RayBrownPro Limited
Unaudited Financial Statements
For the year ended 31 March 2023
For Filing with Registrar
Company Registration No. 12446910 (England and Wales)
RayBrownPro Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RayBrownPro Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,271
737
Current assets
Debtors
4
155,858
119,696
Cash at bank and in hand
29,982
14,019
185,840
133,715
Creditors: amounts falling due within one year
5
(134,015)
(106,531)
Net current assets
51,825
27,184
Net assets
53,096
27,921
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
53,094
27,919
Total equity
53,096
27,921
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
H Morrison
Director
Company Registration No. 12446910
RayBrownPro Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information
RayBrownPro Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The Company made a profit for the year after taxation of £true25,175 (2022: £18,099) and had net assets at the 31 March of £53,096 (2022: £27,921).
The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
1.3
Turnover
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
RayBrownPro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 3
1.7
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2021: 2).
RayBrownPro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
931
Additions
783
At 31 March 2023
1,714
Depreciation and impairment
At 1 April 2022
194
Depreciation charged in the year
249
At 31 March 2023
443
Carrying amount
At 31 March 2023
1,271
At 31 March 2022
737
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
132,113
100,802
Other debtors
23,745
18,894
155,858
119,696
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
118,722
80,327
Corporation tax
1,689
4,280
Other taxation and social security
6,217
5,417
Other creditors
7,387
16,507
134,015
106,531
RayBrownPro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 5
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
2
2
2
2
7
Related party transactions
At the year end, an amount of £3,537 (2022: £6,001) was owed to the directors of the company.
8
Parent company
The company is controlled by R Brown and H Morrison, directors and shareholders of the company.