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COMPANY REGISTRATION NUMBER: 04747645
RAYBAY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 September 2023
RAYBAY LIMITED
STATEMENT OF FINANCIAL POSITION
29 September 2023
2023
2022
Note
£
£
£
Current assets
Cash at bank and in hand
310
515
Creditors: amounts falling due within one year
5
155,419
138,118
----------
----------
Net current liabilities
155,109
137,603
----------
----------
Total assets less current liabilities
( 155,109)
( 137,603)
Creditors: amounts falling due after more than one year
6
36,991
44,028
----------
----------
Net liabilities
( 192,100)
( 181,631)
----------
----------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 192,102)
( 181,633)
----------
----------
Shareholders deficit
( 192,100)
( 181,631)
----------
----------
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 income and retained earnings has not been delivered.
For the year ending 29 September 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RAYBAY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 September 2023
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
AJ Govani
Director
Company registration number: 04747645
RAYBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the company is dependent upon the continuing financial support from the shareholder/director. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing these financial statements
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
4. Tangible assets
Equipment
£
Cost
At 30 September 2022 and 29 September 2023
800
----
Depreciation
At 30 September 2022 and 29 September 2023
800
----
Carrying amount
At 29 September 2023
----
At 29 September 2022
----
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,714
Amounts owed to related parties
147,169
118,354
Other creditors
8,250
7,050
----------
----------
155,419
138,118
----------
----------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
36,991
44,028
---------
---------
7. Related party transactions
At 29 September 2023, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £147,169 (2022: £118,354) in respect of a director's loan account. The loan is interest free, unsecured and repayable on demand.