Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312truefalsefalse2023-06-01Consulting2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07241880 2023-06-01 2024-05-31 07241880 2022-06-01 2023-05-31 07241880 2024-05-31 07241880 2023-05-31 07241880 c:Director1 2023-06-01 2024-05-31 07241880 c:Director2 2023-06-01 2024-05-31 07241880 d:PlantMachinery 2023-06-01 2024-05-31 07241880 d:PlantMachinery 2024-05-31 07241880 d:PlantMachinery 2023-05-31 07241880 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 07241880 d:FurnitureFittings 2023-06-01 2024-05-31 07241880 d:FurnitureFittings 2024-05-31 07241880 d:FurnitureFittings 2023-05-31 07241880 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 07241880 d:OfficeEquipment 2023-06-01 2024-05-31 07241880 d:OfficeEquipment 2024-05-31 07241880 d:OfficeEquipment 2023-05-31 07241880 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 07241880 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 07241880 d:Goodwill 2023-06-01 2024-05-31 07241880 d:Goodwill 2024-05-31 07241880 d:Goodwill 2023-05-31 07241880 d:CurrentFinancialInstruments 2024-05-31 07241880 d:CurrentFinancialInstruments 2023-05-31 07241880 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 07241880 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 07241880 d:ShareCapital 2024-05-31 07241880 d:ShareCapital 2023-05-31 07241880 d:RetainedEarningsAccumulatedLosses 2024-05-31 07241880 d:RetainedEarningsAccumulatedLosses 2023-05-31 07241880 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 07241880 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 07241880 c:FRS102 2023-06-01 2024-05-31 07241880 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07241880 c:FullAccounts 2023-06-01 2024-05-31 07241880 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07241880 2 2023-06-01 2024-05-31 07241880 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 07241880






RIB EYE ENGINEERING LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










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RIB EYE ENGINEERING LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RIB EYE ENGINEERING LTD
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rib Eye Engineering Ltd for the year ended 31 May 2024 which comprise  the Balance sheet 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Rib Eye Engineering Ltd, as a body, in accordance with the terms of our engagement letter dated 4 January 2023Our work has been undertaken solely to prepare for your approval the financial statements of Rib Eye Engineering Ltd and state those matters that we have agreed to state to the Board of directors of Rib Eye Engineering Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rib Eye Engineering Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Rib Eye Engineering Ltd 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 profit of Rib Eye Engineering Ltd. You consider that Rib Eye Engineering Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Rib Eye Engineering Ltd. 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.

  



Venthams
 
Chartered Accountants
  
Phoenix House
Redhill Aerodrome
Kings Mill Lane
Redhill
Surrey
RH1 5JY
25 September 2024
Page 1

 
RIB EYE ENGINEERING LTD
REGISTERED NUMBER:07241880

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,293
2,181

  
1,293
2,181

Current assets
  

Debtors: amounts falling due within one year
 6 
585
28,719

Cash at bank and in hand
 7 
75,599
37,862

  
76,184
66,581

Creditors: amounts falling due within one year
 8 
(23,202)
(20,908)

Net current assets
  
 
 
52,982
 
 
45,673

Total assets less current liabilities
  
54,275
47,854

Provisions for liabilities
  

Deferred tax
  
(245)
(414)

  
 
 
(245)
 
 
(414)

Net assets
  
54,030
47,440


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
54,020
47,430

  
54,030
47,440


Page 2

 
RIB EYE ENGINEERING LTD
REGISTERED NUMBER:07241880
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.




Benedict Duke
Deborah Duke
Director
Director

Page 3

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Rib Eye Engineering Limited is a private limited company, registered in England and Wales. Its registered office is C/O Venthams Ltd, Unit 8, Phoenix House, Redhill Aerodrome, Kings Mill Lane, Redhill, Surrey, RH1 5JY.
The principal activity of the company continues to be the provision of consultancy services within the construction industry. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line
Fixtures and fittings
-
20%
Straight line
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

2024
2023
£
£

Wages and salaries
12,576
9,676

Social security costs
639
-

Cost of defined contribution scheme
6,000
33,000

19,215
42,676


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2


4.


Intangible assets




Goodwill

£





At 1 June 2023
44,000


Disposals
(44,000)



At 31 May 2024

-





At 1 June 2023
44,000


On disposals
(44,000)



At 31 May 2024

-



Net book value



At 31 May 2024
-



At 31 May 2023
-



Page 7

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
888
1,108
4,237
6,233



At 31 May 2024

888
1,108
4,237
6,233



Depreciation


At 1 June 2023
888
790
2,375
4,053


Charge for the year on owned assets
-
143
744
887



At 31 May 2024

888
933
3,119
4,940



Net book value



At 31 May 2024
-
175
1,118
1,293



At 31 May 2023
-
318
1,863
2,181


6.


Debtors

2024
2023
£
£


Trade debtors
-
11,400

Other debtors
-
16,651

Prepayments and accrued income
585
668

585
28,719



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
75,599
37,862

75,599
37,862


Page 8

 
RIB EYE ENGINEERING LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
226
804

Other taxation and social security
21,526
18,654

Accruals and deferred income
1,450
1,450

23,202
20,908



9.


Deferred taxation




2024


£






At beginning of year
(414)


Charged to profit or loss
169



At end of year
(245)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(246)
(414)

(246)
(414)


10.


Related party transactions

The Director owed the company £6,375 (2023: £16,651) and the full amount was repaid within nine months of the balance sheet date. 

 
Page 9