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Registration number: 03882743

Rayband Enterprises Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Rayband Enterprises Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Rayband Enterprises Limited

Company Information

Director

M T Raybould

Company secretary

S R Raybould

Registered office

McDonald's Restaurant
Abbey Lane
Leicester
LE4 2AB

Accountants

Munslows Accountants Ltd
Chartered Certified Accountants
32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

 

Rayband Enterprises Limited

(Registration number: 03882743)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Intangible assets

4

21,138

34,503

Property, plant and equipment

5

127,785

214,024

Other financial assets

6

1,250

1,250

 

150,173

249,777

Current assets

 

Inventories

30,321

36,708

Debtors

24,815

21,410

Cash at bank and in hand

 

556,541

814,242

 

611,677

872,360

Creditors: Amounts falling due within one year

(582,264)

(690,086)

Net current assets

 

29,413

182,274

Total assets less current liabilities

 

179,586

432,051

Provisions for liabilities

(31,228)

(49,456)

Net assets

 

148,358

382,595

Capital and reserves

 

Called up share capital

100

100

Retained earnings

148,258

382,495

Shareholders' funds

 

148,358

382,595

For the financial 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 Income Statement.

 

Rayband Enterprises Limited

(Registration number: 03882743)
Statement of Financial Position as at 31 December 2023

Approved and authorised by the director on 18 September 2024
 

.........................................
M T Raybould
Director

 

Rayband Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
McDonald's Restaurant
Abbey Lane
Leicester
LE4 2AB
England

These financial statements were authorised for issue by the director on 18 September 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.

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.

 

Rayband Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment 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

Plant and equipment

straight line between 3 and 20 years

Office equipment

straight line over 3 years

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Licences have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over the remaining life of the licence

Licence fee

straight line over the remaining life of the licence

Stamp duty

straight line over the shorter of the remaining life of the lease and 20 years

 

Rayband Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Inventories

Stocks are stated at the lower of average cost and net realisable value. Net realisable value is based on estimated selling price less further costs expected to be incurred prior to completion and disposal.

Payables

Payables 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.

Payables 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 159 (2022 - 162).

 

Rayband Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Licence fees
 £

Stamp duty
 £

Total
£

Cost or valuation

At 1 January 2023

187,101

30,000

10,868

227,969

At 31 December 2023

187,101

30,000

10,868

227,969

Amortisation

At 1 January 2023

158,669

25,442

9,355

193,466

Amortisation charge

11,006

1,765

594

13,365

At 31 December 2023

169,675

27,207

9,949

206,831

Carrying amount

At 31 December 2023

17,426

2,793

919

21,138

At 31 December 2022

28,432

4,558

1,513

34,503

5

Property, plant and equipment

Plant and equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,393,761

2,031

1,395,792

Additions

14,831

-

14,831

Disposals

(231,462)

(2,031)

(233,493)

At 31 December 2023

1,177,130

-

1,177,130

Depreciation

At 1 January 2023

1,179,737

2,031

1,181,768

Charge for the year

73,384

-

73,384

Eliminated on disposal

(203,776)

(2,031)

(205,807)

At 31 December 2023

1,049,345

-

1,049,345

Carrying amount

At 31 December 2023

127,785

-

127,785

At 31 December 2022

214,024

-

214,024

 

Rayband Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

1,250

1,250

7

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £3,000.00 (2022 - £3,050.00) per each Ordinary share

300,000

305,000