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COMPANY REGISTRATION NUMBER: 07625650
Rhubarb Seating Limited
Filleted Unaudited Financial Statements
31 December 2023
Rhubarb Seating Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
61,704
86,159
Current assets
Stocks
139,153
298,424
Debtors
6
304,067
264,098
Cash at bank and in hand
467,800
300,073
---------
---------
911,020
862,595
Creditors: amounts falling due within one year
7
206,572
242,433
---------
---------
Net current assets
704,448
620,162
---------
---------
Total assets less current liabilities
766,152
706,321
---------
---------
Net assets
766,152
706,321
---------
---------
Capital and reserves
Called up share capital
127
127
Profit and loss account
766,025
706,194
---------
---------
Shareholders funds
766,152
706,321
---------
---------
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rhubarb Seating Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr DP Matthews
Director
Company registration number: 07625650
Rhubarb Seating 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 8 Dormer Road, Thame, Oxfordshire, OX9 3UD.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
Over the life of the lease
Plant & Machinery
-
10.00% to 33.33% Straight line
Motor Vehicles
-
25.00% to 33.33% Straight line
Office Equipment
-
33.33% Straight line or over 12 months
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 17 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
96,815
211,597
85,667
41,519
435,598
Additions
2,475
4,083
2,473
9,031
--------
---------
--------
--------
---------
At 31 December 2023
99,290
215,680
85,667
43,992
444,629
--------
---------
--------
--------
---------
Depreciation
At 1 January 2023
96,815
160,326
74,941
17,357
349,439
Charge for the year
374
20,681
3,300
9,131
33,486
--------
---------
--------
--------
---------
At 31 December 2023
97,189
181,007
78,241
26,488
382,925
--------
---------
--------
--------
---------
Carrying amount
At 31 December 2023
2,101
34,673
7,426
17,504
61,704
--------
---------
--------
--------
---------
At 31 December 2022
51,271
10,726
24,162
86,159
--------
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
252,856
207,178
Other debtors
51,211
56,920
---------
---------
304,067
264,098
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
61,914
111,541
Corporation tax
24,191
5,273
Social security and other taxes
53,047
42,260
Other creditors
67,420
83,359
---------
---------
206,572
242,433
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
209,000
46,750
Later than 1 year and not later than 5 years
679,250
---------
--------
888,250
46,750
---------
--------
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2023
2022
£
£
Services provided by Companies under common control
100,519
71,907
---------
--------
All the above transactions were entered into on terms equivalent to those that prevail in arm's length transactions.