IRIS Accounts Production v24.2.0.383 08913431 Board of Directors 1.3.23 28.2.24 28.2.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh089134312023-02-28089134312024-02-28089134312023-03-012024-02-28089134312022-02-28089134312022-03-012023-02-28089134312023-02-2808913431ns15:EnglandWales2023-03-012024-02-2808913431ns14:PoundSterling2023-03-012024-02-2808913431ns10:Director12023-03-012024-02-2808913431ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2808913431ns10:SmallEntities2023-03-012024-02-2808913431ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2808913431ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2808913431ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2808913431ns10:FullAccounts2023-03-012024-02-280891343112023-03-012024-02-2808913431ns10:Director22023-03-012024-02-2808913431ns10:Director32023-03-012024-02-2808913431ns10:CompanySecretary12023-03-012024-02-2808913431ns10:RegisteredOffice2023-03-012024-02-2808913431ns5:CurrentFinancialInstruments2024-02-2808913431ns5:CurrentFinancialInstruments2023-02-2808913431ns5:Non-currentFinancialInstruments2024-02-2808913431ns5:Non-currentFinancialInstruments2023-02-2808913431ns5:ShareCapital2024-02-2808913431ns5:ShareCapital2023-02-2808913431ns5:RetainedEarningsAccumulatedLosses2024-02-2808913431ns5:RetainedEarningsAccumulatedLosses2023-02-2808913431ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-012024-02-2808913431ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-012024-02-2808913431ns5:PlantMachinery2023-03-012024-02-2808913431ns5:FurnitureFittings2023-03-012024-02-2808913431ns5:MotorVehicles2023-03-012024-02-2808913431ns5:ComputerEquipment2023-03-012024-02-2808913431ns5:IntangibleAssetsOtherThanGoodwill2023-02-2808913431ns5:IntangibleAssetsOtherThanGoodwill2024-02-2808913431ns5:IntangibleAssetsOtherThanGoodwill2023-02-2808913431ns5:LongLeaseholdAssetsns5:LandBuildings2023-02-2808913431ns5:PlantMachinery2023-02-2808913431ns5:FurnitureFittings2023-02-2808913431ns5:LongLeaseholdAssetsns5:LandBuildings2024-02-2808913431ns5:PlantMachinery2024-02-2808913431ns5:FurnitureFittings2024-02-2808913431ns5:LongLeaseholdAssetsns5:LandBuildings2023-02-2808913431ns5:PlantMachinery2023-02-2808913431ns5:FurnitureFittings2023-02-2808913431ns5:MotorVehicles2023-02-2808913431ns5:ComputerEquipment2023-02-2808913431ns5:MotorVehicles2024-02-2808913431ns5:ComputerEquipment2024-02-2808913431ns5:MotorVehicles2023-02-2808913431ns5:ComputerEquipment2023-02-2808913431ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2808913431ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2808913431ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-02-2808913431ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-02-2808913431ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2808913431ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2808913431ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-2808913431ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-2808913431ns5:HirePurchaseContracts2024-02-2808913431ns5:HirePurchaseContracts2023-02-2808913431ns5:WithinOneYear2024-02-2808913431ns5:WithinOneYear2023-02-2808913431ns5:BetweenOneFiveYears2024-02-2808913431ns5:BetweenOneFiveYears2023-02-2808913431ns5:AllPeriods2024-02-2808913431ns5:AllPeriods2023-02-28
REGISTERED NUMBER: 08913431 (England and Wales)












RIGGING PROJECTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024






RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RIGGING PROJECTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: N A Black
S D Gray
T Hochreutener





SECRETARY: Mrs D Hochreutener





REGISTERED OFFICE: Riverside House
Brunel Road
Totton
Southampton
Hampshire
SO40 3WX





REGISTERED NUMBER: 08913431 (England and Wales)

RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

BALANCE SHEET
28 FEBRUARY 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 433,166 220,013
433,166 220,013

