11 31/05/2023 2023-05-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI638500 2022-06-01 2023-05-31 NI638500 2023-05-31 NI638500 2022-05-31 NI638500 2021-06-01 2022-05-31 NI638500 2022-05-31 NI638500 core:NetGoodwill 2022-06-01 2023-05-31 NI638500 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 NI638500 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 NI638500 core:MotorVehicles 2022-06-01 2023-05-31 NI638500 bus:Director1 2022-06-01 2023-05-31 NI638500 core:NetGoodwill 2022-05-31 NI638500 core:NetGoodwill 2023-05-31 NI638500 core:LandBuildings core:ShortLeaseholdAssets 2022-05-31 NI638500 core:FurnitureFittingsToolsEquipment 2022-05-31 NI638500 core:LandBuildings core:ShortLeaseholdAssets 2023-05-31 NI638500 core:FurnitureFittingsToolsEquipment 2023-05-31 NI638500 core:MotorVehicles 2023-05-31 NI638500 core:WithinOneYear 2023-05-31 NI638500 core:WithinOneYear 2022-05-31 NI638500 core:AfterOneYear 2023-05-31 NI638500 core:AfterOneYear 2022-05-31 NI638500 core:ShareCapital 2023-05-31 NI638500 core:ShareCapital 2022-05-31 NI638500 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI638500 core:RetainedEarningsAccumulatedLosses 2022-05-31 NI638500 core:LandBuildings core:ShortLeaseholdAssets 2022-06-01 2023-05-31 NI638500 core:NetGoodwill 2022-05-31 NI638500 core:LandBuildings core:ShortLeaseholdAssets 2022-05-31 NI638500 core:FurnitureFittingsToolsEquipment 2022-05-31 NI638500 bus:Director1 2022-05-31 NI638500 bus:Director1 2023-05-31 NI638500 bus:Director1 2021-05-31 NI638500 bus:Director1 2022-05-31 NI638500 bus:Director1 2021-06-01 2022-05-31 NI638500 bus:SmallEntities 2022-06-01 2023-05-31 NI638500 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 NI638500 bus:FullAccounts 2022-06-01 2023-05-31 NI638500 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 NI638500 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31
Company registration number: NI638500
Stephen Rainey Limited
Unaudited filleted financial statements
31 May 2023
Stephen Rainey Limited
Contents
Statement of financial position
Notes to the financial statements
Stephen Rainey Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 35,692 71,383
Tangible assets 6 238,170 158,973
_______ _______
273,862 230,356
Current assets
Stocks 11,444 20,996
Debtors 7 42,892 65,067
Cash at bank and in hand 158,770 143,921
_______ _______
213,106 229,984
Creditors: amounts falling due
within one year 8 ( 115,010) ( 107,650)
_______ _______
Net current assets 98,096 122,334
_______ _______
Total assets less current liabilities 371,958 352,690
Creditors: amounts falling due
after more than one year 9 ( 150,035) ( 118,318)
Provisions for liabilities ( 45,252) -
_______ _______
Net assets 176,671 234,372
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 176,571 234,272
_______ _______
Shareholder funds 176,671 234,372
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 October 2023 , and are signed on behalf of the board by:
Dr Stephen Rainey
Director
Company registration number: NI638500
Stephen Rainey Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 39 New Row, Coleraine, Co. Londonderry, BT52 1AE.
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.
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 - 12.5 % 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 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:
Freehold property - 10 % straight line
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
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. 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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
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.
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 in finance costs 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 11 (2022: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2022 and 31 May 2023 285,530 285,530
_______ _______
Amortisation
At 1 June 2022 214,147 214,147
Charge for the year 35,691 35,691
_______ _______
At 31 May 2023 249,838 249,838
_______ _______
Carrying amount
At 31 May 2023 35,692 35,692
_______ _______
At 31 May 2022 71,383 71,383
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 73,322 205,708 - 279,030
Additions 7,800 34,549 91,804 134,153
_______ _______ _______ _______
At 31 May 2023 81,122 240,257 91,804 413,183
_______ _______ _______ _______
Depreciation
At 1 June 2022 27,447 92,609 - 120,056
Charge for the year 7,746 28,850 18,361 54,957
_______ _______ _______ _______
At 31 May 2023 35,193 121,459 18,361 175,013
_______ _______ _______ _______
Carrying amount
At 31 May 2023 45,929 118,798 73,443 238,170
_______ _______ _______ _______
At 31 May 2022 45,875 113,099 - 158,974
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 42,892 36,351
Other debtors - 28,716
_______ _______
42,892 65,067
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 45,768 42,879
Trade creditors 9,821 11,739
Corporation tax 36,218 47,797
Social security and other taxes 3,008 -
Other creditors 20,195 5,235
_______ _______
115,010 107,650
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 82,535 118,318
Other creditors 67,500 -
_______ _______
150,035 118,318
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Dr Stephen Rainey 28,716 105,194 ( 137,040) ( 3,130)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Dr Stephen Rainey 29,585 72,171 ( 73,040) 28,716
_______ _______ _______ _______