Registered number
NI043284
Rugland Limited
Filleted Accounts
31 December 2023
Rugland Limited
Registered number: NI043284
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21 28
Current assets
Stocks 44,421 39,006
Cash at bank and in hand 94,431 94,020
138,852 133,026
Creditors: amounts falling due within one year 4 (19,418) (31,443)
Net current assets 119,434 101,583
Total assets less current liabilities 119,455 101,611
Provisions for liabilities (5) (7)
Net assets 119,450 101,604
Capital and reserves
Called up share capital 2 2
Profit and loss account 119,448 101,602
Shareholder's funds 119,450 101,604
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
William J Brown
Director
Approved by the board on 29 February 2024
Rugland Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts 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 (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% straight line
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2023 19,067 4,400 23,467
At 31 December 2023 19,067 4,400 23,467
Depreciation
At 1 January 2023 19,039 4,400 23,439
Charge for the year 7 - 7
At 31 December 2023 19,046 4,400 23,446
Net book value
At 31 December 2023 21 - 21
At 31 December 2022 28 - 28
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 8,540 15,991
Corporation tax 4,422 5,948
Other taxes and social security costs 1,534 2,208
Other creditors 4,922 7,296
19,418 31,443
5 Events after the reporting date
There were no events after the year end which would necessitate a change in the accounts.
6 Related party transactions
During the year the company made no payments to William J Brown in respect of rent for its trading premises at Kilkeel (2023 : Nil).
7 Controlling party
The ultimate controlling body has been identified as William J Brown, the sole shareholder.
8 Other information
Rugland Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
10c Marcus Square
Newry
Co. Down
BT34 1AE
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