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Company registration number: NI670714
Rahaol Trading Ltd
Unaudited filleted abridged financial statements
31 October 2023
Rahaol Trading Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Rahaol Trading Ltd
Directors and other information
Director Mr Raymond Lusty
Company number NI670714
Registered office 1 Riverside Mews
Gleno
Larne
Co Antrim
BT40 3JP
Accountants ASM (D) Ltd
79 Cunninghams Lane
Dungannon
County Tyrone
BT71 6BX
Rahaol Trading Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Rahaol Trading Ltd
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rahaol Trading Ltd for the year ended 31 October 2023 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Rahaol Trading Ltd, as a body, in accordance with the terms of our engagement letter dated 21 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Rahaol Trading Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rahaol Trading Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Rahaol Trading Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rahaol Trading Ltd. You consider that Rahaol Trading Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Rahaol Trading Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
ASM (D) Ltd
79 Cunninghams Lane
Dungannon
County Tyrone
BT71 6BX
26 April 2024
Rahaol Trading Ltd
Abridged statement of financial position
31 October 2023
Note £ £ £ £
Fixed assets
Investments 5 600,000 600,000
_______ _______
600,000 600,000
Current assets
Cash at bank and in hand 200 200
_______ _______
200 200
Net current assets 200 200
_______ _______
Total assets less current liabilities 600,200 600,200
Accruals and deferred income - -
_______ _______
Net assets 600,200 600,200
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 600,000 600,000
_______ _______
Shareholders funds 600,200 600,200
_______ _______
For the year ending 31 October 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 26 April 2024 , and are signed on behalf of the board by:
Mr Raymond Lusty
Director
Company registration number: NI670714
Rahaol Trading Ltd
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 1 Riverside Mews, Gleno, Larne, Co Antrim, BT40 3JP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Investments
£
Cost
At 1 November 2022 and 31 October 2023 600,000
_______
Impairment
At 1 November 2022 and 31 October 2023 -
_______
Carrying amount
At 31 October 2023 600,000
_______
At 31 October 2022 600,000
_______