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REGISTERED NUMBER: 09433391 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Rathstones Financial Limited

Rathstones Financial Limited (Registered number: 09433391)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Rathstones Financial Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: L Baugh
Miss B Szabatka





SECRETARY: L Baugh





REGISTERED OFFICE: 1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY





REGISTERED NUMBER: 09433391 (England and Wales)





ACCOUNTANTS: Butt Miller
Chartered Accountants
1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY

Rathstones Financial Limited (Registered number: 09433391)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 86 256

CURRENT ASSETS
Debtors 5 128,355 238,086
Cash at bank 37 7,175
128,392 245,261
CREDITORS
Amounts falling due within one year 6 (189,925 ) (168,045 )
NET CURRENT (LIABILITIES)/ASSETS (61,533 ) 77,216
TOTAL ASSETS LESS CURRENT
LIABILITIES

(61,447

)

77,472

CREDITORS
Amounts falling due after more than one
year

7

(10,506

)

(90,515

)

PROVISIONS FOR LIABILITIES (21 ) (64 )
NET LIABILITIES (71,974 ) (13,107 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (72,074 ) (13,207 )
SHAREHOLDERS' FUNDS (71,974 ) (13,107 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Rathstones Financial Limited (Registered number: 09433391)

Statement of Financial Position - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





L Baugh - Director


Rathstones Financial Limited (Registered number: 09433391)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

Rathstones Financial Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rathstones Financial Limited acts as an intermediary between its customers and the ultimate sellers of finance services. Commission is recognised at the point when the agreements are signed by the customers. Turnover comprises of sales of motor vehicles, commission and interest received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Rathstones Financial Limited (Registered number: 09433391)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Hire purchase
Assets obtained under hire purchase contracts are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 75 1,892 1,967
DEPRECIATION
At 1 June 2023 75 1,636 1,711
Charge for year - 170 170
At 31 May 2024 75 1,806 1,881
NET BOOK VALUE
At 31 May 2024 - 86 86
At 31 May 2023 - 256 256

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 116,180 116,180
Other debtors 3,791 3,791
Director's current account 8,358 116,992
VAT 26 1,123
128,355 238,086

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,247 9,994
Preference shares 5,000 -
Hire purchase contracts (see note 8) - 7,018
Trade creditors 148,205 116,342
Tax 23,660 22,093
Accruals and deferred income 2,813 12,598
189,925 168,045

Rathstones Financial Limited (Registered number: 09433391)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,506 10,247
Bank loans - 2-5 years - 10,506
Preference shares - 61,600
Hire purchase contracts (see note 8) - 8,162
10,506 90,515

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year - 7,018
Between one and five years - 8,162
- 15,180

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 15,180

The company's obligations regarding its hire purchase liability are secured via a personal guarantee from the director, who has made personal assets available to the company to secure the liability.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
L Baugh and Miss B Szabatka
Balance outstanding at start of year 116,992 (24,623 )
Amounts advanced 80,062 255,568
Amounts repaid (188,696 ) (113,953 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,358 116,992

Loans from the company in excess of £20,000 are charged interest at HMRC's approved rate. All loans are unsecured and repayable on demand.