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Registered number: 4409450
Rift Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Smith Hannah Limited
Chartered Certified Accountants
50 Woodgate
Leicester
LE3 5GF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 4409450
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,234 1,543
Tangible Assets 5 46,304 49,514
47,538 51,057
CURRENT ASSETS
Debtors 6 301,158 292,791
Cash at bank and in hand 150,001 119,490
451,159 412,281
Creditors: Amounts Falling Due Within One Year 7 (144,872 ) (144,650 )
NET CURRENT ASSETS (LIABILITIES) 306,287 267,631
TOTAL ASSETS LESS CURRENT LIABILITIES 353,825 318,688
Creditors: Amounts Falling Due After More Than One Year 8 (132,432 ) (134,242 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,798 ) (9,408 )
NET ASSETS 212,595 175,038
CAPITAL AND RESERVES
Called up share capital 2 2
Profit and Loss Account 212,593 175,036
SHAREHOLDERS' FUNDS 212,595 175,038
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Farina Tayub
Director
29th October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rift Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 4409450 . The registered office is 50 Woodgate, Leicester, LE3 5GF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is amortised over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% Reducing Balance
Motor Vehicles 20% Reducing Balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 94 (2023: 81)
94 81
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 28,790
As at 31 March 2024 28,790
Amortisation
As at 1 April 2023 27,247
Provided during the period 309
As at 31 March 2024 27,556
Net Book Value
As at 31 March 2024 1,234
As at 1 April 2023 1,543
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 105,119 5,000 110,119
Additions 2,086 - 2,086
As at 31 March 2024 107,205 5,000 112,205
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 April 2023 58,378 2,227 60,605
Provided during the period 4,742 554 5,296
As at 31 March 2024 63,120 2,781 65,901
Net Book Value
As at 31 March 2024 44,085 2,219 46,304
As at 1 April 2023 46,741 2,773 49,514
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 136,158 127,791
Other debtors 165,000 165,000
301,158 292,791
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 41,161 40,788
Bank loans and overdrafts 10,693 10,640
Corporation tax 24,193 23,589
Other taxes and social security 33,362 35,334
Other creditors 35,463 34,299
144,872 144,650
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 34,891 44,118
Other creditors 97,541 90,124
132,432 134,242
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 10,128 14,054
Page 5