REGISTERED NUMBER: |
Ray Turner Energy Limited |
Unaudited Financial Statements |
for the Year Ended 31 July 2023 |
REGISTERED NUMBER: |
Ray Turner Energy Limited |
Unaudited Financial Statements |
for the Year Ended 31 July 2023 |
Ray Turner Energy Limited (Registered number: 09112947) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company information | 1 |
Statement of financial position | 2 | to | 3 |
Notes to the financial statements | 4 | to | 7 |
Ray Turner Energy Limited |
Company Information |
for the Year Ended 31 July 2023 |
Director: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Ray Turner Energy Limited (Registered number: 09112947) |
Statement of Financial Position |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Ray Turner Energy Limited (Registered number: 09112947) |
Statement of Financial Position - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Ray Turner Energy Limited (Registered number: 09112947) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | Statutory information |
Ray Turner Energy Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
At the end of the accounting period, the total liabilities of the company exceeded the total assets by £217,017 (2022: £246,804). The accounts have been prepared under the going concern basis, which assumes the continued support of the company's parent company and the company's bankers as well as its directors. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Government grants |
Coronavirus Job Retention Scheme (CJRS) |
Accrual model |
Grant income received in relation to CJRS is recognised in the accounts on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. As such the income from the grant is recognised on a straight line basis over the furlough period for each relevant employee. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Ray Turner Energy Limited (Registered number: 09112947) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
Cost |
At 1 August 2022 |
and 31 July 2023 |
Depreciation |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
6. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
Ray Turner Energy Limited (Registered number: 09112947) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
7. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Deferred tax asset | - |
Prepayments |
Amounts falling due after more than one year: |
Deferred tax asset | - | 43,465 |
Aggregate amounts |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Pension creditor |
VAT account |
Other creditors |
Accruals and deferred income |
Included within creditors due within one year are bank loans and hire purchase contracts. These are secured on the company's assets. |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 759,306 | 649,766 |
Included within creditors due more than one year are bank loans and hire purchase contracts. These are secured on the company's assets. |
Ray Turner Energy Limited (Registered number: 09112947) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | Related party disclosures |
The company was under the control of the directors throughout the current and previous year . |
During the year the company provided and received interest free short term finance from Spalding Pallets Limited, a company in which one of the directors has an interest. At the year end, the balance owed to Spalding Pallets Limited was £120,990 (2022 - £118,799). |
One of the directors has given a personal guarantee over the company's total bank borrowings which at 31st July 2023 totalled £1,113,806 (2022 - £1,121,157). |
Spalding Pallets Limited has provided an additional guarantee over the company's bank loan supported by a debenture. The balance on the bank loan was £1,102,523 at 31st July 2023. |