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RIGGED AND READY LTD

Registered Number
07091318
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

RIGGED AND READY LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

RIGG, Andrew
RIGG, Joanne Louise

Company Secretary

RIGG, Andrew

Registered Address

28 Castle Crescent
Kendal
LA9 7AN

Registered Number

07091318 (England and Wales)
RIGGED AND READY LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets39161,423
9161,423
Current assets
Stocks4194,871282,795
Debtors35,45932,244
Cash at bank and on hand35,18623,593
265,516338,632
Creditors amounts falling due within one year5(96,967)(215,283)
Net current assets (liabilities)168,549123,349
Total assets less current liabilities169,465124,772
Creditors amounts falling due after one year6(23,877)(28,827)
Net assets145,58895,945
Capital and reserves
Called up share capital22
Profit and loss account145,58695,943
Shareholders' funds145,58895,945
The financial statements were approved and authorised for issue by the Board of Directors on 9 August 2024, and are signed on its behalf by:
RIGG, Joanne Louise
Director
Registered Company No. 07091318
RIGGED AND READY LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment4
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 232,8472,847
Additions214214
At 31 December 233,0613,061
Depreciation and impairment
At 01 January 231,4241,424
Charge for year721721
At 31 December 232,1452,145
Net book value
At 31 December 23916916
At 31 December 221,4231,423
4.Stocks

2023

2022

££
Finished goods194,871282,795
Total194,871282,795
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables5,12855,237
Bank borrowings and overdrafts-54,493
Taxation and social security24,58723,674
Other creditors66,45281,879
Accrued liabilities and deferred income800-
Total96,967215,283
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts23,87728,827
Total23,87728,827
7.Related party transactions
As at 31 December 2023 - there were loan amounts owed to the directors for £66,452 (31 December 2022 - £81,714)