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Company No: SC262213 (Scotland)

RL RATTRAY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

RL RATTRAY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

RL RATTRAY LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
RL RATTRAY LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 77,106 96,617
77,106 96,617
Current assets
Stocks 4 16,400 16,500
Debtors 5 108,471 104,509
Cash at bank and in hand 6 22,260 39,179
147,131 160,188
Creditors: amounts falling due within one year 7 ( 174,090) ( 153,586)
Net current (liabilities)/assets (26,959) 6,602
Total assets less current liabilities 50,147 103,219
Creditors: amounts falling due after more than one year 8 ( 29,167) ( 57,875)
Provision for liabilities 9, 10 ( 3,815) ( 9,036)
Net assets 17,165 36,308
Capital and reserves
Called-up share capital 11 150 150
Profit and loss account 17,015 36,158
Total shareholder's funds 17,165 36,308

For the financial 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 financial statements of RL Rattray Limited (registered number: SC262213) were approved and authorised for issue by the Director on 28 October 2024. They were signed on its behalf by:

Mr S J Brown
Director
RL RATTRAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
RL RATTRAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 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

RL Rattray Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 11 Sandy Road, Scone, Perth, PH2 6LJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for plumbing services, and is shown net of VAT and trade discounts.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term 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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 Balance Sheet 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.

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, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line and reducing balance basis over its expected useful life, as follows:

Plant and machinery 0 - 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 5 years straight line

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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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 and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 14

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 February 2023 674 131,370 10,723 19,799 162,566
Additions 725 10,995 0 0 11,720
Disposals 0 ( 28,125) 0 0 ( 28,125)
At 31 January 2024 1,399 114,240 10,723 19,799 146,161
Accumulated depreciation
At 01 February 2023 417 56,756 5,146 3,630 65,949
Charge for the financial year 185 19,579 1,394 3,960 25,118
Disposals 0 ( 22,012) 0 0 ( 22,012)
At 31 January 2024 602 54,323 6,540 7,590 69,055
Net book value
At 31 January 2024 797 59,917 4,183 12,209 77,106
At 31 January 2023 257 74,614 5,577 16,169 96,617

4. Stocks

2024 2023
£ £
Stocks 16,400 16,500

5. Debtors

2024 2023
£ £
Trade debtors 108,405 104,509
Other debtors 66 0
108,471 104,509

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 22,260 39,179

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,710 10,446
Trade creditors 102,770 104,854
Other taxation and social security 12,293 11,931
Obligations under finance leases and hire purchase contracts 22,603 23,292
Other creditors 25,714 3,063
174,090 153,586

Included in bank borrowings is a bounce back loan which was advanced to the company in the year ending 31 January 2021. This loan is covered by a government backed guarantee.

Obligations under finance lease or hire purchase contracts are secured over the related assets.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,172 22,883
Obligations under finance leases and hire purchase contracts 10,376 26,166
Other creditors 6,619 8,826
29,167 57,875

Included in bank borrowings is a bounce back loan which was advanced to the company in the year ending 31 January 2021. This loan is covered by a government backed guarantee.

Obligations under finance lease or hire purchase contracts are secured over the related assets.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 3,815 9,036

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 9,036) ( 8,505)
Credited/(charged) to the Profit and Loss Account 5,221 ( 531)
At the end of financial year ( 3,815) ( 9,036)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 A Ordinary Shares shares of £ 1.00 each 10 10
10 B Ordinary Shares shares of £ 1.00 each 10 10
31 C Ordinary Shares shares of £ 1.00 each 31 31
99 Ordinary Shares shares of £ 1.00 each 99 99
150 150

12. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts Owed to Directors 20,000 0

The loan is interest free and has no fixed terms of repayment.