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COMPANY REGISTRATION NUMBER: 10760136
Rays Amenities Limited
Filleted Unaudited Financial Statements
31 August 2023
Rays Amenities Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Rays Amenities Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Rays Amenities Limited
Year ended 31 August 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 August 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
30 August 2024
Rays Amenities Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
6
1
1,900
Tangible assets
7
62,380
78,487
--------
--------
62,381
80,387
Current assets
Stocks
8
35,617
76,710
Debtors
9
281
343
Cash at bank and in hand
67,404
71,700
---------
---------
103,302
148,753
Creditors: amounts falling due within one year
10
81,791
137,439
---------
---------
Net current assets
21,511
11,314
--------
--------
Total assets less current liabilities
83,892
91,701
Creditors: amounts falling due after more than one year
11
28,236
33,311
--------
--------
Net assets
55,656
58,390
--------
--------
Capital and reserves
Called up share capital
12
10
10
Profit and loss account
55,646
58,380
--------
--------
Shareholders funds
55,656
58,390
--------
--------
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 31 August 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 .
Rays Amenities Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr A.K. Navalgund
Director
Company registration number: 10760136
Rays Amenities Limited
Notes to the Financial Statements
Year ended 31 August 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 Ross Post Office Units 13 & 14, The Maltings, Ross, Hereford, HR9 7YB.
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, 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Short leasehold property
-
10% straight line
Fixtures and fittings
-
10% straight line
Equipment
-
15% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
1,954
4,875
-------
-------
Tax on (loss)/profit
1,954
4,875
-------
-------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 780)
29,749
----
--------
(Loss)/profit on ordinary activities by rate of tax
( 148)
5,652
Effect of expenses not deductible for tax purposes
3,421
5,213
Effect of capital allowances and depreciation
( 1,319)
( 5,990)
-------
--------
Tax on (loss)/profit
1,954
4,875
-------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
57,000
--------
Amortisation
At 1 September 2022
55,100
Charge for the year
1,899
--------
At 31 August 2023
56,999
--------
Carrying amount
At 31 August 2023
1
--------
At 31 August 2022
1,900
--------
7. Tangible assets
Short leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
9,272
108,538
28,840
146,650
-------
---------
--------
---------
Depreciation
At 1 September 2022
4,481
56,915
6,767
68,163
Charge for the year
927
10,854
4,326
16,107
-------
---------
--------
---------
At 31 August 2023
5,408
67,769
11,093
84,270
-------
---------
--------
---------
Carrying amount
At 31 August 2023
3,864
40,769
17,747
62,380
-------
---------
--------
---------
At 31 August 2022
4,791
51,623
22,073
78,487
-------
---------
--------
---------
8. Stocks
2023
2022
£
£
Raw materials and consumables
35,617
76,710
--------
--------
9. Debtors
2023
2022
£
£
Other debtors
281
343
----
----
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,404
4,404
Trade creditors
( 1,631)
( 171)
Corporation tax
7,763
18,278
Social security and other taxes
2,808
2,282
Other creditors
68,447
112,646
--------
---------
81,791
137,439
--------
---------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,236
33,311
--------
--------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
----
----
----
----
13. Director's advances, credits and guarantees
At 31st August 2023, other creditors include the following amounts due to the director:- Mr A.K. Navalgund £3,317 (2022-£49,831) The loans are interest free and repayable on demand