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REGISTERED NUMBER: NI045139 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

RASCALS (N.I.) LIMITED

RASCALS (N.I.) LIMITED (REGISTERED NUMBER: NI045139)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


RASCALS (N.I.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: J R B D'Arcy
Mrs L R D'Arcy





SECRETARY: J R B D'Arcy





REGISTERED OFFICE: 7 Windsor Park
Belfast
BT9 6FQ





REGISTERED NUMBER: NI045139 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

RASCALS (N.I.) LIMITED (REGISTERED NUMBER: NI045139)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 42,166
Tangible assets 5 489,384 450,753
Investments 6 - -
489,384 492,919

CURRENT ASSETS
Debtors 7 30,478 23,197
Cash at bank 1,607,513 1,231,878
1,637,991 1,255,075
CREDITORS
Amounts falling due within one year 8 644,865 678,722
NET CURRENT ASSETS 993,126 576,353
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,482,510

1,069,272

PROVISIONS FOR LIABILITIES 70,586 53,211
NET ASSETS 1,411,924 1,016,061

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,410,924 1,015,061
SHAREHOLDERS' FUNDS 1,411,924 1,016,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

RASCALS (N.I.) LIMITED (REGISTERED NUMBER: NI045139)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Financial Performance has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





J R B D'Arcy - Director


RASCALS (N.I.) LIMITED (REGISTERED NUMBER: NI045139)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Rascals (NI) Limited is a private limited company domiciled in Northern Ireland, registered number NI045139. The registered office is 121a Circular Road, Belfast, BT4 2G.

The financial statements are prepared in sterling, which is the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements in:

The determination of whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and business in general.

The directors also consider the depreciation and amortisation rates and useful lives on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003 and 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Fixtures, fittings & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.


RASCALS (N.I.) LIMITED (REGISTERED NUMBER: NI045139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Amounts in respect of defined contributions plans are recognised as an expense as they are incurred.

Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 158 (2022 - 169 ) .

RASCALS (N.I.) LIMITED (REGISTERED NUMBER: NI045139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 920,000
AMORTISATION
At 1 February 2022 877,834
Amortisation for year 42,166
At 31 January 2023 920,000
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 42,166

5. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to fittings Motor Computer
property & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 656,485 107,508 45,530 20,969 830,492
Additions 69,095 - 10,745 7,695 87,535
Disposals (7,151 ) - - - (7,151 )
At 31 January 2023 718,429 107,508 56,275 28,664 910,876
DEPRECIATION
At 1 February 2022 225,521 104,439 33,322 16,457 379,739
Charge for year 34,388 614 4,406 2,345 41,753
At 31 January 2023 259,909 105,053 37,728 18,802 421,492
NET BOOK VALUE
At 31 January 2023 458,520 2,455 18,547 9,862 489,384
At 31 January 2022 430,964 3,069 12,208 4,512 450,753

RASCALS (N.I.) LIMITED (REGISTERED NUMBER: NI045139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 94
PROVISIONS
At 1 February 2022
and 31 January 2023 94
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

The Wombat Group Ltd
Registered office: 121a Circular Road, Belfast, United Kingdom, BT4 2GE
Nature of business: Non Specialised Wholesale Trade and Retail Sale.
%
Class of shares: holding
Ordinary Shares 94.00

The Wombat Group Ltd ceased trading on 31st October 2018.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Other debtors 30,478 23,197

The Directors' current accounts have been fully repaid within the nine months subsequent to the end of the accounting period.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade creditors 26,022 38,048
Taxation and social security 126,935 210,191
Other creditors 491,908 430,483
644,865 678,722

RASCALS (N.I.) LIMITED (REGISTERED NUMBER: NI045139)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


9. SECURED DEBTS

At the year end the following security arrangements were in place:

- A first charge over the property located at 591 Doagh Road, Newtownabbey is held by Northern Bank ltd Trading as Danske bank.

- Roger D'Arcy and Lynne D'Arcy are joint and several guarantors with the guarantee limited to £250,000.

10. CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.

11. RELATED PARTY DISCLOSURES

Mr R D'Arcy and Mrs L D'Arcy
Company directors

The directors of Rascals (N.I) Limited own property which is rented out to the company, during the year ended 31 January 2022 the directors received rental income from the company of £205,558 (2021; £
193,986)

The Wombat Group Ltd
Subsidiary Company

Rascals (NI) Ltd hold 94% share capital of The Wombat Group Ltd.

The Wombat Group ceased trading 31st October 2018.