6 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 70,000 70,000 21,000 7,000 28,000 49,000 xbrli:pure xbrli:shares iso4217:GBP 11004650 2022-04-01 2023-03-31 11004650 2023-03-31 11004650 2022-03-31 11004650 2021-04-01 2022-03-31 11004650 2022-03-31 11004650 2021-03-31 11004650 core:NetGoodwill 2022-04-01 2023-03-31 11004650 bus:Director1 2022-04-01 2023-03-31 11004650 core:NetGoodwill 2022-03-31 11004650 core:FurnitureFittings 2022-03-31 11004650 core:FurnitureFittings 2022-04-01 2023-03-31 11004650 core:WithinOneYear 2023-03-31 11004650 core:WithinOneYear 2022-03-31 11004650 core:ShareCapital 2023-03-31 11004650 core:ShareCapital 2022-03-31 11004650 core:RetainedEarningsAccumulatedLosses 2023-03-31 11004650 core:RetainedEarningsAccumulatedLosses 2022-03-31 11004650 1 2022-04-01 2023-03-31 11004650 1 core:NetGoodwill 2022-04-01 2023-03-31 11004650 core:NetGoodwill 2022-03-31 11004650 core:FurnitureFittings 2022-03-31 11004650 bus:SmallEntities 2022-04-01 2023-03-31 11004650 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11004650 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11004650 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11004650 bus:FullAccounts 2022-04-01 2023-03-31 11004650 core:OfficeEquipment 2022-04-01 2023-03-31 11004650 core:OfficeEquipment 2022-03-31 11004650 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 11004650
RAYRIGGS SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
RAYRIGGS SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
49,000
Tangible assets
6
5,159
43,827
--------
---------
5,159
92,827
CURRENT ASSETS
Stocks
17,651
Debtors
7
29,145
3,396
Cash at bank and in hand
71,162
16,719
-----------
---------
100,307
37,766
CREDITORS: amounts falling due within one year
8
24,141
27,655
-----------
---------
NET CURRENT ASSETS
76,166
10,111
---------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
81,325
102,938
PROVISIONS
980
8,327
---------
-----------
NET ASSETS
80,345
94,611
---------
-----------
RAYRIGGS SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
2023
2022
Note
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
80,245
94,511
---------
---------
SHAREHOLDERS FUNDS
80,345
94,611
---------
---------
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 31st March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 9 October 2023 , and are signed on behalf of the board by:
Mr S Crook
Director
Company registration number: 11004650
RAYRIGGS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
Over the term of the 15 year lease.
Equipment
-
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.
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.
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 (2022: 6 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st April 2022
70,000
Additions
Disposals
( 70,000)
---------
At 31st March 2023
---------
Amortisation
At 1st April 2022
21,000
Charge for the year
7,000
Disposals of previously acquired businesses
( 28,000)
---------
At 31st March 2023
---------
Carrying amount
At 31st March 2023
---------
At 31st March 2022
49,000
---------
The property lease in respect of The Hub of Ambleside, Central Buildings, Ambleside was assigned in March 2019 with the term of the lease being for 15 years. The property lease was sold in March 2023.
6. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1st April 2022
46,251
12,916
59,167
Additions
3,550
3,550
Disposals
( 46,251)
( 10,462)
( 56,713)
---------
---------
---------
At 31st March 2023
6,004
6,004
---------
---------
---------
Depreciation
At 1st April 2022
9,250
6,090
15,340
Charge for the year
3,083
1,707
4,790
Disposals
( 12,333)
( 6,952)
( 19,285)
---------
---------
---------
At 31st March 2023
845
845
---------
---------
---------
Carrying amount
At 31st March 2023
5,159
5,159
---------
---------
---------
At 31st March 2022
37,001
6,826
43,827
---------
---------
---------
7. DEBTORS
2023
2022
£
£
Trade debtors
477
330
Other debtors
28,668
3,066
---------
--------
29,145
3,396
---------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
198
4,812
Corporation tax
13,062
15,654
Social security and other taxes
4,460
4,546
Other creditors
6,421
2,643
---------
---------
24,141
27,655
---------
---------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors have a loan account with the company. At the year end the company owed the directors £589 (2022: £210). No interest was charged to the company by the directors for this loan.