Caseware UK (AP4) 2023.0.135 2023.0.135 202022-10-01falseNo description of principal activity42truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05924681 2022-10-01 2023-09-30 05924681 2021-10-01 2022-09-30 05924681 2023-09-30 05924681 2022-09-30 05924681 c:Director1 2022-10-01 2023-09-30 05924681 d:PlantMachinery 2022-10-01 2023-09-30 05924681 d:PlantMachinery 2023-09-30 05924681 d:PlantMachinery 2022-09-30 05924681 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05924681 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 05924681 d:MotorVehicles 2022-10-01 2023-09-30 05924681 d:MotorVehicles 2023-09-30 05924681 d:MotorVehicles 2022-09-30 05924681 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05924681 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 05924681 d:FurnitureFittings 2022-10-01 2023-09-30 05924681 d:FurnitureFittings 2023-09-30 05924681 d:FurnitureFittings 2022-09-30 05924681 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05924681 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 05924681 d:ComputerEquipment 2022-10-01 2023-09-30 05924681 d:ComputerEquipment 2023-09-30 05924681 d:ComputerEquipment 2022-09-30 05924681 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05924681 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 05924681 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05924681 d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 05924681 d:CurrentFinancialInstruments 2023-09-30 05924681 d:CurrentFinancialInstruments 2022-09-30 05924681 d:Non-currentFinancialInstruments 2023-09-30 05924681 d:Non-currentFinancialInstruments 2022-09-30 05924681 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 05924681 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 05924681 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 05924681 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 05924681 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 05924681 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 05924681 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 05924681 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 05924681 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 05924681 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-09-30 05924681 d:ShareCapital 2023-09-30 05924681 d:ShareCapital 2022-09-30 05924681 d:RetainedEarningsAccumulatedLosses 2023-09-30 05924681 d:RetainedEarningsAccumulatedLosses 2022-09-30 05924681 c:FRS102 2022-10-01 2023-09-30 05924681 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 05924681 c:AbridgedAccounts 2022-10-01 2023-09-30 05924681 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05924681 d:WithinOneYear 2023-09-30 05924681 d:WithinOneYear 2022-09-30 05924681 d:BetweenOneFiveYears 2023-09-30 05924681 d:BetweenOneFiveYears 2022-09-30 05924681 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 05924681 d:HirePurchaseContracts d:WithinOneYear 2022-09-30 05924681 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 05924681 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-09-30 iso4217:GBP xbrli:pure

Registered number: 05924681









Rattan Direct Ltd







Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2023

 
Rattan Direct Ltd
Registered number: 05924681

Balance Sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
132,293
207,109

Current assets
  

Stocks
  
828,115
1,687,961

Debtors: amounts falling due within one year
 5 
779,167
582,627

Cash at bank and in hand
 6 
825,785
201,004

  
2,433,067
2,471,592

Creditors: amounts falling due within one year
 7 
(2,365,785)
(1,627,714)

Net current assets
  
 
 
67,282
 
 
843,878

Total assets less current liabilities
  
199,575
1,050,987

Creditors: amounts falling due after more than one year
 8 
(304,083)
(346,122)

  

Net (liabilities)/assets
  
(104,508)
704,865


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(105,508)
703,865

  
(104,508)
704,865


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Fernandez
Director
Page 1

 
Rattan Direct Ltd
Registered number: 05924681
    
Balance Sheet (continued)
As at 30 September 2023

Date: 8 November 2024

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

1.


General information

Rattan Direct Limited is a private company limited by shares and incorporated in England. The address of the registered office is Unit 6 Smithfold Lane, Worsley, Manchester, England, M28 0GP.  The company's registered number is 05924681.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The company has net current assets of £67,282 (2022: net current assets of £843,878) and net liabilities of £104,508 (2022: net assets of £704,865) at 30 September 2023.
The company has faced challenges with declining sales since the post-COVID period. Before the pandemic, our average annual sales revenue was £6.7m between October 2015 and September 2019. However, this dropped to around £6.1m for the period from October 2022 to September 2023. The downturn continued in 2023/2024, with revenues further declining to £4.1m.
To address this, we have restructured and significantly reduced our costs. This includes optimising our staffing and opertional expenses, resulting in substantial savings compared to previous years. The company also successfully completed a Company Voluntary Arrangement in October 2024 which significantly reduced the level of unsecured liabilities of the business.
We have also taken steps to streamline other areas of the business, including reducing IT and consultancy expenses. Non-essential services have been discontinued, and we have implemented internal solutions to further cut costs and improve operational efficiency. 
Despite these challenges, the restructuring has left us with a leaner and more adaptable business model. We are focused on maintaining sustainable operations for the upcoming financial year (October 2024 - September 2025). With a focus on growth through new and existing sales channels, we believe the business is well-positioned to achieve long-term stability. 

