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COMPANY REGISTRATION NUMBER: 05647791
Rae and Co Limited
Filleted Unaudited Financial Statements
31 March 2023
Rae and Co Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Rae and Co Limited
Balance Sheet
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
47,255
1,965
Current assets
Debtors
6
115,152
100
Cash at bank and in hand
411,990
401,463
---------
---------
527,142
401,563
Creditors: amounts falling due within one year
7
108,205
65,817
---------
---------
Net current assets
418,937
335,746
---------
---------
Total assets less current liabilities
466,192
337,711
Creditors: amounts falling due after more than one year
8
41,050
Provisions
Taxation including deferred tax
11,814
---------
---------
Net assets
413,328
337,711
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
413,228
337,611
---------
---------
Shareholders funds
413,328
337,711
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rae and Co Limited
Balance Sheet (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
Mr R J Rae
Director
Company registration number: 05647791
Rae and Co Limited
Notes to the Financial Statements
Year ended 31 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 155 Barlaston Old Road, Trentham, Stoke-on-Trent, ST4 8HJ. The company registration number is 05647791 .
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
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. 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 material 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
25% reducing balance
Office equipment
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
20% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 balance sheet 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objectives evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
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 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Office equipment
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
3,005
10,781
13,786
Additions
608
60,790
61,398
Disposals
( 1,141)
( 1,141)
----
-------
--------
--------
--------
At 31 March 2023
608
3,005
60,790
9,640
74,043
----
-------
--------
--------
--------
Depreciation
At 1 April 2022
2,753
9,068
11,821
Charge for the year
152
51
15,198
707
16,108
Disposals
( 1,141)
( 1,141)
----
-------
--------
--------
--------
At 31 March 2023
152
2,804
15,198
8,634
26,788
----
-------
--------
--------
--------
Carrying amount
At 31 March 2023
456
201
45,592
1,006
47,255
----
-------
--------
--------
--------
At 31 March 2022
252
1,713
1,965
----
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
115,152
Other debtors
100
---------
----
115,152
100
---------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,678
631
Corporation tax
45,162
35,753
Social security and other taxes
32,963
10,137
Other creditors
28,402
19,296
---------
--------
108,205
65,817
---------
--------
Hire purchase liabilities of £8,221 (2022 - £nil) are secured against the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
41,050
--------
----
Hire purchase liabilities of £41,050 (2022 - £nil) are secured against the assets to which they relate.