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REGISTERED NUMBER: 09433391 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Rathstones Financial Limited

Rathstones Financial Limited (Registered number: 09433391)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Rathstones Financial Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: L Baugh





SECRETARY: L Baugh





REGISTERED OFFICE: 1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY





REGISTERED NUMBER: 09433391 (England and Wales)





ACCOUNTANTS: Butt Miller
Chartered Accountants
1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY

Rathstones Financial Limited (Registered number: 09433391)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 256 566

CURRENT ASSETS
Debtors 5 238,086 235,059
Cash at bank 7,175 42,804
245,261 277,863
CREDITORS
Amounts falling due within one year 6 (168,045 ) (196,223 )
NET CURRENT ASSETS 77,216 81,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

77,472

82,206

CREDITORS
Amounts falling due after more than one
year

7

(90,515

)

(92,346

)

PROVISIONS FOR LIABILITIES (64 ) (108 )
NET LIABILITIES (13,107 ) (10,248 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (13,207 ) (10,348 )
SHAREHOLDERS' FUNDS (13,107 ) (10,248 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 4 July 2023 and were signed by:



L Baugh - Director


Rathstones Financial Limited (Registered number: 09433391)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. STATUTORY INFORMATION

Rathstones Financial Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Rathstones Financial Limited acts as an intermediary between its customers and the ultimate sellers of finance services. Commission is recognised at the point when the agreements are signed by the customers. Turnover comprises of sales of motor vehicles, commission and interest received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Government grants
Grants comprise amounts received under the Government's Job Retention Scheme and a Business Interruption Loan agreement and are recognised in the Income Statement once the relevant performance conditions have been met.

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.

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.

Going concern
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, he continues to adopt the going concern basis in preparing the financial statements.

Rathstones Financial Limited (Registered number: 09433391)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


2. ACCOUNTING POLICIES - continued

Hire purchase
Assets obtained under hire purchase contracts are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 75 1,892 1,967
DEPRECIATION
At 1 June 2022 75 1,326 1,401
Charge for year - 310 310
At 31 May 2023 75 1,636 1,711
NET BOOK VALUE
At 31 May 2023 - 256 256
At 31 May 2022 - 566 566

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 116,180 152,066
Other debtors 3,791 78,723
Director's current account 116,992 -
VAT 1,123 3,270
Prepayments and accrued income - 1,000
238,086 235,059

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,994 9,747
Hire purchase contracts (see note 8) 7,018 -
Trade creditors 116,342 129,779
Tax 22,093 19,616
Director's current account - 24,623
Accruals and deferred income 12,598 12,458
168,045 196,223

Rathstones Financial Limited (Registered number: 09433391)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,247 9,994
Bank loans - 2-5 years 10,506 20,752
Preference shares 61,600 61,600
Hire purchase contracts (see note 8) 8,162 -
90,515 92,346

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 7,018 -
Between one and five years 8,162 -
15,180 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 15,180 -

The company's obligations regarding its hire purchase liability are secured via a personal guarantee from the director, who has made personal assets available to the company to secure the liability.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
L Baugh
Balance outstanding at start of year (24,623 ) 21,094
Amounts advanced 255,568 68,177
Amounts repaid (113,953 ) (113,894 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 116,992 (24,623 )

Loans from the company in excess of £10,000 are charged interest at HMRC's approved rate. All loans are unsecured and repayable on demand.