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RAGS LINCOLN LTD

Registered Number
08565016
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

RAGS LINCOLN LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

R McGuire

Registered Address

278 High Street
Lincoln
LN2 1JG

Registered Number

08565016 (England and Wales)
RAGS LINCOLN LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets44,7365,572
4,7365,572
Current assets
Stocks573,35593,725
Debtors679,6675,840
Cash at bank and on hand101,997195,355
255,019294,920
Creditors amounts falling due within one year7(54,334)(73,222)
Net current assets (liabilities)200,685221,698
Total assets less current liabilities205,421227,270
Creditors amounts falling due after one year8(8,292)(18,315)
Provisions for liabilities9(945)(1,059)
Net assets196,184207,896
Capital and reserves
Called up share capital125125
Profit and loss account196,059207,771
Shareholders' funds196,184207,896
The financial statements were approved and authorised for issue by the Director on 18 October 2024, and are signed on its behalf by:
R McGuire
Director
Registered Company No. 08565016
RAGS LINCOLN LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year33
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 September 2324,00024,000
At 31 August 2424,00024,000
Amortisation and impairment
At 01 September 2324,00024,000
At 31 August 2424,00024,000
Net book value
At 31 August 24--
At 31 August 23--
4.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 September 2311,54211,542
At 31 August 2411,54211,542
Depreciation and impairment
At 01 September 235,9705,970
Charge for year836836
At 31 August 246,8066,806
Net book value
At 31 August 244,7364,736
At 31 August 235,5725,572
5.Stocks

2024

2023

££
Other stocks73,35593,725
Total73,35593,725
6.Debtors: amounts due within one year

2024

2023

££
Other debtors75,2751,823
Prepayments and accrued income4,3924,017
Total79,6675,840
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables21,88712,259
Bank borrowings and overdrafts10,00010,000
Taxation and social security22,44721,052
Other creditors-29,911
Total54,33473,222
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The bank borrowings are a secured creditor.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts8,29218,315
Total8,29218,315
The bank borrowings are a secured creditor.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)9451,059
Total9451,059
10.Related party transactions
R P McGuire - Director There was a loan to the director, on which interest at the HMRC official rate was charged. During the year, interest totalled £364 (2023 - £nil). At the balance sheet date, the amount due from R P McGuire was £75,265 (2023 - £29,911 in credit).