RIVALSLOT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
RIVALSLOT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 11 |
RIVALSLOT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
BALANCE SHEET |
24 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
BALANCE SHEET - continued |
24 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Rivalslot Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The Company estimates the valuation of its investment properties against current market values of similar properties, at the balance sheet date. The actual sale value of these investment properties may differ from these estimates made, as a result of market fluctuations and unforeseen circumstances. |
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 |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. |
Stocks |
Stock comprises the Management Rights of several units and is valued at the lower of cost and net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Investment property |
In accordance with FRS 102 the investment properties held within the financial statements are revalued to fair value at each reporting date with changes in fair value recognised in the profit and loss. |
Revaluation reserve |
The revaluation reserve held in the financial statement represents the non-distributable reserve of the company at the reporting date. All gains and losses on the fair value of investment properties are recognised through the profit and loss account. |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
Cash at bank and in hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Creditors and provisions |
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Presentational and functional currency |
The presentational and functional currency is £ sterling. |
Going Concern |
The company continues to adopt the going concern basis in preparing its financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
Machinery | equipment | Totals |
£ | £ | £ |
COST |
At 25 December 2022 |
Additions |
At 24 December 2023 |
DEPRECIATION |
At 25 December 2022 |
Charge for year |
At 24 December 2023 |
NET BOOK VALUE |
At 24 December 2023 |
At 24 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Computer |
equipment |
£ |
COST |
At 25 December 2022 |
and 24 December 2023 |
DEPRECIATION |
At 25 December 2022 |
Charge for year |
At 24 December 2023 |
NET BOOK VALUE |
At 24 December 2023 |
At 24 December 2022 |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 25 December 2022 |
and 24 December 2023 |
NET BOOK VALUE |
At 24 December 2023 |
At 24 December 2022 |
Fair value at 24 December 2023 is represented by: |
£ |
Valuation in 1999 | 520,223 |
Valuation in 2000 | 55,000 |
Valuation in 2001 | (16,000 | ) |
Valuation in 2004 | 194,263 |
Valuation in 2005 | 90,112 |
Valuation in 2008 | 125,000 |
Valuation in 2016 | 290,370 |
Valuation in 2017 | 100,000 |
Valuation in 2019 | (45,185 | ) |
Valuation in 2020 | 150,000 |
Cost | 286,217 |
1,750,000 |
Investment properties were revalued at year end by the directors of the company at their estimation of the expected market value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Included within other debtors above are amounts due from connected companies totalling £2,400 (2022: £82,712). |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
The above bank loans are secured by way of a fixed and floating charge over the assets of the company. |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 25 December 2022 |
and 24 December 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 24 December 2023 and 24 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
RIVALSLOT LIMITED (REGISTERED NUMBER: 02743132) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 DECEMBER 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
M D Pullin |
Balance outstanding at start of year | - | 6,476 |
Amounts advanced | - | 38,067 |
Amounts repaid | - | (44,543 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Any overdrawn directors loan accounts will be repaid within 9 months of the year end. |
11. | ULTIMATE CONTROLLING PARTY |
The director Mr S J Williams is considered to be the ultimate controlling party by virtue of his 100% holding of the issued share capital of the company. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
RIVALSLOT LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rivalslot Limited for the year ended 24 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Rivalslot Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rivalslot Limited and state those matters that we have agreed to state to the Board of Directors of Rivalslot Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rivalslot Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Rivalslot Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Rivalslot Limited. You consider that Rivalslot Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Rivalslot Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |