RAG LONDON LIMITED
Director: Y. Cohen
Registered Office: 37 Broadhurst Gardens
London
NW6 3QT
Registered No: 4915872 (England & Wales)
Financial statements
For the year ended 30 September 2023
page
Statement of financial position 1
Notes to the financial statements 2-5
RAG LONDON LIMITED
Statement of financial position as at 30 September 2023
30.9.2023 30.9.2022
Notes £ £ £
Fixed assets
Investments 4 301,841 301,841
301,841 301,841
Current assets
Debtors 5 19,139 11,689
Cash at bank and in hand 544,659 467,254
Investment in quoted shares 1,123,839 762,367
1,687,637 1,241,310
Creditors: amounts falling due 6
within one year ( 246,889) (211,498)
Net current assets 1,440,748 1,029,812
Total net assets £ 1,742,589 £ 1,331,653
Capital and reserves
£ £
Called up share capital 7 2 2
Profit and loss account 1,742,587 1,331,651
Shareholder's fund £ 1,742,589 £ 1,331,653
For the year ending 30 September 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities.
The notes on pages 2 to 5 form an integral part of these financial statements.
The financial statements on pages 1 to 5 were approved by the Board of Directors and were signed on its behalf by:
_________________________ Approved by the board:
Y. Cohen 1 March 2024
Director
Company number: 4915872
RAG LONDON LIMITED
Notes to the financial statements - 30 September 2023
COMPANY INFORMATION
1. Company Information
Rag London Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 37 Broadhurst Gardens, London, NW6 3QT.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going concern
The company is profitable and has substantial capital and reserve and net current asset position. The company has substantial capital reserve and net current asset position.
The director is poisitive that the company will have sufficient funds to cover the cash flow requirements in the next 12 months.
Taking the above into account the director is of the view that the financial statements can be prepared on a going concern basis.
2.4 Turnover
Turnover represents net invoiced services, excluding VAT.
RAG LONDON LIMITED
Notes to the financial statements - 30 September 2023
2.5 Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services rendered during the year.
2.6 Fixed asset investment
The investment is included at cost less impairment charges.
2.7 Investment in quoted shares
Investment in quoted shares that are trading on the stock exchange, are disclosed at fair value. Changes of the fair value are recognised as credit or debit in the income statement.
2.8 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.9 Creditors
Basic financial liabilities including trade and other payable, bank loans, loans from group companies are measured at transaction price.
Long term loan advanced by group companies is measured at present value, discounted at a market rate of interest.
2.10 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.11 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
RAG LONDON LIMITED
Notes to the financial statements - 30 September 2023
3. Average number of employees
2023 2022
Number of employees 2 2
Number of paid directors Nil Nil
4. Fixed assets investment
31.09.2023 31.09.2022
£ £
As at 1 October 2022 301,841 212,290
Additions - 89,551
As at 30 September 2023 301,841 301,841
The amount represents investments in LLPs registered in the USA that owns a residential property.
5. Debtors
31.09.2023 31.09.2022
£ £
Trade debtors 19,139 10,089
Prepayment - 1,600
19,139 11,689
6. Creditors: amounts falling due
within one year 31.09.2023 31.09.2022
£ £
Amounts owed to shareholder 127,967 123,943
Trade creditors 3,636 93
VAT 26,398 21,148
Other tax and NI 2,847 3,041
Corporation tax 84,802 63,273
Accruals 1,239 -
246,889 211,498
RAG LONDON LIMITED
Notes to the financial statements - 30 September 2023
7. Share capital
31.09.2023 31.09.2022
£ £
Allotted, called up and fully paid:
2 Ordinary shares of £1 each 2 2
8. Related party transactions
Control:
The company is wholly owned by its diector Mr Y. Cohen.
Transactions:
There were no related party transactions during the year.
9. Commitment
The company does not have any commitment as per 30.09.2023 (2022 Nil)
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