REGISTERED NUMBER: |
RIFT HOLDINGS LIMITED |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
REGISTERED NUMBER: |
RIFT HOLDINGS LIMITED |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
RIFT HOLDINGS LIMITED (REGISTERED NUMBER: 12243691) |
Contents of the Financial Statements |
for the year ended 31 October 2023 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 | to | 5 |
RIFT HOLDINGS LIMITED |
Company Information |
for the year ended 31 October 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
RIFT Holdings Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RIFT Holdings Limited for the year ended 31 October 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of RIFT Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of RIFT Holdings Limited and state those matters that we have agreed to state to the Board of Directors of RIFT Holdings Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that RIFT Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of RIFT Holdings Limited. You consider that RIFT Holdings Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of RIFT Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
RIFT HOLDINGS LIMITED (REGISTERED NUMBER: 12243691) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Investments | 5 |
Current assets |
Debtors | 6 |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RIFT HOLDINGS LIMITED (REGISTERED NUMBER: 12243691) |
Notes to the Financial Statements |
for the year ended 31 October 2023 |
1. | General information |
RIFT Holdings LTD (''the company'') is a limited company incorporated and domiciled in the United Kingdom and registered in England and Wales.The registered office address can be found on the Company Information page. |
The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for the year ended 31 October 2023 (2022: year ended 31 October 2022). |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about RIFT Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Patents and licences |
The patents and licenses are valued by an external third party and will be valued every year for the financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current 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. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as other debtors and creditors and loans with related parties. |
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
3. | Employees |
The average number of employees during the year was |
4. | Intangible fixed assets |
Patents |
and |
licences |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
RIFT HOLDINGS LIMITED (REGISTERED NUMBER: 12243691) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2023 |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Directors' current accounts | 219,500 | - |
Accrued expenses |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |