Company registration number 13321268 (England and Wales)
RGI MARINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
RGI MARINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RGI MARINE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
881
1,468
Investments
5
596
-
0
1,477
1,468
Current assets
Debtors
7
99,362
815
Cash at bank and in hand
174,620
4,586
273,982
5,401
Creditors: amounts falling due within one year
8
(13,076)
(6,981)
Net current assets/(liabilities)
260,906
(1,580)
Total assets less current liabilities
262,383
(112)
Provisions for liabilities
-
0
(279)
Net assets/(liabilities)
262,383
(391)
Capital and reserves
Called up share capital
127
100
Share premium account
431,813
-
0
Profit and loss reserves
(169,557)
(491)
Total equity
262,383
(391)

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 30 April 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.

RGI MARINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
Mr B R Fairclough
Director
Company registration number 13321268 (England and Wales)
RGI MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

RGI Marine Limited is a private company limited by shares incorporated in England and Wales (registered number: 13321268). The registered office is Wood House, Belsay, Northumberland, NE20 0EU.

1.1
Reporting period

The previous accounting period covers a period of approximately thirteen months from 8 April 2021 (date of incorporation) to 30 April 2022, hence are not entirely comparable.

 

1.2
Accounting convention

These financial statements 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” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Despite the loss making position in the year, the directors expect the company to make profits in future years and will continue to support the company. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers
3 years 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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

RGI MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.8
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price.

1.9
Taxation

The tax expense represents the sum of 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

RGI MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 and 30 April 2023
1,761
Depreciation and impairment
At 1 May 2022
293
Depreciation charged in the year
587
At 30 April 2023
880
Carrying amount
At 30 April 2023
881
At 30 April 2022
1,468
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
596
-
0
RGI MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
6
Subsidiaries

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
RGI Marine Holdings Pte Limited
Singapore
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
RGI Marine Holdings Pte Limited
-
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
4,516
-
0
Other debtors
45,984
541
Prepayments
479
274
50,979
815
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
48,383
-
0
Total debtors
99,362
815
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,758
-
0
Corporation tax
4,516
6
Other taxation and social security
2,870
-
0
Other creditors
1,419
4,212
Accruals
2,513
2,763
13,076
6,981
RGI MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
9
Directors' transactions

At 30 April 2023 B R Fairclough owes the company £13,380 (2022: was owed by the company £4,212). The balance carries interest at 2.0% and is repayable on demand.

2023-04-302022-05-01false06 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr B R FaircloughMr J H Giddensfalse133212682022-05-012023-04-30133212682023-04-30133212682022-04-3013321268core:OtherPropertyPlantEquipment2023-04-3013321268core:OtherPropertyPlantEquipment2022-04-3013321268core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3013321268core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3013321268core:CurrentFinancialInstruments2023-04-3013321268core:CurrentFinancialInstruments2022-04-3013321268core:ShareCapital2023-04-3013321268core:ShareCapital2022-04-3013321268core:SharePremium2023-04-3013321268core:SharePremium2022-04-3013321268core:RetainedEarningsAccumulatedLosses2023-04-3013321268core:RetainedEarningsAccumulatedLosses2022-04-3013321268bus:Director12022-05-012023-04-3013321268core:ComputerEquipment2022-05-012023-04-30133212682021-04-082022-04-3013321268core:OtherPropertyPlantEquipment2022-04-3013321268core:OtherPropertyPlantEquipment2022-05-012023-04-3013321268core:Non-currentFinancialInstruments2023-04-3013321268core:Non-currentFinancialInstruments2022-04-3013321268bus:PrivateLimitedCompanyLtd2022-05-012023-04-3013321268bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-3013321268bus:FRS1022022-05-012023-04-3013321268bus:AuditExemptWithAccountantsReport2022-05-012023-04-3013321268bus:Director22022-05-012023-04-3013321268bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP