Registered number
12183883
RIFCI.COM LIMITED
Filleted Accounts
for the year ended 31 December 2022
RIFCI.COM LIMITED
Registered number: 12183883
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 17,693 22,841
Current assets
Stocks 304,097 133,000
Debtors 4 89,985 64,215
Cash at bank and in hand 25,271 20,124
419,353 217,339
Creditors: amounts falling due within one year 5 (263,862) (49,280)
Net current assets 155,491 168,059
Total assets less current liabilities 173,185 190,900
Creditors: amounts falling due after more than one year 6 (130,359) (158,713)
Net assets 42,826 32,187
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 32,087 -
Profit and loss account 10,639 32,087
Shareholders' funds 42,826 32,187
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs. Sandhya Rameshchandra Shah
Director
Approved by the board on 18 October 2023
RIFCI.COM LIMITED
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery SL 20%
Motor Vehicles SL 20%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 11,245 14,495 25,740
At 31 December 2022 11,245 14,495 25,740
Depreciation
At 1 January 2022 - 2,899 2,899
Charge for the year 2,249 2,899 5,148
At 31 December 2022 2,249 5,798 8,047
Net book value
At 31 December 2022 8,996 8,697 17,693
At 31 December 2021 11,245 11,596 22,841
4 Debtors 2022 2021
£ £
Trade debtors - 5,000
Other debtors 89,985 -
89,985 5,000
5 Creditors: amounts falling due within one year 2022 2021
£ £
Loan from Rugstack 44,550 -
Trade creditors 187,926 32,290
Taxation and social security costs 40,899 16,990
Other creditors (9,513)
263,862 49,280
6 Creditors: amounts falling due after one year 2022 2021
£ £
Finance lease and HP contracts 3,887 14,615
Bounce Bank Loan 48,394 47,144
Trade creditors
Other creditors 78,078 96,954
130,359 158,713
7 Revaluation reserve 2022 2021
£ £
At 1 January 2022 32,087 -
At 31 December 2022 32,087 -
8 Other information
RIFCI.COM LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 88 The Exchange,
High Road,
Ilford,
England,
IG1 1AT
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