4
31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
00961593
2023-04-01
2024-03-31
00961593
2024-03-31
00961593
2023-03-31
00961593
2022-04-01
2023-03-31
00961593
2023-03-31
00961593
core:FurnitureFittingsToolsEquipment
2023-04-01
2024-03-31
00961593
core:MotorVehicles
2023-04-01
2024-03-31
00961593
bus:RegisteredOffice
2023-04-01
2024-03-31
00961593
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
00961593
bus:Director3
2023-04-01
2024-03-31
00961593
bus:CompanySecretary1
2023-04-01
2024-03-31
00961593
core:FurnitureFittingsToolsEquipment
2023-03-31
00961593
core:FurnitureFittingsToolsEquipment
2024-03-31
00961593
core:WithinOneYear
2024-03-31
00961593
core:WithinOneYear
2023-03-31
00961593
core:ShareCapital
2024-03-31
00961593
core:ShareCapital
2023-03-31
00961593
core:RetainedEarningsAccumulatedLosses
2024-03-31
00961593
core:RetainedEarningsAccumulatedLosses
2023-03-31
00961593
core:AcceleratedTaxDepreciationDeferredTax
2024-03-31
00961593
core:AcceleratedTaxDepreciationDeferredTax
2023-03-31
00961593
core:RevaluationInvestmentPropertyDeferredTax
2024-03-31
00961593
core:RevaluationInvestmentPropertyDeferredTax
2023-03-31
00961593
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
00961593
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
00961593
core:Non-currentFinancialInstruments
2024-03-31
00961593
core:Non-currentFinancialInstruments
2023-03-31
00961593
core:FurnitureFittingsToolsEquipment
2023-03-31
00961593
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2023-04-01
2024-03-31
00961593
bus:Audited
2023-04-01
2024-03-31
00961593
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2023-04-01
2024-03-31
00961593
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2023-04-01
2024-03-31
00961593
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
Company registration number:
00961593
Rita Fancy Goods Limited
Filleted financial statements
31 March 2024
Rita Fancy Goods Limited
Contents
Directors and other information
Directors report
Statement of financial position
Notes to the financial statements
Rita Fancy Goods Limited
Directors and other information
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Directors |
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Mr Kamal Mirpuri |
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Secretary |
Kamal Mirpuri |
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Company number |
00961593 |
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Registered office |
7 Jute Lane |
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Enfield |
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London |
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EN3 7JL |
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Business address |
7 Jute Lane |
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Enfield |
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London |
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EN3 7JL |
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Auditor |
Hamid & Co. |
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16 Upper Woburn Place |
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London |
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WC1H 0BS |
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Bankers |
Barclays Bank Plc |
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The City Business Banking Team |
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1 Churchill Place |
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London |
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E14 5HP |
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Rita Fancy Goods Limited
Directors report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
09 August 2024
and signed on behalf of the board by:
Mr Kamal Mirpuri
Director
Rita Fancy Goods Limited
Statement of financial position
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
5,159 |
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4,108 |
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Investments |
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6 |
570,000 |
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565,000 |
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_______ |
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_______ |
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575,159 |
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569,108 |
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Current assets |
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Stocks |
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345,017 |
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300,810 |
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Debtors |
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7 |
28,974 |
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107,529 |
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Cash at bank and in hand |
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266,563 |
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226,399 |
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_______ |
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_______ |
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640,554 |
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634,738 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
253,625) |
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(
257,831) |
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_______ |
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_______ |
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Net current assets |
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386,929 |
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376,907 |
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_______ |
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_______ |
Total assets less current liabilities |
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962,088 |
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946,015 |
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Provisions for liabilities |
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(
69,540) |
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(
68,027) |
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_______ |
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_______ |
Net assets |
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892,548 |
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877,988 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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25,000 |
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25,000 |
Profit and loss account |
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10 |
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867,548 |
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852,988 |
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_______ |
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_______ |
Shareholders funds |
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892,548 |
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877,988 |
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_______ |
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_______ |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 August 2024
, and are signed on behalf of the board by:
Mr Kamal Mirpuri
Director
Company registration number:
00961593
Rita Fancy Goods Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 7 Jute Lane, Enfield, London, EN3 7JL.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
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15 % |
reducing balance |
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Motor vehicles |
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25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
In accordance with FRS 102 S16, investment properties are initially recognised at its purchased price and any directly attributable expenditure. Investment property is subsequently measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tangible assets
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Fixtures, fittings and equipment |
Total |
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£ |
£ |
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Cost |
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At 1 April 2023 |
51,020 |
51,020 |
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Additions |
1,961 |
1,961 |
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_______ |
_______ |
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At 31 March 2024 |
52,981 |
52,981 |
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_______ |
_______ |
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Depreciation |
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At 1 April 2023 |
46,912 |
46,912 |
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Charge for the year |
910 |
910 |
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_______ |
_______ |
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At 31 March 2024 |
47,822 |
47,822 |
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_______ |
_______ |
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Carrying amount |
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At 31 March 2024 |
5,159 |
5,159 |
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_______ |
_______ |
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At 31 March 2023 |
4,108 |
4,108 |
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_______ |
_______ |
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6.
Investments
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Investment Property |
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£ |
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Cost |
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At 1 April 2023 |
565,000 |
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Fair value adjustment |
5,000 |
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_______ |
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At 31 March 2024 |
570,000 |
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_______ |
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Impairment |
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At 1 April 2023 and 31 March 2024 |
- |
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_______ |
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Carrying amount |
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At 31 March 2024 |
570,000 |
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_______ |
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At 31 March 2023 |
565,000 |
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_______ |
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Investment property was valued by external property consultants City & Urban in April 2024 at £570, 000 and the basis of valuation was the comparable market prices in the area in the current economic climate.
7.
Debtors
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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28,974 |
87,529 |
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Other debtors |
|
- |
20,000 |
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|
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_______ |
_______ |
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28,974 |
107,529 |
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_______ |
_______ |
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8.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
|
83,151 |
126,516 |
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Corporation tax |
|
34,566 |
26,715 |
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Social security and other taxes |
|
31,308 |
- |
|
Other creditors |
|
104,600 |
104,600 |
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|
_______ |
_______ |
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253,625 |
257,831 |
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_______ |
_______ |
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9.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
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|
2024 |
2023 |
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£ |
£ |
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Included in provisions (note ) |
|
69,540 |
68,027 |
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|
_______ |
_______ |
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The deferred tax account consists of the tax effect of timing differences in respect of:
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|
2024 |
2023 |
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£ |
£ |
|
Accelerated capital allowances |
|
1,290 |
1,027 |
|
Fair value adjustment of investment property |
|
68,250 |
67,000 |
|
|
|
_______ |
_______ |
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|
|
69,540 |
68,027 |
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|
_______ |
_______ |
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10.
Reserves
As a result of adoption of FRS 102, the revaluation reserve brought forward of £252,554 in respect of the investment property was transferred to profit and loss reserves as of 1 April 2014. The revaluation reserve at the at the end of the year was £272,554 (2023: £267,554).
11.
Summary audit opinion
The auditor's report for the year dated
09 August 2024
was unqualified.
The senior statutory auditor was
Mr Hamid Pervez FCA, FCCA.
for and on behalf of
Hamid & Co.