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REGISTERED NUMBER: NI635395 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

RAE Retail Limited

RAE Retail Limited (Registered number: NI635395)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


RAE Retail Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: R Eynon
A M Eynon





REGISTERED OFFICE: Spar Craigyhill
200-202 Linn Road
Larne
Co. Antrim
BT40 2AL





REGISTERED NUMBER: NI635395 (Northern Ireland)





ACCOUNTANTS: Lynn Drake & Co Ltd
Chartered Accountants
1st Floor
34 B-D Main Street
Moira
Co. Armagh
BT67 0LE

RAE Retail Limited (Registered number: NI635395)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 49,335 47,623
49,335 47,623

CURRENT ASSETS
Stocks 70,378 65,679
Debtors 7 22,529 30,257
Cash at bank and in hand 212,611 177,441
305,518 273,377
CREDITORS
Amounts falling due within one year 8 120,429 115,232
NET CURRENT ASSETS 185,089 158,145
TOTAL ASSETS LESS CURRENT
LIABILITIES

234,424

205,768

CREDITORS
Amounts falling due after more than one
year

9

130,000

130,000
NET ASSETS 104,424 75,768

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 104,324 75,668
SHAREHOLDERS' FUNDS 104,424 75,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RAE Retail Limited (Registered number: NI635395)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:




R Eynon - Director



A M Eynon - Director


RAE Retail Limited (Registered number: NI635395)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

RAE Retail Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ar recognised in the profit and loss account in other administrative expenses.


RAE Retail Limited (Registered number: NI635395)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

RAE Retail Limited (Registered number: NI635395)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 78,826
AMORTISATION
At 1 February 2023
and 31 January 2024 78,826
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

6. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023 388,687 14,500 403,187
Additions 13,815 - 13,815
At 31 January 2024 402,502 14,500 417,002
DEPRECIATION
At 1 February 2023 354,134 1,430 355,564
Charge for year 9,298 2,805 12,103
At 31 January 2024 363,432 4,235 367,667
NET BOOK VALUE
At 31 January 2024 39,070 10,265 49,335
At 31 January 2023 34,553 13,070 47,623

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
VAT - 637
Prepayments and accrued income 22,529 29,620
22,529 30,257

RAE Retail Limited (Registered number: NI635395)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 66,323 67,107
Tax 2,556 3,684
Social security and other taxes 16,044 15,849
VAT 415 -
Other creditors 4,478 2,233
Directors' current accounts 8,154 4,154
Accrued expenses 22,459 22,205
120,429 115,232

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.24 31.1.23
£    £   
Other loans more 5yrs non-inst 130,000 130,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 130,000 130,000

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
100 Ordinary £1 100 100