REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2023 |
for |
Rinastyle Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2023 |
for |
Rinastyle Limited |
Rinastyle Limited (Registered number: 09086151) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
Rinastyle Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
100 High Ash Drive |
Alwoodley |
Leeds |
West Yorkshire |
LS17 8RE |
Rinastyle Limited (Registered number: 09086151) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve | 8 |
Retained earnings | (10,101 | ) | 17,472 |
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. |
Rinastyle Limited (Registered number: 09086151) |
Balance Sheet - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Rinastyle Limited (Registered number: 09086151) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Rinastyle Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
Rinastyle Limited (Registered number: 09086151) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Revaluations | (65,000 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2017 | 808,812 |
Valuation in 2018 | (5,517 | ) |
Valuation in 2019 | (350,000 | ) |
Valuation in 2020 | 17,709 |
Valuation in 2023 | (65,000 | ) |
Cost | 1,378,996 |
1,785,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.6.23 | 30.6.22 |
£ | £ |
Cost | 1,378,996 | 1,378,996 |
Investment property was valued on an open market basis on 30 June 2023 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans |
Rinastyle Limited (Registered number: 09086151) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
30.6.23 | 30.6.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 317,298 | 470,964 |
8. | RESERVES |
Non-distributable |
reserve |
£ |
At 1 July 2022 |
Transfer | (71,111 | ) |
At 30 June 2023 |
The transfer between reserves represents the reclassification of investment property valuation gains and losses (net of associated deferred tax) into an other reserve, on the basis that the net valuation gains are not available for distribution to shareholders. |
Revaluations £406,004 less deferred tax £76,918, non-distributable reserve £329,085. |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in creditors are amounts of £149,525 (£149,525 - 2022) owed to a director and an amount of £149,621 (£149,621 - 2022) owed to a director. These loans are interest free and repayable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
There is no controlling party. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Rinastyle Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rinastyle Limited for the year ended 30 June 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Rinastyle Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rinastyle Limited and state those matters that we have agreed to state to the Board of Directors of Rinastyle Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rinastyle Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Rinastyle Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Rinastyle Limited. You consider that Rinastyle Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Rinastyle Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
100 High Ash Drive |
Alwoodley |
Leeds |
West Yorkshire |
LS17 8RE |
Date: ............................................. |