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Registration number: 14530420

Rachael Riches Ltd

Unaudited Filleted Financial Statements

for the Period from 8 December 2022 to 31 December 2023

 

Rachael Riches Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Rachael Riches Ltd

(Registration number: 14530420)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

27,614

Current assets

 

Stocks

5

526

Debtors

6

21,434

Cash at bank and in hand

 

1,317

 

23,277

Creditors: Amounts falling due within one year

7

(55,017)

Net current liabilities

 

(31,740)

Total assets less current liabilities

 

(4,126)

Provisions for liabilities

1,260

Net liabilities

 

(2,866)

Capital and reserves

 

Called up share capital

100

Retained earnings

(2,966)

Shareholders' deficit

 

(2,866)

For the financial period ending 31 December 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 accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 August 2024
 

 

Rachael Riches Ltd

(Registration number: 14530420)
Balance Sheet as at 31 December 2023

.........................................
Miss R J Riches
Director

 

Rachael Riches Ltd

Notes to the Unaudited Financial Statements for the Period from 8 December 2022 to 31 December 2023

1

General information

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

The address of its registered office is:
73 Cadeby Road
Sprotbrough
Doncaster
South Yorkshire
DN5 7SF

These financial statements were authorised for issue by the director on 16 August 2024.

2

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 but for the reasons set out in the directors report this may not be appropriate.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Rachael Riches Ltd

Notes to the Unaudited Financial Statements for the Period from 8 December 2022 to 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Office Equipment

25% Reducing Balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Rachael Riches Ltd

Notes to the Unaudited Financial Statements for the Period from 8 December 2022 to 31 December 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Rachael Riches Ltd

Notes to the Unaudited Financial Statements for the Period from 8 December 2022 to 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

844

35,975

36,819

At 31 December 2023

844

35,975

36,819

Depreciation

Charge for the period

211

8,994

9,205

At 31 December 2023

211

8,994

9,205

Carrying amount

At 31 December 2023

633

26,981

27,614

5

Stocks

2023
£

Other inventories

526

6

Debtors

2023
£

Trade debtors

13,190

Other debtors

5,990

Prepayments

2,254

21,434

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Trade creditors

 

2,274

Corporation tax

 

709

Other creditors

 

50,000

Accrued expenses

 

2,034

 

55,017

 

Rachael Riches Ltd

Notes to the Unaudited Financial Statements for the Period from 8 December 2022 to 31 December 2023

8

Related party transactions

Transactions with the director

2023

At 8 December 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Miss R J Riches

Director's Current account

-

(8,800)

2,809

(5,991)