Silverfin false false 31/05/2024 01/06/2023 31/05/2024 K Rayner 16/05/2002 R H Rayner 16/05/2002 13 October 2024 The principal activity of the company is that of manufacturers and wholesalers of jewellery, clocks and watches. 04440223 2024-05-31 04440223 bus:Director1 2024-05-31 04440223 bus:Director2 2024-05-31 04440223 2023-05-31 04440223 core:CurrentFinancialInstruments 2024-05-31 04440223 core:CurrentFinancialInstruments 2023-05-31 04440223 core:ShareCapital 2024-05-31 04440223 core:ShareCapital 2023-05-31 04440223 core:RetainedEarningsAccumulatedLosses 2024-05-31 04440223 core:RetainedEarningsAccumulatedLosses 2023-05-31 04440223 core:Goodwill 2023-05-31 04440223 core:Goodwill 2024-05-31 04440223 core:FurnitureFittings 2023-05-31 04440223 core:ComputerEquipment 2023-05-31 04440223 core:FurnitureFittings 2024-05-31 04440223 core:ComputerEquipment 2024-05-31 04440223 2022-05-31 04440223 bus:OrdinaryShareClass1 2024-05-31 04440223 2023-06-01 2024-05-31 04440223 bus:FilletedAccounts 2023-06-01 2024-05-31 04440223 bus:SmallEntities 2023-06-01 2024-05-31 04440223 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04440223 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04440223 bus:Director1 2023-06-01 2024-05-31 04440223 bus:Director2 2023-06-01 2024-05-31 04440223 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 04440223 core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 04440223 core:FurnitureFittings 2023-06-01 2024-05-31 04440223 core:ComputerEquipment 2023-06-01 2024-05-31 04440223 2022-06-01 2023-05-31 04440223 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 04440223 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04440223 (England and Wales)

RODNEY RAYNER LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

RODNEY RAYNER LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

RODNEY RAYNER LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
RODNEY RAYNER LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 705 944
705 944
Current assets
Stocks 5 47,896 54,435
Debtors 6 6,047 3,383
Cash at bank and in hand 1,104 4,292
55,047 62,110
Creditors: amounts falling due within one year 7 ( 50,682) ( 55,157)
Net current assets 4,365 6,953
Total assets less current liabilities 5,070 7,897
Provision for liabilities 8 ( 176) ( 236)
Net assets 4,894 7,661
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 4,892 7,659
Total shareholders' funds 4,894 7,661

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rodney Rayner Limited (registered number: 04440223) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

K Rayner
Director

13 October 2024

RODNEY RAYNER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
RODNEY RAYNER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rodney Rayner Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Other 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 250,000 250,000
At 31 May 2024 250,000 250,000
Accumulated amortisation
At 01 June 2023 250,000 250,000
At 31 May 2024 250,000 250,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 June 2023 11,061 11,022 22,083
At 31 May 2024 11,061 11,022 22,083
Accumulated depreciation
At 01 June 2023 10,651 10,488 21,139
Charge for the financial year 61 178 239
At 31 May 2024 10,712 10,666 21,378
Net book value
At 31 May 2024 349 356 705
At 31 May 2023 410 534 944

5. Stocks

2024 2023
£ £
Finished goods 47,896 54,435

6. Debtors

2024 2023
£ £
Trade debtors 5,317 3,004
Prepayments 0 256
Other debtors 730 123
6,047 3,383

7. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 47,360 48,255
Accruals 3,050 3,830
Taxation and social security ( 208) 2,592
Other creditors 480 480
50,682 55,157

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 236) ( 244)
Credited to the Statement of Income and Retained Earnings 60 8
At the end of financial year ( 176) ( 236)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Related party transactions

Transactions with the entity's directors

Included in other creditors is a balance of £47,359 (2023: £48,253) owed to the directors. This balance is unsecured and interest free, with no fixed repayment terms.