RAG LONDON LIMITED |
Statement of financial position as at 30 September 2023 |
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30.9.2023 |
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30.9.2022 |
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Notes |
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£ |
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£ |
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£ |
Fixed assets |
Investments |
4 |
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301,841 |
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301,841 |
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301,841 |
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301,841 |
Current assets |
Debtors |
5 |
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19,139 |
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11,689 |
Cash at bank and in hand |
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544,659 |
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467,254 |
Investment in quoted shares |
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1,123,839 |
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762,367 |
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1,687,637 |
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1,241,310 |
Creditors: amounts falling due |
6 |
within one year |
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( 246,889) |
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(211,498) |
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Net current assets |
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1,440,748 |
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1,029,812 |
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Total net assets |
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£ 1,742,589 |
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£ 1,331,653 |
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Capital and reserves |
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£ |
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£ |
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Called up share capital |
7 |
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2 |
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2 |
Profit and loss account |
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1,742,587 |
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1,331,651 |
Shareholder's fund |
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£ 1,742,589 |
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£ 1,331,653 |
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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. |
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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: |
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_________________________ |
Approved by the board: |
Y. Cohen |
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1 March 2024 |
Director |
Company number: 4915872 |
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RAG LONDON LIMITED |
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Notes to the financial statements - 30 September 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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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. |
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2. |
Accounting Policies |
2.1 |
Basis of accounting |
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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. |
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The financial statements are presented in sterling (£). |
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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. |
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2.2 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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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. |
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(ii) Financial liabilities |
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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. |
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2.3 |
Going concern |
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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. |
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The director is poisitive that the company will have sufficient funds to cover the cash flow requirements in the next 12 months. |
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Taking the above into account the director is of the view that the financial statements can be prepared on a going concern basis. |
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2.4 |
Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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RAG LONDON LIMITED |
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Notes to the financial statements - 30 September 2023 |
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2.5 |
Revenue Recognition |
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Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for services rendered during the year. |
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2.6 |
Fixed asset investment |
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The investment is included at cost less impairment charges. |
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2.7 |
Investment in quoted shares |
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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. |
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2.8 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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2.9 |
Creditors |
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Basic financial liabilities including trade and other payable, bank loans, loans from group companies are measured at transaction price. |
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Long term loan advanced by group companies is measured at present value, discounted at a market rate of interest. |
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2.10 |
Current & deferred taxation |
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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. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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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. |
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2.11 |
Foreign currencies |
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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. |
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