Registered number
07523949
RIETEX LTD
Unaudited Filleted Accounts
28 February 2023
RIETEX LTD
Registered number: 07523949
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,949 21,348
Current assets
Stocks 10,099 30,099
Debtors 4 56,853 56,853
Cash at bank and in hand 15,138 33,252
82,090 120,204
Creditors: amounts falling due within one year 5 (2,262) (19,941)
Net current assets 79,828 100,263
Total assets less current liabilities 98,777 121,611
Creditors: amounts falling due after more than one year 6 (35,708) (42,346)
Net assets 63,069 79,265
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 62,069 78,265
Shareholder's funds 63,069 79,265
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 member has 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.
Dr. Reza Negarestani
Director
Approved by the board on 28 November 2023
RIETEX LTD
Notes to the Accounts
for the year ended 28 February 2023
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Motor Vehicles 15% p.a
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 12,551 6,168 15,995 34,714
At 28 February 2023 12,551 6,168 15,995 34,714
Depreciation
At 1 March 2022 - 6,168 7,198 13,366
Charge for the year - - 2,399 2,399
At 28 February 2023 - 6,168 9,597 15,765
Net book value
At 28 February 2023 12,551 - 6,398 18,949
At 28 February 2022 12,551 - 8,797 21,348
4 Debtors 2023 2022
£ £
Other debtors 56,853 56,853
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 13,629
Trade creditors 6,400 -
Taxation and social security costs (4,638) 5,811
Other creditors 500 501
2,262 19,941
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,708 42,346
7 Other information
RIETEX LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5, Hurstfield Industrial Estate
Hurst Street
Stockport
SK5 7BB
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