




2023


£






Charged to profit or loss
(414)



At end of year
(414)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(414)
-

(414)
-


10.


Related party transactions

The Director owed the company £16,651 (2022: Nil) and the full amount was repaid within nine months of the balance sheet date. 

 
Page 9