REIKA LIMITED
Registered number: 08725728
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,589 3,808
Current assets
Stocks 43,117 -
Debtors 4 110,481 137,663
153,598 137,663
Creditors: amounts falling due within one year 5 (122,077) (104,051)
Net current assets 31,521 33,612
Total assets less current liabilities 35,110 37,420
Creditors: amounts falling due after more than one year 6 (20,642) (30,365)
Net assets 14,468 7,055
Capital and reserves
Called up share capital 100 100
Profit and loss account 14,368 6,955
Shareholders' funds 14,468 7,055
The directors are 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 directors acknowledge their 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.
Mr S Iqbal
Director
Approved by the board on 26 November 2023
REIKA LIMITED
Notes to the Accounts
for the year ended 31 October 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixture and fittings Office equipment Total
£ £ £
Cost
At 1 November 2022 1,771 4,837 6,608
Additions - 923 923
At 31 October 2023 1,771 5,760 7,531
Depreciation
At 1 November 2022 946 1,854 2,800
Charge for the year 165 977 1,142
At 31 October 2023 1,111 2,831 3,942
Net book value
At 31 October 2023 660 2,929 3,589
At 31 October 2022 825 2,983 3,808
4 Debtors 2023 2022
£ £
Trade debtors 90,561 117,743
Amounts owed by group undertakings and undertakings in which the company has a participating interest 19,479 19,479
Other debtors 441 441
110,481 137,663
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 31,179 28,294
Other loans 19,000 -
Trade creditors 61,635 53,120
Corporation tax 5,112 9,833
Other taxes and social security costs (1,911) 8,092
Other creditors 7,062 4,712
122,077 104,051
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,642 30,365
7 Other information
REIKA LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
330 Aspley Lane
Aspley
Nottingham
Nottinghamshire
NG8 5GE
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