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Registration number: 04541755

Rags & Svets Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 28 February 2023

 

Rags & Svets Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 15

 

Rags & Svets Limited

Company Information

Directors

R Patel

S Khambhaita

Company secretary

S Khambhaita

Registered office

21 Acacia Grove
New Malden
Surrey
KT3 3BJ

Solicitors

Wedlake Bell
16 Bedford Street
Covent Garden
London
WC2E 9HF

Accountants

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Rags & Svets Limited

Directors' Report for the Year Ended 28 February 2023

The directors present their report and the abridged financial statements for the year ended 28 February 2023.

Directors of the company

The directors who held office during the year were as follows:

R Patel

S Khambhaita - Company secretary and director

Principal activity

The principal activity of the company is opticians together with the supply of associated goods and services.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 6 August 2023 and signed on its behalf by:
 

.........................................
R Patel
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rags & Svets Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rags & Svets Limited for the year ended 28 February 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Rags & Svets Limited, as a body, in accordance with the terms of our engagement letter dated 19 November 2012. Our work has been undertaken solely to prepare for your approval the accounts of Rags & Svets Limited and state those matters that we have agreed to state to the Board of Directors of Rags & Svets Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rags & Svets Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rags & Svets Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rags & Svets Limited. You consider that Rags & Svets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Rags & Svets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

6 August 2023

 

Rags & Svets Limited

Abridged Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

2022
£

Gross profit

 

615,844

565,670

Administrative expenses

 

(370,453)

(324,464)

Other interest receivable and similar income

 

184

89

Interest payable and similar expenses

 

(7)

(163)

Profit before tax

4

245,568

241,132

Tax on profit

 

(63,405)

(30,075)

Profit for the financial year

 

182,163

211,057

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Rags & Svets Limited

Statement of Comprehensive Income for the Year Ended 28 February 2023

2023
£

2022
£

Profit for the year

182,163

211,057

Total comprehensive income for the year

182,163

211,057

 

Rags & Svets Limited

(Registration number: 04541755)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

18,765

23,545

Current assets

 

Stocks

6

35,000

32,000

Debtors

7

36,250

36,250

Cash at bank and in hand

 

981,745

893,850

 

1,052,995

962,100

Prepayments and accrued income

 

3,372

1,894

Creditors: Amounts falling due within one year

(108,581)

(94,598)

Net current assets

 

947,786

869,396

Total assets less current liabilities

 

966,551

892,941

Provisions for liabilities

(4,415)

(4,218)

Accruals and deferred income

 

(43,035)

(41,785)

Net assets

 

919,101

846,938

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

918,101

845,938

Shareholders' funds

 

919,101

846,938

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 6 August 2023 and signed on its behalf by:
 

 

Rags & Svets Limited

(Registration number: 04541755)
Abridged Balance Sheet as at 28 February 2023

.........................................
R Patel
Director

 

Rags & Svets Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

1,000

845,938

846,938

Profit for the year

-

182,163

182,163

Dividends

-

(110,000)

(110,000)

At 28 February 2023

1,000

918,101

919,101

Share capital
£

Retained earnings
£

Total
£

At 1 March 2021

1,000

744,881

745,881

Profit for the year

-

211,057

211,057

Dividends

-

(110,000)

(110,000)

At 28 February 2022

1,000

845,938

846,938

 

Rags & Svets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
21 Acacia Grove
New Malden
Surrey
KT3 3BJ

The principal place of business is:
36 Beauchamp Place
London
SW3 1NU
UK

These financial statements were authorised for issue by the Board on 6 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Rags & Svets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fitting and equipments

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Rags & Svets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,255

7,848

 

Rags & Svets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

5

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

162,303

162,303

Additions

1,475

1,475

At 28 February 2023

163,778

163,778

Depreciation

At 1 March 2022

138,758

138,758

Charge for the year

6,255

6,255

At 28 February 2023

145,013

145,013

Carrying amount

At 28 February 2023

18,765

18,765

At 28 February 2022

23,545

23,545

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

35,000

32,000

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

9

Dividends

Final dividends paid

 

Rags & Svets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 110.00 per each ordinary shares

 

110,000

 

110,000

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 110 per each ordinary shares

 

110,000

 

110,000

         

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

These dividends have not been accrued in the balance sheet.

10

Related party transactions

 

Rags & Svets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

R Patel

(34,269)

(22,165)

(56,434)

       
     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

R Patel

(5,296)

(28,973)

(34,269)

       
     

 

 

Rags & Svets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,140

25,020

Dividends paid to directors

   

2023
£

 

2022
£

R Patel

       

Dividend

 

55,000

 

55,000

         

S Khambhaita

       

Dividend

 

55,000

 

55,000

         

11

Parent and ultimate parent undertaking

The ultimate controlling party is the directors R Patel and S Khambhaita.