IRIS Accounts Production v24.2.0.383 07711815 Board of Directors 1.3.23 28.2.24 28.2.24 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh077118152023-02-28077118152024-02-28077118152023-03-012024-02-28077118152022-02-28077118152022-03-012023-02-28077118152023-02-2807711815ns15:EnglandWales2023-03-012024-02-2807711815ns14:PoundSterling2023-03-012024-02-2807711815ns10:Director12023-03-012024-02-2807711815ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2807711815ns10:SmallEntities2023-03-012024-02-2807711815ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2807711815ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2807711815ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2807711815ns10:FullAccounts2023-03-012024-02-2807711815ns10:EntityNoLongerTradingButTradedInPast2023-03-012024-02-2807711815ns10:Director22023-03-012024-02-2807711815ns10:Director32023-03-012024-02-2807711815ns10:Director42023-03-012024-02-2807711815ns10:RegisteredOffice2023-03-012024-02-2807711815ns5:CurrentFinancialInstruments2024-02-2807711815ns5:CurrentFinancialInstruments2023-02-2807711815ns5:Non-currentFinancialInstruments2024-02-2807711815ns5:Non-currentFinancialInstruments2023-02-2807711815ns5:ShareCapital2024-02-2807711815ns5:ShareCapital2023-02-2807711815ns5:RetainedEarningsAccumulatedLosses2024-02-2807711815ns5:RetainedEarningsAccumulatedLosses2023-02-2807711815ns5:PlantMachinery2023-03-012024-02-2807711815ns5:ComputerEquipment2023-03-012024-02-2807711815ns5:PlantMachinery2023-02-2807711815ns5:ComputerEquipment2023-02-2807711815ns5:PlantMachinery2024-02-2807711815ns5:ComputerEquipment2024-02-2807711815ns5:PlantMachinery2023-02-2807711815ns5:ComputerEquipment2023-02-2807711815ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2807711815ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28
REGISTERED NUMBER: 07711815 (England and Wales)












RIGGING PROJECTS MACHINING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024






RIGGING PROJECTS MACHINING LTD (REGISTERED NUMBER: 07711815)

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 MACHINING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: N A Black
S D Gray
T Hochreutener
C C Whitwam





REGISTERED OFFICE: Riverside House
Brunel Road
Totton
Southampton
Hampshire
SO40 2WX





REGISTERED NUMBER: 07711815 (England and Wales)

RIGGING PROJECTS MACHINING LTD (REGISTERED NUMBER: 07711815)

BALANCE SHEET
28 FEBRUARY 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 146,170 163,212

CURRENT ASSETS
Debtors 5 5 3,759
Cash at bank 381 4,487
386 8,246
CREDITORS
Amounts falling due within one year 6 (143,400 ) (122,083 )
NET CURRENT LIABILITIES (143,014 ) (113,837 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,156

49,375

CREDITORS
Amounts falling due after more than one
year

7

(19,065

)

(38,514

)

PROVISIONS FOR LIABILITIES (36,543 ) (31,153 )
NET LIABILITIES (52,452 ) (20,292 )

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (52,462 ) (20,302 )
(52,452 ) (20,292 )

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.

RIGGING PROJECTS MACHINING LTD (REGISTERED NUMBER: 07711815)

BALANCE SHEET - continued
28 FEBRUARY 2024


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 MACHINING LTD (REGISTERED NUMBER: 07711815)

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


1. STATUTORY INFORMATION

Rigging Projects Machining 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.

Going Concern
At the balance sheet date, the company has net liabilities of £52,452 (FY23: £20,292 negative). Following the transition of its activities (see note 10), the company is dependent on support from its parent company Rigging Projects Holdings Ltd in the form of (1) relief from those group undertakings to whom it is liable in the form of amounts owed to group undertakings and (2) enabling it to settle 3rd party creditors as well as certain ongoing administrative expenses. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Plant and machinery - Over 3, 5 or 10 years Straight line
Computer equipment - 25% Reducing balance

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.


RIGGING PROJECTS MACHINING LTD (REGISTERED NUMBER: 07711815)

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


2. ACCOUNTING POLICIES - continued
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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 7 ).

RIGGING PROJECTS MACHINING LTD (REGISTERED NUMBER: 07711815)

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


4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£ £ £
COST
At 1 March 2023
and 28 February 2024 288,934 4,731 293,665
DEPRECIATION
At 1 March 2023 128,157 2,296 130,453
Charge for year 16,425 617 17,042
At 28 February 2024 144,582 2,913 147,495
NET BOOK VALUE
At 28 February 2024 144,352 1,818 146,170
At 28 February 2023 160,777 2,435 163,212

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors - 2,830
Other debtors 5 929
5 3,759

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 14,823 16,112
Hire purchase contracts 4,505 17,564
Trade creditors 2,596 25,690
Amounts owed to group undertakings 121,476 50,817
Taxation and social security - 8,522
Other creditors - 3,378
143,400 122,083

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 19,065 32,540
Hire purchase contracts - 5,974
19,065 38,514

RIGGING PROJECTS MACHINING LTD (REGISTERED NUMBER: 07711815)

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


8. ULTIMATE CONTROLLING PARTY

Parent company:
Rigging Projects Holding Ltd
Riverside House Brunel Road
Totton
Southampton
S040 3WX
England
United Kingdom

9. TRANSITION OF TRADE AND ACTIVITIES

Following the purchase of 100% of the share capital by the company Rigging Projects Holdings Ltd on 2 August 2022, the directors began a phased transition to transfer the activities of the Company into a wholly owned subsidiary named Rigging Projects Ltd. All employees were transferred under TUPE to Rigging Projects Ltd.

To continue as going concern, and to enable it to meet its ongoing obligations and liabilities, Rigging Project Holdings Ltd has provided a letter of comfort confirming its willingness to provide continued financial support to the company.