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REGISTERED NUMBER: 11023848 (England)










Ronnan Corporation Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2023






Ronnan Corporation Ltd (Registered number: 11023848)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ronnan Corporation Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTOR: Mr Sean Ronnan





REGISTERED OFFICE: Marathon House
The Sidings
Whalley
Clitheroe
Lancashire
BB7 9SE





REGISTERED NUMBER: 11023848 (England)






Ronnan Corporation Ltd (Registered number: 11023848)

Balance Sheet
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 72,015 74,536

CURRENT ASSETS
Debtors 6 772,516 600,104
Cash at bank 111 6
772,627 600,110
CREDITORS
Amounts falling due within one year 7 (509,724 ) (503,611 )
NET CURRENT ASSETS 262,903 96,499
TOTAL ASSETS LESS CURRENT
LIABILITIES

334,918

171,035

CREDITORS
Amounts falling due after more than one
year

8

(180,614

)

(229,438

)

PROVISIONS FOR LIABILITIES (18,004 ) -
NET ASSETS/(LIABILITIES) 136,300 (58,403 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 136,200 (58,503 )
136,300 (58,403 )

Ronnan Corporation Ltd (Registered number: 11023848)

Balance Sheet - continued
31 October 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Statement of Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





Mr Sean Ronnan - Director


Ronnan Corporation Ltd (Registered number: 11023848)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Marathon House The Sidings
Whalley
Clitheroe
Lancashire
BB7 9SE
England

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

BASIS OF PREPARATION
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

GOING CONCERN
The financial statements have been prepared on a going concern basis.

REVENUE RECOGNITION
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

TANGIBLE ASSET
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 20% on reducing balance


Ronnan Corporation Ltd (Registered number: 11023848)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Statement of Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

TRADE CREDITORS

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ronnan Corporation Ltd (Registered number: 11023848)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. ACCOUNTING POLICIES - continued

BORROWINGS
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

LEASES
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

SHARE CAPITAL
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Ronnan Corporation Ltd (Registered number: 11023848)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 11,759 53,061 338,591 20,647 424,058
Additions - - 178,512 - 178,512
Disposals - - (250,929 ) - (250,929 )
At 31 October 2023 11,759 53,061 266,174 20,647 351,641
DEPRECIATION
At 1 November 2022 9,377 30,232 299,661 10,252 349,522
Charge for year 786 4,566 16,077 2,079 23,508
Eliminated on disposal - - (93,404 ) - (93,404 )
At 31 October 2023 10,163 34,798 222,334 12,331 279,626
NET BOOK VALUE
At 31 October 2023 1,596 18,263 43,840 8,316 72,015
At 31 October 2022 2,382 22,829 38,930 10,395 74,536

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 18,480
Amounts owed by group undertakings 238,968 307,714
Amounts owed by participating interests 241,958 -
Provision for Bad debt on
intercompany loan (8,410 ) (26,090 )
Accrued income 300,000 300,000
772,516 600,104

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 5,556 5,555
Hire purchase contracts 24,818 45,080
Trade creditors 40,274 10,787
Amounts owed to group undertakings 202,815 167,442
Amounts owed to participating interests - 88,406
Taxation and social security 96,173 38,312
Other creditors 140,088 148,029
509,724 503,611

Ronnan Corporation Ltd (Registered number: 11023848)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 40,794 62,604
Hire purchase contracts 1,068 28,082
Other creditors 138,752 138,752
180,614 229,438

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 51,902 51,902

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank Loan 2- under 1year 5,556 5,555

Amounts falling due between one and two years:
Bank loan 2 (1-2 yrs) 40,794 62,604
Other loans - 1-2 years 86,850 86,850
127,644 149,454

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 51,902 51,902