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REGISTERED NUMBER: 01698623 (England and Wales)














RYE OIL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






RYE OIL LIMITED (REGISTERED NUMBER: 01698623)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


RYE OIL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr P J Reardon
Mrs M C Reardon
Mr J R Reardon
Mr P S Reardon





REGISTERED OFFICE: Harbour Road
Rye
East Sussex
TN31 7TE





REGISTERED NUMBER: 01698623 (England and Wales)





ACCOUNTANTS: Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
Rye
East Sussex
TN31 7LJ

RYE OIL LIMITED (REGISTERED NUMBER: 01698623)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 295,618 183,381

CURRENT ASSETS
Stocks 459,915 414,882
Debtors 5 226,942 163,249
Cash at bank and in hand 937,246 1,153,131
1,624,103 1,731,262
CREDITORS
Amounts falling due within one year 6 414,334 463,733
NET CURRENT ASSETS 1,209,769 1,267,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,505,387

1,450,910

PROVISIONS FOR LIABILITIES 44,405 16,005
NET ASSETS 1,460,982 1,434,905

CAPITAL AND RESERVES
Called up share capital 7 10,000 10,000
Retained earnings 1,450,982 1,424,905
SHAREHOLDERS' FUNDS 1,460,982 1,434,905

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




Mr J R Reardon - Director


RYE OIL LIMITED (REGISTERED NUMBER: 01698623)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Rye Oil Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Website - 33% on cost

STOCKS
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

RYE OIL LIMITED (REGISTERED NUMBER: 01698623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 183,401 110,275 1,617
Additions - 7,176 -
At 31 May 2024 183,401 117,451 1,617
DEPRECIATION
At 1 June 2023 77,352 91,864 909
Charge for year 3,341 3,210 106
At 31 May 2024 80,693 95,074 1,015
NET BOOK VALUE
At 31 May 2024 102,708 22,377 602
At 31 May 2023 106,049 18,411 708

Motor
vehicles Website Totals
£    £    £   
COST
At 1 June 2023 368,769 6,400 670,462
Additions 137,750 - 144,926
At 31 May 2024 506,519 6,400 815,388
DEPRECIATION
At 1 June 2023 310,556 6,400 487,081
Charge for year 26,032 - 32,689
At 31 May 2024 336,588 6,400 519,770
NET BOOK VALUE
At 31 May 2024 169,931 - 295,618
At 31 May 2023 58,213 - 183,381

RYE OIL LIMITED (REGISTERED NUMBER: 01698623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 199,090 151,607
Other debtors 27,852 11,642
226,942 163,249

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 308,217 392,306
Taxation and social security 52,376 33,687
Other creditors 53,741 37,740
414,334 463,733

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8,000 Ordinary £1 8,000 8,000
2,000 'A' Ordinary £1 2,000 2,000
10,000 10,000