for the Period Ended 30 September 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 30 September 2023
Principal activities of the company
Additional information
This was a strong year for venue hire income andbookings, seeing a return close to pre-covidlevels. Early in the year, we had some changesin personnel in the team as recruitmentremained difficult in the hospitality industry.With a strong, settled team then in place, budgetlevels were surpassed. Sponsorship income alsosaw growth in the year.Financial resultIncome for the year as a whole totalled £2,373k(2021/22: £1,423k).RIGB Ltd made a profit of £8k (2021/22: £137kloss) for the financial year. This profit is small incomparison to the income levels, principally dueto obligations to the Ri under the OperatingAgreement relating to support costs which hasgrown considerably over the last few years. For2022/23, the request for a trade licence fee waswaived by the Ri charity board of trustees andthe Operating Agreement will be reviewed for2023/24.Key risks and Going concernWe have seen strong income growth in the2022/23 financial year along with an increase inthe timeframe of bookings which gives morestability. 2023-24 is budgeted to see a furtherincrease in income and the current level ofconfirmed bookings support this.The risks to recovery are however increased ifthere is an external factor such as Covid-19which has a detrimental effect on bookings. Thefollowing sections describe the principal risksfacing RIGB Ltd, and how they will be mitigated.Clients: We have seen client habits change overthe years and are now starting to see moreadvanced bookings, having reverted to veryshort term in the period immediately followingCovid-19. The risk is that client habits continueto change and RiGB Ltd does not respond to this.We continually monitor these changes and beflexible to our clients’ needsStaff: We have seen challenges this year withrecruiting and retaining staff. Demand for goodhospitality staff is high and we have a strongfocus on retention through reward anddevelopment.Financial: RIGB Limited had been unable, due tolow activity levels caused by Covid-19, togenerate a profit since 2019/20 to 2021/22. Theprofit in the current year is small due to theobligations to the Ri under the OperatingAgreement. These charges under thisAgreement are now no longer commensuratewith the level of the RIGB Ltd income and theCharity has agreed to review the charging mechanisms for the 2023/24 financial year. Webelieve that the RIGB Ltd business is sound andwill return to a stronger profit from 2023-24.The Ri acknowledges that the reduced incomeover the past three years is directly related toCovid-19 and the trustees have provided a letterof support to the Directors of RIGB Ltd.The Directors conclude therefore that RIGB Ltdis a going concern and the financial statementsshould be prepared on that basis.
Directors
The directors shown below have held office during the whole of the period from
1 October 2022 to 30 September 2023
The director shown below has held office during the period of
1 October 2022 to 12 July 2023
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Secretary
for the Period Ended
2023 | 2022 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | ( |
Distribution costs: | | |
Administrative expenses: | | |
Other operating income: | | |
Operating profit(or loss): | | ( |
Interest receivable and similar income: | | |
Interest payable and similar charges: | | |
Profit(or loss) before tax: | | ( |
Tax: | | |
Profit(or loss) for the financial year: | | ( |
As at
Notes | 2023 | 2022 | |
---|---|---|---|
| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Intangible assets: | 3 | | |
Tangible assets: | 4 | | |
Investments: | | | |
Total fixed assets: | | | |
Current assets | |||
Stocks: | | | |
Debtors: | 5 | | |
Cash at bank and in hand: | | | |
Investments: | | | |
Total current assets: | | | |
Prepayments and accrued income: | | | |
Creditors: amounts falling due within one year: | 6 | ( | ( |
Net current assets (liabilities): | ( | ( | |
Total assets less current liabilities: | ( | ( | |
Creditors: amounts falling due after more than one year: | 7 | | ( |
Provision for liabilities: | | | |
Accruals and deferred income: | | | |
Total net assets (liabilities): | ( | ( | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | | |
Other reserves: | | | |
Profit and loss account: | ( | ( | |
Total Shareholders' funds: | ( | ( |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 30 September 2023
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Intangible fixed assets amortisation policy
Valuation information and policy
Other accounting policies
for the Period Ended 30 September 2023
2023 | 2022 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 30 September 2023
Goodwill | Other | Total | |
---|---|---|---|
Cost | £ | £ | £ |
At 1 October 2022 | | | |
Additions | | | |
Disposals | | | |
Revaluations | | | |
Transfers | | | |
At 30 September 2023 | | | |
Amortisation | |||
At 1 October 2022 | | | |
Charge for year | | | |
On disposals | | | |
Other adjustments | | | |
At 30 September 2023 | | | |
Net book value | |||
At 30 September 2023 | | | |
At 30 September 2022 | | | |
for the Period Ended 30 September 2023
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
---|---|---|---|---|---|---|
Cost | £ | £ | £ | £ | £ | £ |
At 1 October 2022 | | | | | ||
Additions | | | | |||
Disposals | ( | ( | ||||
Revaluations | ||||||
Transfers | ||||||
At 30 September 2023 | | | | | ||
Depreciation | ||||||
At 1 October 2022 | | | | | ||
Charge for year | | | | | ||
On disposals | ( | ( | ||||
Other adjustments | ||||||
At 30 September 2023 | | | | | ||
Net book value | ||||||
At 30 September 2023 | | | | | ||
At 30 September 2022 | | | | |
for the Period Ended 30 September 2023
2023 | 2022 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
Debtors due after more than one year: | | |
for the Period Ended 30 September 2023
2023 | 2022 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |
for the Period Ended 30 September 2023
2023 | 2022 | |
---|---|---|
£ | £ | |
Other creditors | | |
Total | | |