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COMPANY REGISTRATION NUMBER: 06228971
Michael Rutter Limited
Filleted Unaudited Financial Statements
31 December 2023
Michael Rutter Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Officers and professional advisers
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3 to 4
Notes to the financial statements
5 to 8
Michael Rutter Limited
Officers and Professional Advisers
Director
Mr M Rutter
Company secretary
Mrs P Rutter
Registered office
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Accountants
BSN Associates Limited
Chartered Accountants
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Michael Rutter Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Michael Rutter Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Rutter Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Michael Rutter Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Rutter Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Rutter Limited and its director for our work or for this report.
It is your duty to ensure that Michael Rutter Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Michael Rutter Limited. You consider that Michael Rutter Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Michael Rutter Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BSN Associates Limited Chartered Accountants
3B Swallowfield Courtyard Wolverhampton Road Oldbury West Midlands B69 2JG
16 September 2024
Michael Rutter Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
69,705
168,231
Current assets
Debtors
6
16,976
4,369
Cash at bank and in hand
23,055
52,082
--------
--------
40,031
56,451
Creditors: amounts falling due within one year
7
30,131
43,300
--------
--------
Net current assets
9,900
13,151
--------
---------
Total assets less current liabilities
79,605
181,382
Provisions
Taxation including deferred tax
10,878
24,059
--------
---------
Net assets
68,727
157,323
--------
---------
Michael Rutter Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
9
68,627
157,223
--------
---------
Shareholder funds
68,727
157,323
--------
---------
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 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 member has 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 .
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr M Rutter
Director
Company registration number: 06228971
Michael Rutter Limited
Notes to the Financial Statements
Year ended 31 December 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 3B Swallowfield Courtyard, Wolverhampton Road, Oldbury, West Midlands, B69 2JG.
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 1A.7 of FRS 102: - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant adjustments or estimates have been made in the preparation of these accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax. Contract monies for riding are recognised over the period they relate to and prize, bonus and appearance monies are recognised when they have been earned under the terms of the contract.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
20% straight line
Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
28,489
310,495
54,142
25,859
418,985
Additions
4,964
2,708
24,000
514
32,186
Disposals
( 243,863)
( 9,482)
( 8,260)
( 261,605)
--------
---------
--------
--------
---------
At 31 December 2023
33,453
69,340
68,660
18,113
189,566
--------
---------
--------
--------
---------
Depreciation
At 1 January 2023
13,968
194,279
24,607
17,900
250,754
Charge for the year
3,640
29,235
11,634
5,386
49,895
Disposals
( 168,375)
( 5,071)
( 7,342)
( 180,788)
--------
---------
--------
--------
---------
At 31 December 2023
17,608
55,139
31,170
15,944
119,861
--------
---------
--------
--------
---------
Carrying amount
At 31 December 2023
15,845
14,201
37,490
2,169
69,705
--------
---------
--------
--------
---------
At 31 December 2022
14,521
116,216
29,535
7,959
168,231
--------
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
16,000
2,400
Prepayments and accrued income
976
1,150
Other debtors
819
--------
-------
16,976
4,369
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,512
899
Social security and other taxes
1,293
Director loan accounts
24,542
39,617
Other creditors
2,784
2,784
--------
--------
30,131
43,300
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Reserves
The company maintains the following reserves: Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Related party transactions
At the year end the company owed £2,784 (2022: £2,784) to Michael Rutter Racing Limited a company under the control of Mr M Rutter .
11. Controlling party
The company was under the control of Mr M Rutter throughout the current and previous year.