Company registration number SC210226 (Scotland)
RAVENSTONE FINANCIAL MANAGEMENT LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
RAVENSTONE FINANCIAL MANAGEMENT LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RAVENSTONE FINANCIAL MANAGEMENT LTD.
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,243
3,711
Current assets
Debtors
4
72,169
68,687
Cash at bank and in hand
197,039
174,890
269,208
243,577
Creditors: amounts falling due within one year
5
(80,716)
(73,217)
Net current assets
188,492
170,360
Net assets
192,735
174,071
Capital and reserves
Called up share capital
6,432
6,432
Share premium account
14,500
14,500
Capital redemption reserve
9,568
9,568
Profit and loss reserves
162,235
143,571
Total equity
192,735
174,071
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr J S Brown
Director
Company Registration No. SC210226
RAVENSTONE FINANCIAL MANAGEMENT LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Ravenstone Financial Management Ltd. is a private company limited by shares incorporated in Scotland. The registered office is 29 Park Circus, Glasgow, United Kingdom, G3 6AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised on the basis of the net commission earned from business written prior to the year end.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
RAVENSTONE FINANCIAL MANAGEMENT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
8,369
3,965
12,334
Additions
1,318
1,318
At 30 April 2024
8,369
5,283
13,652
Depreciation and impairment
At 1 May 2023
5,115
3,508
8,623
Depreciation charged in the year
651
135
786
At 30 April 2024
5,766
3,643
9,409
Carrying amount
At 30 April 2024
2,603
1,640
4,243
At 30 April 2023
3,254
457
3,711
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
72,169
68,687
RAVENSTONE FINANCIAL MANAGEMENT LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
14,926
7,409
Other creditors
65,790
65,808
80,716
73,217
6
Secured debt
The Royal Bank of Scotland PLC holds a bond and floating charge over all of the property and assets.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
5,923
5,040