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COMPANY REGISTRATION NUMBER: 4420562
Rhyal Services Limited
Filleted Unaudited Financial Statements
31 January 2024
Rhyal Services Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Rhyal Services Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
2,353,392
2,531,373
Current assets
Stocks
248,577
292,099
Debtors
7
11,457
84,142
Cash at bank and in hand
21,100
53,881
---------
---------
281,134
430,122
Creditors: amounts falling due within one year
8
( 2,037,609)
( 2,047,907)
------------
------------
Net current liabilities
( 1,756,475)
( 1,617,785)
------------
------------
Total assets less current liabilities
596,917
913,588
Creditors: amounts falling due after more than one year
9
( 117,443)
( 209,505)
---------
---------
Net assets
479,474
704,083
---------
---------
Capital and reserves
Called up share capital
10
3
3
Profit and loss account
479,471
704,080
---------
---------
Shareholders funds
479,474
704,083
---------
---------
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.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 May 2024 , and are signed on behalf of the board by:
Mr R.L. Thomson
Director
Company registration number: 4420562
Rhyal Services Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8, Thornton Industrial Estate, Milford Haven, Pembrokeshire, SA73 2RX.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services are recognised when the significant risks and rewards of ownership of the goods 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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.
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:
Plant & Machinery
-
10% & 25% on a reducing balance basis.
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
No depreciation is provided on Freehold Property.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
Adjustments in respect of prior periods
( 45,187)
Deferred tax:
Origination and reversal of timing differences
( 132,705)
----
---------
Tax on loss
( 177,892)
----
---------
6. Tangible assets
Freehold Property
Plant & Machinery
Motor Vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
1,383,583
2,671,320
1,047,840
15,899
5,118,642
Additions
21,922
72,500
94,422
Disposals
( 7,917)
( 25,890)
( 33,807)
------------
------------
------------
--------
------------
At 31 January 2024
1,383,583
2,685,325
1,094,450
15,899
5,179,257
------------
------------
------------
--------
------------
Depreciation
At 1 February 2023
1,970,020
601,711
15,538
2,587,269
Charge for the year
130,061
127,439
90
257,590
Disposals
( 1,979)
( 17,015)
( 18,994)
------------
------------
------------
--------
------------
At 31 January 2024
2,098,102
712,135
15,628
2,825,865
------------
------------
------------
--------
------------
Carrying amount
At 31 January 2024
1,383,583
587,223
382,315
271
2,353,392
------------
------------
------------
--------
------------
At 31 January 2023
1,383,583
701,300
446,129
361
2,531,373
------------
------------
------------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant & Machinery
Motor Vehicles
Total
£
£
£
At 31 January 2024
195,355
259,884
455,239
---------
---------
---------
At 31 January 2023
238,844
310,111
548,955
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
1,447
3,065
Other debtors
10,010
81,077
--------
--------
11,457
84,142
--------
--------
Other debtors include an amount of £Nil (2023 - £Nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
9,146
9,019
Trade creditors
52,057
99,080
Hire purchase agreements (secured)
177,330
247,210
Social security and other taxes
27,742
1,496
Other creditors
1,771,334
1,691,102
------------
------------
2,037,609
2,047,907
------------
------------
The HSBC Bank PLC bank facilities are secured by fixed and floating charges over the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
12,549
22,002
Hire purchase agreements (secured)
104,894
187,503
---------
---------
117,443
209,505
---------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
Ordinary A shares of £ 1 each
1
1
1
1
----
----
----
----
3
3
3
3
----
----
----
----
11. Related party transactions
The company was under the control of Mr R. L. Thomson throughout the current and previous year. Mr R. L. Thomson is the managing director and majority shareholder. During the year the company paid dividends of £35,500 (2023 - £Nil) to the shareholders.