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Registered Number: SC484108
Scotland

 

 

 

RIGAR ELECTRICAL SERVICES LTD.


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2022

End date: 31 August 2023
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 August 2023.
Principal activities
Principal activity of the company during the financial year was of electrical contractors.
Directors
The directors who served the company throughout the year were as follows:
Richard Curran
Garry McManus
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Richard Curran
Director
----------------------------------
Garry McManus
Director

Date approved: 31 August 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 42,166    42,166 
42,166    42,166 
Current assets      
Stocks 5 721    721 
Debtors 6 57,742    57,742 
Cash at bank and in hand (2,584)   (2,584)
55,879    55,879 
Creditors: amount falling due within one year 7 (26,909)   (26,909)
Net current assets 28,970    28,970 
 
Total assets less current liabilities 71,136    71,136 
Creditors: amount falling due after more than one year 8 (21,500)   (21,500)
Provisions for liabilities 9 (7,728)   (7,728)
Net assets 41,908    41,908 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 41,906    41,906 
Shareholders' funds 41,908    41,908 
 


For the year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 August 2024 and were signed on its behalf by:


-------------------------------
Richard Curran
Director
-------------------------------
Garry McManus
Director
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General Information
RIGAR ELECTRICAL SERVICES LTD. is a private company, limited by shares, registered in Scotland, registration number SC484108, registration address 49 Balfron Drive, Carnbroe, Coatbridge, ML5 4FF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Plant and Machinery 25% Reducing Balance
Computer Equipment 33% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 September 2022 27,000    27,000 
Additions  
Disposals  
At 31 August 2023 27,000    27,000 
Amortisation
At 01 September 2022 27,000    27,000 
Charge for year  
On disposals  
At 31 August 2023 27,000    27,000 
Net book values
At 31 August 2023  
At 31 August 2022  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 September 2022 2,228    42,337    904    45,469 
Additions 486    1,000      1,486 
Disposals      
At 31 August 2023 2,714    43,337    904    46,955 
Depreciation
At 01 September 2022 1,651    2,237    901    4,789 
Charge for year      
On disposals      
At 31 August 2023 1,651    2,237    901    4,789 
Net book values
Closing balance as at 31 August 2023 1,063    41,100    3    42,166 
Opening balance as at 01 September 2022 1,063    41,100    3    42,166 

The net book value of Motor Vehicles includes £ 40,100 (2022 £40,100) in respect of assets leased under finance leases or hire purchase contracts.

5.

Stocks

2023
£
  2022
£
Stocks 721    721 
721    721 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 29,438    29,438 
Prepayments & Accrued Income 193    193 
Other Debtors 1,225    1,225 
PAYE & Social Security 3,606    3,606 
Directors' Current Accounts 23,280    23,280 
57,742    57,742 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,457    1,457 
Corporation Tax 10,459    10,459 
Accrued Expenses 1,144    1,144 
Other Creditors 16,589    16,589 
Wages & Salaries Control Account (5,686)   (5,686)
VAT 2,946    2,946 
26,909    26,909 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 21,500    21,500 
21,500    21,500 

9.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 7,728    7,728 
7,728    7,728 

3