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REGISTERED NUMBER: NI031280 (Northern Ireland)












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 61,365 55,082
Tangible assets 5 25,201 37,416
86,566 92,498

Current assets
Stocks 6 398,475 288,000
Debtors 7 10,307 8,627
Cash at bank and in hand 20,207 69,136
428,989 365,763
Creditors
Amounts falling due within one year 8 (315,255 ) (290,429 )
Net current assets 113,734 75,334
Total assets less current liabilities 200,300 167,832

Creditors
Amounts falling due after more than one
year

9

(34,097

)

(39,389

)
Net assets 166,203 128,443

Capital and reserves
Called up share capital 12 40,100 40,100
Retained earnings 126,103 88,343
Shareholders' funds 166,203 128,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 7th March 2024 and were signed on its behalf by:





Mr. D W Simpson - Director


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 private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI031280

Registered office: Ug40 Victoria Square
Belfast
BT1 4QG

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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 10 (2022 - 9 ) .

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 102,759
Additions 30,429
At 30th June 2023 133,188
Amortisation
At 1st July 2022 47,677
Amortisation for year 24,146
At 30th June 2023 71,823
Net book value
At 30th June 2023 61,365
At 30th June 2022 55,082

5. Tangible fixed assets
Fixtures
Long and
leasehold fittings Totals
£    £    £   
Cost
At 1st July 2022 92,255 391,917 484,172
Disposals - (344,323 ) (344,323 )
At 30th June 2023 92,255 47,594 139,849
Depreciation
At 1st July 2022 68,026 378,730 446,756
Charge for year 6,057 3,296 9,353
Eliminated on disposal - (341,461 ) (341,461 )
At 30th June 2023 74,083 40,565 114,648
Net book value
At 30th June 2023 18,172 7,029 25,201
At 30th June 2022 24,229 13,187 37,416

6. Stocks
2023 2022
£    £   
Goods for resale - Rio 205,044 136,000
Goods for resale - Brazil 193,431 152,000
398,475 288,000

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 312 -
Prepayments 9,995 8,627
10,307 8,627

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 5,292 5,161
Credit card 3,540 5,602
Trade creditors 54,887 27,911
Social security and other taxes (497 ) 3,122
VAT 27,178 29,839
Other creditors 15,000 -
Pensions payable 942 1,272
Directors' current accounts 203,457 210,272
Accrued expenses 5,456 7,250
315,255 290,429

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 10) 34,097 39,389

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 5,292 5,161

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,426 5,292

Amounts falling due between two and five years:
Bank loans - 2-5 years 17,114 16,692

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 60,000 60,000

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40,100 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.