Company registration number 09789100 (England and Wales)
RUFIORKA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RUFIORKA LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
RUFIORKA LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,629
44,193
Investment properties
4
922,202
740,304
955,831
784,497
Current assets
Debtors
5
522,161
530,307
Cash at bank and in hand
130,234
172,677
652,395
702,984
Creditors: amounts falling due within one year
6
(720,815)
(510,109)
Net current (liabilities)/assets
(68,420)
192,875
Total assets less current liabilities
887,411
977,372
Creditors: amounts falling due after more than one year
7
(241,937)
(430,783)
Provisions for liabilities
11,694
7,352
Net assets
657,168
553,941
Capital and reserves
Called up share capital
10
10
Revaluation reserve
18,400
Profit and loss reserves
657,158
535,531
Total equity
657,168
553,941
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 September 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.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
Mr B Gallagher
Director
Company Registration No. 09789100
RUFIORKA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
10
415,783
415,793
Year ended 30 September 2022:
Profit
-
-
140,148
140,148
Other comprehensive income:
Tax relating to other comprehensive income
-
18,400
(18,400)
-
Total comprehensive income
-
18,400
121,748
140,148
Issue of share capital
1
-
-
1
Dividends
-
-
(2,000)
(2,000)
Reduction of shares
(1)
-
(1)
Balance at 30 September 2022
10
18,400
535,531
553,941
Year ended 30 September 2023:
Profit
-
-
118,005
118,005
Other comprehensive income:
Tax relating to other comprehensive income
-
(18,400)
18,400
-
Total comprehensive income
-
(18,400)
136,405
118,005
Dividends
-
-
(14,778)
(14,778)
Balance at 30 September 2023
10
657,158
657,168
RUFIORKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Rufiorka Limited is a private company limited by shares incorporated in England and Wales. The registered office is 59-61 High Street, Southend-On-Sea, Essex, SS1 1HZ.
1.1
Accounting convention
These financial statements have been prepared 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent on a leasehold property.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% on cost
Motor vehicles
20% on cost
1.4
Investment properties
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
RUFIORKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
2023
2022
Number
Number
Total
2
1
RUFIORKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
1,320
51,500
52,820
Depreciation and impairment
At 1 October 2022
44
8,583
8,627
Depreciation charged in the year
264
10,300
10,564
At 30 September 2023
308
18,883
19,191
Carrying amount
At 30 September 2023
1,012
32,617
33,629
At 30 September 2022
1,276
42,917
44,193
4
Investment property
2023
£
Fair value
At 1 October 2022
740,304
Additions
188,702
Revaluations
(6,804)
At 30 September 2023
922,202
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,250
16,875
Other debtors
510,911
513,432
522,161
530,307
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
53,134
51,089
Taxation and social security
36,540
29,844
Other creditors
631,141
429,176
720,815
510,109
RUFIORKA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 6 -
Included in creditors: amounts falling due within one year is a bank loan of £53,134 (2022 - £51,089) secured by a fixed charge over the investment property.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
241,937
430,783
Included in creditors: amounts falling due in more than one year is a bank loan of £241,937 (2022 - £430,783) secured by a fixed charge over the investment property.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
18,261
260,363
8
Related party transactions
At the year end the amount owed from G&Q Investment Ltd was £510,000 (2022 - £510,000), this amount is included in debtors: amounts falling due within one year.
At the year end the amount due to Square Eyecare Ltd was £608,603 (2022 - £417,020), this amount is included in other creditors.
At the year end the amount due to S&B Eyecare Ltd was £11,250 (2022 - £11,250), this amount is included in other creditors.
9
Directors' transactions
Dividends totalling £14,778 (2022 - £2,000) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director
-
(2,778)
12,778
10,000
(2,778)
12,778
10,000