Rutland Merchandise Ltd 09496176 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the promotional products, clothing and embroidery services. Digita Accounts Production Advanced 6.30.9574.0 true 09496176 2023-04-01 2024-03-31 09496176 2024-03-31 09496176 core:CurrentFinancialInstruments 2024-03-31 09496176 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09496176 core:Goodwill 2024-03-31 09496176 core:FurnitureFittingsToolsEquipment 2024-03-31 09496176 core:OtherPropertyPlantEquipment 2024-03-31 09496176 bus:SmallEntities 2023-04-01 2024-03-31 09496176 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09496176 bus:FullAccounts 2023-04-01 2024-03-31 09496176 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09496176 bus:RegisteredOffice 2023-04-01 2024-03-31 09496176 bus:Director1 2023-04-01 2024-03-31 09496176 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09496176 core:Goodwill 2023-04-01 2024-03-31 09496176 core:FurnitureFittings 2023-04-01 2024-03-31 09496176 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09496176 core:OfficeEquipment 2023-04-01 2024-03-31 09496176 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 09496176 core:PlantMachinery 2023-04-01 2024-03-31 09496176 countries:England 2023-04-01 2024-03-31 09496176 2023-03-31 09496176 core:Goodwill 2023-03-31 09496176 core:FurnitureFittingsToolsEquipment 2023-03-31 09496176 core:OtherPropertyPlantEquipment 2023-03-31 09496176 2022-04-01 2023-03-31 09496176 2023-03-31 09496176 core:CurrentFinancialInstruments 2023-03-31 09496176 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09496176 core:Goodwill 2023-03-31 09496176 core:FurnitureFittingsToolsEquipment 2023-03-31 09496176 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09496176

Rutland Merchandise Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Rutland Merchandise Ltd

(Registration number: 09496176)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

2,000

4,000

Tangible assets

6

14,704

18,172

 

16,704

22,172

Current assets

 

Stocks

7

36,291

41,340

Debtors

8

13,833

7,986

Cash at bank and in hand

 

2,303

351

 

52,427

49,677

Creditors: Amounts falling due within one year

9

(59,135)

(57,865)

Net current liabilities

 

(6,708)

(8,188)

Total assets less current liabilities

 

9,996

13,984

Provisions for liabilities

(2,794)

(3,453)

Net assets

 

7,202

10,531

Capital and reserves

 

Called up share capital

5,010

5,010

Retained earnings

2,192

5,521

Shareholders' funds

 

7,202

10,531

 

Rutland Merchandise Ltd

(Registration number: 09496176)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board for issue on 14 November 2024 and signed on its behalf by:
 

.........................................

S Dawson

Director

 

Rutland Merchandise Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 3
Pullman Trading Estate
Station Road
Uppingham
Rutland
LE15 9TX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

 

Rutland Merchandise Ltd

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Furniture and fittings

25% reducing balance

Office equipment

25% reducing balance

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Rutland Merchandise Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Rutland Merchandise Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,468

4,466

Amortisation expense

2,000

2,000

 

Rutland Merchandise Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

20,000

20,000

At 31 March 2024

20,000

20,000

Amortisation

At 1 April 2023

16,000

16,000

Amortisation charge

2,000

2,000

At 31 March 2024

18,000

18,000

Carrying amount

At 31 March 2024

2,000

2,000

At 31 March 2023

4,000

4,000

6

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

9,888

45,581

55,469

At 31 March 2024

9,888

45,581

55,469

Depreciation

At 1 April 2023

7,948

29,349

37,297

Charge for the year

486

2,982

3,468

At 31 March 2024

8,434

32,331

40,765

Carrying amount

At 31 March 2024

1,454

13,250

14,704

At 31 March 2023

1,940

16,232

18,172

 

Rutland Merchandise Ltd

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

7

Stocks

2024
£

2023
£

Work in progress

9,397

8,413

Other inventories

26,894

32,927

36,291

41,340

8

Debtors

Current

2024
£

2023
£

Trade debtors

6,565

7,264

Prepayments

803

722

Other debtors

6,465

-

 

13,833

7,986

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

44,828

49,132

Trade creditors

 

99

722

Amounts owed to related parties

921

920

Taxation and social security

 

4,891

5,078

Other creditors

 

8,396

2,013

 

59,135

57,865

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

8,890

13,132

Other borrowings

35,938

36,000

44,828

49,132