Registered number
02222141
Rahanu Ltd
Filleted Accounts
5 April 2023
Rahanu Ltd
Registered number: 02222141
Balance Sheet
as at 5 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 110,304 107,341
Investments 5 127,102 127,102
237,407 234,444
Current assets
Stocks 202,996 210,892
Debtors 6 557,493 605,700
Cash at bank and in hand 56,895 103,169
817,384 919,761
Creditors: amounts falling due within one year 7 (424,619) (446,835)
Net current assets 392,765 472,926
Total assets less current liabilities 630,172 707,370
Creditors: amounts falling due after more than one year 8 (21,702) (32,728)
Provisions for liabilities (6,075) (3,920)
Net assets 602,395 670,722
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 592,395 660,722
Shareholders' funds 602,395 670,722
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B S Rahanu
Director
Approved by the board on 15 March 2024
Rahanu Ltd
Notes to the Accounts
for the year ended 5 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 31 32
3 Intangible fixed assets £
Goodwill:
Cost
At 6 April 2022 85,000
At 5 April 2023 85,000
Amortisation
At 6 April 2022 84,999
At 5 April 2023 84,999
Net book value
At 5 April 2023 1
At 5 April 2022 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 6 April 2022 187,224 267,333 14,378 468,935
Additions - 2,127 14,000 16,127
At 5 April 2023 187,224 269,460 28,378 485,062
Depreciation
At 6 April 2022 101,417 256,132 4,045 361,594
Charge for the year 3,750 3,331 6,083 13,164
At 5 April 2023 105,167 259,463 10,128 374,758
Net book value
At 5 April 2023 82,057 9,997 18,250 110,304
At 5 April 2022 85,807 11,201 10,333 107,341
5 Investments
Other
investments
£
Cost
At 6 April 2022 127,102
At 5 April 2023 127,102
6 Debtors 2023 2022
£ £
Trade debtors 201,529 212,086
Other debtors 355,964 393,614
557,493 605,700
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 49,580 10,648
Trade creditors 300,754 369,427
Taxation and social security costs 41,248 36,260
Other creditors 33,037 30,500
424,619 446,835
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,702 32,728
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr B S Rahanu
Current account 20,642 57,912 (91,755) (13,201)
Mr R S Rahanu
Currant account 196,224 77,684 (69,912) 203,996
216,866 135,596 (161,667) 190,795
No interest is charged to the directors on the loans.
10 Controlling party
The company is controlled by the directors.
11 Other information
Rahanu Ltd is a private company limited by shares and incorporated in England. Its registered office is:
144 Soho Road
Handsworth
Birmingham
West Midland
B21 9LN
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