REGISTERED NUMBER: |
RIGGING PROJECTS HOLDINGS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
REGISTERED NUMBER: |
RIGGING PROJECTS HOLDINGS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
RIGGING PROJECTS HOLDINGS LTD (REGISTERED NUMBER: 13207602) |
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 HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
RIGGING PROJECTS HOLDINGS LTD (REGISTERED NUMBER: 13207602) |
BALANCE SHEET |
28 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
RIGGING PROJECTS HOLDINGS LTD (REGISTERED NUMBER: 13207602) |
BALANCE SHEET - continued |
28 FEBRUARY 2024 |
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 |
RIGGING PROJECTS HOLDINGS LTD (REGISTERED NUMBER: 13207602) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Rigging Projects Holdings Ltd is a |
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. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
Going Concern |
At the balance sheet date, the company has net assets of £960 (FY23: £910). The company is dependent on support from its wholly owned subsidiaries in the form of (1) dividends and (2) relief from those subsidiaries to whom it is liable in the form of amounts owed to group undertakings. The directors have indicated that this support will continue for a period of at least 12 months from the date of signing these financial statements and, as such, the going concern basis has been used. |
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. |
RIGGING PROJECTS HOLDINGS LTD (REGISTERED NUMBER: 13207602) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
The company operates an equity-settled EMI share option scheme. The fair value of share entitlements granted is recognised as staff costs in the profit and loss account with a corresponding increase in equity. Share options granted under the scheme are subject to non-market vesting conditions, which are not taken into account when estimating the fair value of entitlements as at the grant date. The expense is based on the fair value of the total number of entitlements expected to vest and is allocated to accounting periods on a straight line basis over the vesting period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |