BrightAccountsProduction v1.0.0 v1.0.0 2022-11-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principle activity of the company is raffling of items in a game of chance. 29 February 2024 NI656489 2023-10-31 NI656489 2022-10-31 NI656489 2021-10-31 NI656489 2022-11-01 2023-10-31 NI656489 2021-11-01 2022-10-31 NI656489 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI656489 uk-curr:PoundSterling 2022-11-01 2023-10-31 NI656489 uk-bus:AbridgedAccounts 2022-11-01 2023-10-31 NI656489 uk-core:ShareCapital 2023-10-31 NI656489 uk-core:ShareCapital 2022-10-31 NI656489 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI656489 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 NI656489 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI656489 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-31 NI656489 uk-bus:FRS102 2022-11-01 2023-10-31 NI656489 uk-core:PlantMachinery 2022-11-01 2023-10-31 NI656489 uk-core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 NI656489 uk-core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 NI656489 2022-11-01 2023-10-31 NI656489 uk-bus:Director1 2022-11-01 2023-10-31 NI656489 uk-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
RKingsCompetitions Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 October 2023



RKingsCompetitions Limited
ABRIDGED PROFIT AND LOSS ACCOUNT
for the financial year ended 31 October 2023
2023 2022
Notes £ £

Gross profit 4,518,217 4,100,602
 
Administrative expenses (2,276,761) (2,347,739)
───────── ─────────
Operating profit 2,241,456 1,752,863
 
Interest receivable and similar income 1 -
Interest payable and similar expenses (6,194) -
───────── ─────────
Profit before taxation 2,235,263 1,752,863
 
Tax on profit (507,901) (327,984)
───────── ─────────
Profit for the financial year 1,727,362 1,424,879
───────── ─────────
Total comprehensive income 1,727,362 1,424,879
    ═════════   ═════════



RKingsCompetitions Limited
Company Registration Number: NI656489
ABRIDGED BALANCE SHEET
as at 31 October 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 5 52,425 90,994
───────── ─────────
 
Current Assets
Stocks 1,290,493 956,692
Debtors 10,799 17,765
Cash and cash equivalents 3,347,543 1,885,525
───────── ─────────
4,648,835 2,859,982
───────── ─────────
Creditors: amounts falling due within one year (938,754) (911,504)
───────── ─────────
Net Current Assets 3,710,081 1,948,478
───────── ─────────
Total Assets less Current Liabilities 3,762,506 2,039,472
 
Provisions for liabilities (11,181) (15,509)
───────── ─────────
Net Assets 3,751,325 2,023,963
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 3,751,225 2,023,863
───────── ─────────
Equity attributable to owners of the company 3,751,325 2,023,963
═════════ ═════════
 
These abridged financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Directors' Report.
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 29 February 2024 and signed on its behalf by
           
           
________________________________          
Anthony Brian Goodman          
Director          
           



RKingsCompetitions Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 October 2023

   
1. General Information
 
RKingsCompetitions Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is. The principle activity of the company is raffling of items in a game of chance. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 October 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.There have been no transitional adjustments made.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to prepare a Cash Flow Statement because it is classified as a small company.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 25% Straight Line
  Fixtures, fittings and equipment - 25% Straight Line
  Website - 33% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Adoption of FRS 102
 
This is the first set of financial statements prepared by RKingsCompetitions Limited in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”). The company transitioned from previously extant Irish and UK GAAP to FRS 102 as at 1 January 2016.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 8, (2022 - 8).
 
  2023 2022
  Number Number
 
Directors 1 1
Admin 7 7
  ───────── ─────────
  8 8
  ═════════ ═════════
           
5. Tangible assets
  Plant and Fixtures, Website Total
  machinery fittings and    
    equipment    
  £ £ £ £
Cost
At 1 November 2022 18,300 39,440 78,018 135,758
Additions - 2,305 - 2,305
  ───────── ───────── ───────── ─────────
At 31 October 2023 18,300 41,745 78,018 138,063
  ───────── ───────── ───────── ─────────
Depreciation
At 1 November 2022 8,242 13,619 22,903 44,764
Charge for the financial year 4,575 10,296 26,003 40,874
  ───────── ───────── ───────── ─────────
At 31 October 2023 12,817 23,915 48,906 85,638
  ───────── ───────── ───────── ─────────
Net book value
At 31 October 2023 5,483 17,830 29,112 52,425
  ═════════ ═════════ ═════════ ═════════
At 31 October 2022 10,058 25,821 55,115 90,994
  ═════════ ═════════ ═════════ ═════════
       
6. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 October 2023.
   
7. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.