Page 3

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 4

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
 on cost
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
25%
on cost
Computer equipment
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 7

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 42).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
42,724
60,395
185,743
279,720
568,582


Additions
-
-
159
8,648
8,807


Disposals
-
(29,405)
(2,117)
-
(31,522)



At 30 September 2023

42,724
30,990
183,785
288,368
545,867



Depreciation


At 1 October 2022
39,026
39,857
48,458
234,132
361,473


Charge for the year
936
-
40,155
29,435
70,526


Charge for the year on financed assets
-
5,436
-
-
5,436


Disposals
-
(22,135)
(1,726)
-
(23,861)



At 30 September 2023

39,962
23,158
86,887
263,567
413,574



Net book value



At 30 September 2023
2,762
7,832
96,898
24,801
132,293



At 30 September 2022
3,698
20,538
137,285
45,588
207,109


5.


Debtors

2023
2022
£
£


Trade debtors
184,457
52,116

Other debtors
310,967
325,851

Prepayments and accrued income
81,757
182,933

Deferred taxation
201,986
21,727

779,167
582,627


Page 8

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
825,785
201,004

825,785
201,004



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,098
9,849

Other loans
386,450
162,265

Trade creditors
654,486
226,381

Corporation tax
-
237,088

Other taxation and social security
338,027
503,556

Obligations under finance lease and hire purchase contracts
5,215
5,079

Other creditors
612,130
202,505

Accruals and deferred income
359,379
280,991

2,365,785
1,627,714


Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The bank loans relate to a Coronavirus Bounce Back Loan. Interest is payable at a rate of 2.5% per year.
Other loans relate to the following:
A YouLend Merchant Advance loan balance of £103,078 (
2022: £nil), repayable at a rate of 9.5% of all future sales, guaranteed by the director.
An IWOCA loan balance of £230,000 (
2022: £nil), repayable at a rate of 4.2% of the outstanding balance every 30 days, guaranteed by the director.
A Funding Circle RLS loan balance of £35,592 (
2022: £31,678), repayable over 72 months with an interest rate of 9.9% per year. The loan is guaranteed by the director.
A PayPal loan balance of £26,247 (
2022: £27,672), repayable at a minimum rate of £6,918 every 90 days, guaranteed by the director.
An Ebury Trade Finance loan balance of £8,467 (
2022: £102,915). This relates to a margin call.

Page 9

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
16,173
26,592

Other loans
287,463
313,720

Net obligations under finance leases and hire purchase contracts
447
5,810

304,083
346,122


Net obligations under finance leases and hire purchases contracts are secured on the assets to which they relate.
The bank loans relate to a Coronavirus Bounce Back Loan. Interest is payable at a rate of 2.5% per year.
Other loans relate to the following:
An IWOCA loan balance of £155,000 (
2022: £nil), repayable at a rate of 4.2% of the outstanding balance every 30 days, guaranteed by the director.
A Funding Circle RLS loan balance of £172,463 (
2022: £171,003), repayable over 72 months with an interest rate of 9.9% per year. The loan is guaranteed by the director.


9.


Loans



2023
2022
£
£

Amounts falling due within one year

Bank loans
10,098
9,849

Other loans
386,450
162,265

Amounts falling due 1-2 years

Bank loans
10,354
10,098

Other loans
154,991
63,264

Amounts falling due 2-5 years

Bank loans
5,819
16,494

Other loans
132,472
213,377

Amounts falling due after more than 5 years

Other loans
-
37,079

700,184
512,426


Page 10

 
Rattan Direct Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
5,215
5,079

Between 1-5 years
447
5,810

5,662
10,889


11.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
8,333
100,000

Later than 1 year and not later than 5 years
-
8,333

8,333
108,333


12.


Related party transactions

In the year, the company had transactions with two companies with a common shareholder. During the year £92,490 (2022: £877,365) was recharged to one company and £239,463 (2022: £28,672) expensed to the other.
Included within debtors at the year end is an amount of £184,961 (
2022: £52,457) in respect of these companies. Included within creditors at the year end is an amount of £248,147 (2022: £nil) in respect of these companies.
Included within other debtors at year end is an amount of £143,647 that relates to an overdrawn director's loan account (
2022: £nil).


13.


Controlling party

The company is controlled by Mr R Fernandez who holds the majority of the voting share capital.

Page 11