CURRENT ASSETS
Stocks 6 143,416 109,244
Debtors 7 908,315 996,589
Cash at bank 146,137 255,347
1,197,868 1,361,180
CREDITORS
Amounts falling due within one year 8 (578,475 ) (868,090 )
NET CURRENT ASSETS 619,393 493,090
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,052,559

713,103

CREDITORS
Amounts falling due after more than one
year

9

(287,803

)

(220,892

)

PROVISIONS FOR LIABILITIES (71,292 ) (30,649 )
NET ASSETS 693,464 461,562

RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

BALANCE SHEET - continued
28 FEBRUARY 2024

2024 2023
Notes £ £
CAPITAL AND RESERVES
Called up share capital 450 450
Retained earnings 693,014 461,112
693,464 461,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





N A Black - Director


RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024


1. STATUTORY INFORMATION

Rigging Projects Ltd 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 FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and far view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and reward are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet Date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold Improvements - Straight line over 7 years
Plant and machinery - 25% Reducing balance
Fixtures and fittings - 15% Reducing balance
Motor vehicles - Straight line over 5 years
Computer equipment - Straight line over 3 years

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (First-in, First-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.


RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets are liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recongised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recongised in the Statement of Comprehensive Income.

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.

RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similar spread on a straight-line basis over the lease term.

Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the
options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Restatement
A prior year restatement of £42,500 has been made for the year ended 28 February 2023 to reclassify other creditors due over 1 year from other creditors due within 1 year.

RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 March 2023
and 28 February 2024 13,000
AMORTISATION
At 1 March 2023
and 28 February 2024 13,000
NET BOOK VALUE
At 28 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
Improvements machinery fittings
£ £ £
COST
At 1 March 2023 148,469 108,762 9,178
Additions 15,976 231,591 9,381
Disposals - - -
At 28 February 2024 164,445 340,353 18,559
DEPRECIATION
At 1 March 2023 51,051 10,947 4,040
Charge for year 17,562 33,583 1,119
Eliminated on disposal - - -
At 28 February 2024 68,613 44,530 5,159
NET BOOK VALUE
At 28 February 2024 95,832 295,823 13,400
At 28 February 2023 97,418 97,815 5,138

RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 March 2023 12,960 26,430 305,799
Additions - 18,442 275,390
Disposals - (7,898 ) (7,898 )
At 28 February 2024 12,960 36,974 573,291
DEPRECIATION
At 1 March 2023 864 18,884 85,786
Charge for year 2,777 7,196 62,237
Eliminated on disposal - (7,898 ) (7,898 )
At 28 February 2024 3,641 18,182 140,125
NET BOOK VALUE
At 28 February 2024 9,319 18,792 433,166
At 28 February 2023 12,096 7,546 220,013

6. STOCKS
2024 2023
£ £
Stocks 143,416 96,689
Work-in-progress - 12,555
143,416 109,244

7. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 174,958 198,991
Amounts owed by group undertakings 475,591 442,871
Other debtors 235,266 354,727
885,815 996,589

Amounts falling due after more than one year:
Other debtors 22,500 -

Aggregate amounts 908,315 996,589

RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 71,009 31,200
Hire purchase contracts (see note 10) 17,478 17,478
Trade creditors 234,836 471,934
Taxation and social security 49,422 47,049
Other creditors 205,730 300,429
578,475 868,090

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 236,089 109,200
Hire purchase contracts (see note 10) 51,714 69,192
Other creditors - 42,500
287,803 220,892

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 17,478 17,478
Between one and five years 51,714 69,192
69,192 86,670

Non-cancellable
operating leases
2024 2023
£ £
Within one year 80,000 137,750
Between one and five years 152,550 176,550
232,550 314,300

RIGGING PROJECTS LTD (REGISTERED NUMBER: 08913431)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


11. CAPITAL COMMITMENTS
2024 2023
£ £
Contracted but not provided for in the
financial statements - 14,803

12. ULTIMATE CONTROLLING PARTY

Parent company:
Rigging Projects Holding Ltd
Riverside House Brunel Road
Totton
Southampton
SO40 3WX
England
United Kingdom