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COMPANY REGISTRATION NUMBER: 09299805
Rimery Group Limited
Filleted Unaudited Financial Statements
30 November 2023
Rimery Group Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,032
638,893
Investments
6
465,775
-------
------------
1,032
1,104,668
Current assets
Stocks
55,920
Debtors
7
40,752
111,135
Cash at bank and in hand
3,186,325
1,280,466
------------
------------
3,227,077
1,447,521
Creditors: amounts falling due within one year
8
299,127
633,849
------------
------------
Net current assets
2,927,950
813,672
------------
------------
Total assets less current liabilities
2,928,982
1,918,340
------------
------------
Net assets
2,928,982
1,918,340
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,928,882
1,918,240
------------
------------
Shareholders funds
2,928,982
1,918,340
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rimery Group Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr M J Reid
Director
Company registration number: 09299805
Rimery Group Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pen-Y-Maes Farm, Glan-Yr-Afon, Llanasa, Holywell, Flintshire, CH8 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Freehold land and buildings are not depreciated as the residual value is likely to exceed the cost over the period of ownership.
Investments in participating interests
Investments in participating interests are accounted for in accordance with the cost model and are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investments are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
628,500
9,673
10,000
6,202
654,375
Additions
1,291
1,291
Disposals
( 628,500)
( 9,673)
( 10,000)
( 6,203)
( 654,376)
---------
-------
--------
-------
---------
At 30 November 2023
1,290
1,290
---------
-------
--------
-------
---------
Depreciation
At 1 December 2022
6,959
4,804
3,719
15,482
Charge for the year
258
258
Disposals
( 6,959)
( 4,804)
( 3,719)
( 15,482)
---------
-------
--------
-------
---------
At 30 November 2023
258
258
---------
-------
--------
-------
---------
Carrying amount
At 30 November 2023
1,032
1,032
---------
-------
--------
-------
---------
At 30 November 2022
628,500
2,714
5,196
2,483
638,893
---------
-------
--------
-------
---------
6. Investments
Participating interests
£
Cost
At 1 December 2022
465,775
Disposals
( 465,775)
---------
At 30 November 2023
---------
Impairment
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
---------
At 30 November 2022
465,775
---------
7. Debtors
2023
2022
£
£
Trade debtors
40,552
99,664
Other debtors
200
11,471
--------
---------
40,752
111,135
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
145
Trade creditors
1,400
65,872
Social security and other taxes
295,077
25,124
Other creditors
2,650
542,708
---------
---------
299,127
633,849
---------
---------
9. Director's advances, credits and guarantees
The directors operate a current account with the company. The opening balance was £0 (2022 NIL) with movement of £200 during the year, therefore the closing balance at the year end was £200 (2022 £0). No interest has been charged in respect of this loan.
10. Related party transactions
In the year the father of the director maintained a loan to the company, the opening balance of which was £264,618 and the closing balance of which was £0. A shareholder also maintained a loan to the company, the opening balance of which was £276,519 and the closing balance of which was £0. The loans are interest free and have no fixed term length.