Registration number:
Rayglow Securities Limited
for the
Year Ended 31 December 2023
Rayglow Securities Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Rayglow Securities Limited
Company Information
Directors |
S N G Barratt P K Ison T P Lewis C J Newman |
Company secretary |
C J Newman |
Registered office |
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Accountants |
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Rayglow Securities Limited
(Registration number: 01305563)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Other financial assets |
31 |
62 |
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Cash at bank and in hand |
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|
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,353,600 |
1,353,600 |
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Non-distributable reserve |
743,065 |
965,515 |
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Profit and loss account |
3,847,941 |
3,890,634 |
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Shareholders' funds |
5,944,606 |
6,209,749 |
For the financial 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:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Rayglow Securities Limited
(Registration number: 01305563)
Balance Sheet as at 31 December 2023
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Rayglow Securities Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Dividends |
- |
- |
( |
( |
Transfers |
- |
(222,450) |
222,450 |
- |
At 31 December 2023 |
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|
|
|
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 January 2022 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Dividends |
- |
- |
( |
( |
Transfers |
- |
(262,051) |
262,051 |
- |
At 31 December 2022 |
1,353,600 |
965,515 |
3,890,634 |
6,209,749 |
Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£). All monetary amounts are rounded to the nearest Pound (£).
Going concern
The financial statements have been prepared on a going concern basis.
Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing differences.
Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Investment property
The acquisition of investment properties is recognised for accounts purposes on exchange of contracts but a property sale is not recognised until legal completion takes place.
No depreciation is provided in respect of investment properties.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from tenants for services provided in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Amounts received under operating leases are credited to the profit and loss account on a straight-line basis over the period of the lease, except where the lease was entered into before the FRS102 transition date or where doing so would not result in a true and fair view.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2 |
Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investment properties |
2023 |
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At 1 January |
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Fair value adjustments |
( |
At 31 December |
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The company's investment property portfolio was valued on an open market basis on 31 December 2023 by Messrs Boddy and Edwards, Chartered Surveyors.
If investment properties had not been revalued they would have been included at their historical cost of £4,736,073 (2022 - £4,736,073).
No provision has been made for deferred tax on losses recognised on revaluing investment properties to their fair values and unutilised capital losses on disposal. The current estimate is that there is an unprovided deferred tax asset of £123,221 (2022 - £86,823). The directors have not recognised this asset as it is their long-term intention to retain the investment properties.
Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 January 2023 |
62 |
62 |
Fair value adjustments |
(31) |
(31) |
At 31 December 2023 |
31 |
31 |
Carrying amount |
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At 31 December 2023 |
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31 |
No provision has been made for deferred tax on losses recognised in revaluing listed shares to their fair values and unutilised capital losses on disposal. The current estimate is that there is an unprovided deferred tax asset of £13,815 (2022 - £10,493).
Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Details of non-current trade and other debtors
£104,203 (2022 -£117,768) of a mortgage is classified as non current. This 15 year mortgage, totalling £185,000, was issued during the year ended 31 December 2015. Interest is being charged upon the same.
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Deferred tax and other provisions |
Other provisions |
Total |
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At 1 January 2023 |
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Unused provision reversed |
( |
( |
At 31 December 2023 |
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Provision has been made for the potential reimbursement of certain reinstatement costs incurred by a tenant during alteration works to a property in 2016. Uncertainties exist regarding the level of liability for which the company is responsible. Negotiations are ongoing.
The provision previously made for the cost of dilapidations in respect of a leasehold property has been reversed this year, as agreement was reached to surrender the lease without a dilapidations cost being required.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
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1,353,600 |
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1,353,600 |
Dividends |
Final dividends paid
2023 |
2022 |
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Final dividend of £0.18 per each |
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Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Summary of transactions with joint ventures
Freemantle Capital Partners (Wellington) Limited Freemantle Capital Partners (Wellington) Limited is a Joint Venture company in which the company holds 45/400 Ordinary 1p shares (11.25%).
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Loans to related parties
2023 |
Joint ventures |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
- |
- |
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2022 |
Joint ventures |
Total |
At start of period |
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At end of period |
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Rayglow Securities Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Parent and ultimate parent undertaking |
The company's immediate parent is