REGISTERED NUMBER: |
Rio & Brazil Limited |
Unaudited Financial Statements for the Year Ended 30th June 2023 |
REGISTERED NUMBER: |
Rio & Brazil Limited |
Unaudited Financial Statements for the Year Ended 30th June 2023 |
Rio & Brazil Limited (Registered number: NI031280) |
Contents of the Financial Statements |
for the year ended 30th June 2023 |
Page |
Statement of financial position | 1 |
Notes to the financial statements | 3 |
Rio & Brazil Limited (Registered number: NI031280) |
Statement of Financial Position |
30th June 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their 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. |
Rio & Brazil Limited (Registered number: NI031280) |
Statement of Financial Position - continued |
30th June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Rio & Brazil Limited (Registered number: NI031280) |
Notes to the Financial Statements |
for the year ended 30th June 2023 |
1. | Statutory information |
Rio & Brazil Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Furniture & Fixture - 25% Reducing balance method |
Long Leasehold - 25% Reducing balance method |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Rio & Brazil Limited (Registered number: NI031280) |
Notes to the Financial Statements - continued |
for the year ended 30th June 2023 |
2. | Accounting policies - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its 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 legal 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, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Rio & Brazil Limited (Registered number: NI031280) |
Notes to the Financial Statements - continued |
for the year ended 30th June 2023 |
2. | 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Debtors |
Short Term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method. |
3. | Employees and directors |
The average number of employees during the year was |
Rio & Brazil Limited (Registered number: NI031280) |
Notes to the Financial Statements - continued |
for the year ended 30th June 2023 |
4. | Intangible fixed assets |
Computer |
software |
£ |
Cost |
At 1st July 2022 |
Additions |
At 30th June 2023 |
Amortisation |
At 1st July 2022 |
Amortisation for year |
At 30th June 2023 |
Net book value |
At 30th June 2023 |
At 30th June 2022 |
5. | Tangible fixed assets |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
Cost |
At 1st July 2022 |
Disposals | ( |
) | ( |
) |
At 30th June 2023 |
Depreciation |
At 1st July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2023 |
Net book value |
At 30th June 2023 |
At 30th June 2022 |
6. | Stocks |
2023 | 2022 |
£ | £ |
Goods for resale - Rio |
Goods for resale - Brazil | 193,431 | 152,000 |
Rio & Brazil Limited (Registered number: NI031280) |
Notes to the Financial Statements - continued |
for the year ended 30th June 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Credit card | 3,540 | 5,602 |
Trade creditors | 54,887 | 27,911 |
Social security and other taxes | ( |
) |
VAT | 27,178 | 29,839 |
Other creditors |
Pensions payable | 942 | 1,272 |
Directors' current accounts | 203,457 | 210,272 |
Accrued expenses |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 11,557 | 17,405 |
10. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Rio & Brazil Limited (Registered number: NI031280) |
Notes to the Financial Statements - continued |
for the year ended 30th June 2023 |
10. | Loans - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 11,557 | 17,405 |
11. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 40,100 | 40,100 |
13. | Directors' advances, credits and guarantees |
The director has provided an interest free loan to the company. At the balance sheet date there was £203,457 owed to the director.This is repayable on demand. |