Company No:
Contents
Note | 30.01.2024 | 30.07.2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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23,065 | 24,744 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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635,677 | 888,029 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (120,489) | (84,128) | ||
Total assets less current liabilities | (97,424) | (59,384) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Rigid Core Ltd (registered number:
J MacDonald
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
Rigid Core Ltd (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 130 Cambuslang Road Glasgow Gateway, Glasgow, G32 8NB, 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £97,424. The Company is supported through loans from the Subsidiary Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
The reporting period length covers 31st July 2022 to 30th January 2024 which is a period of 18 months. As a result, comparative periods are not comparable.
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.
Other intangible assets | not amortised |
Plant and machinery etc. |
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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.
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
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Period from 31.07.2022 to 30.01.2024 |
Period from 01.08.2021 to 30.07.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 31 July 2022 |
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At 30 January 2024 |
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Accumulated amortisation | |||
At 31 July 2022 |
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At 30 January 2024 |
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Net book value | |||
At 30 January 2024 |
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At 30 July 2022 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 31 July 2022 |
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Additions |
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At 30 January 2024 |
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Accumulated depreciation | |||
At 31 July 2022 |
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Charge for the financial period |
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At 30 January 2024 |
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Net book value | |||
At 30 January 2024 |
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At 30 July 2022 |
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Investments in subsidiaries
30.01.2024 | |
£ | |
Cost | |
At 31 July 2022 |
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At 30 January 2024 |
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Carrying value at 30 January 2024 |
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Carrying value at 30 July 2022 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.01.2024 |
Ownership 30.07.2022 |
Held |
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130 Cambuslang Road Glasgow Gateway, Glasgow, G32 8NB | Consulting |
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Direct |
30.01.2024 | 30.07.2022 | ||
£ | £ | ||
Amounts owed by related parties |
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Corporation tax |
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Other debtors |
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30.01.2024 | 30.07.2022 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Amounts owed to own subsidiaries |
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Taxation and social security |
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Other creditors |
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30.01.2024 | 30.07.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with entities in which the entity itself has a participating interest
30.01.2024 | 30.07.2022 | ||
£ | £ | ||
Amounts due to subsidiary company | 750,050 | 850,050 |
Transactions with the entity's director
30.01.2024 | 30.07.2022 | ||
£ | £ | ||
Amounts due from key management personnel | 369,542 | 357,467 |
Other related party transactions
30.01.2024 | 30.07.2022 | ||
£ | £ | ||
Amounts due from other related parties | 119,594 | 401,000 |