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2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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1617604
2023-04-01
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1617604
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1617604
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1617604
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1617604
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1617604
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2024-03-31
1617604
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2024-03-31
1617604
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2024-03-31
1617604
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1617604
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1617604
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1617604
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1617604
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1617604
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1617604
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1617604
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1617604
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1617604
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2023-03-31
1617604
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1617604
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1617604
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1617604
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2023-03-31
1617604
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2024-03-31
1617604
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2023-03-31
1617604
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2023-03-31
1617604
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2024-03-31
1617604
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1617604
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2024-03-31
1617604
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2024-03-31
1617604
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2023-04-01
2024-03-31
1617604
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2024-03-31
1617604
core:OfficeEquipment
2023-03-31
COMPANY REGISTRATION NUMBER:
1617604
Rigby Wireworks & Co (1982) Limited |
|
Filleted Unaudited Financial Statements |
|
Rigby Wireworks & Co (1982) Limited |
|
Year ended 31 March 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Rigby Wireworks & Co (1982) Limited |
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Rigby Wireworks & Co (1982) Limited |
|
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rigby Wireworks & Co (1982) Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Rigby Wireworks & Co (1982) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Rigby Wireworks & Co (1982) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rigby Wireworks & Co (1982) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Rigby Wireworks & Co (1982) 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 profit of Rigby Wireworks & Co (1982) Limited. You consider that Rigby Wireworks & Co (1982) 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 Rigby Wireworks & Co (1982) 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.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
25 November 2024
Rigby Wireworks & Co (1982) Limited |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
3,768 |
5,028 |
|
|
|
|
Current assets
Stocks |
155,392 |
218,694 |
Debtors |
6 |
534,035 |
324,970 |
Investments |
7 |
787,304 |
727,942 |
Cash at bank and in hand |
3,708,820 |
3,209,338 |
|
------------ |
------------ |
|
5,185,551 |
4,480,944 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
1,589,917 |
1,266,234 |
|
------------ |
------------ |
Net current assets |
3,595,634 |
3,214,710 |
|
------------ |
------------ |
Total assets less current liabilities |
3,599,402 |
3,219,738 |
|
|
|
|
Provisions
Taxation including deferred tax |
99,992 |
85,289 |
|
------------ |
------------ |
Net assets |
3,499,410 |
3,134,449 |
|
------------ |
------------ |
|
|
|
Rigby Wireworks & Co (1982) Limited |
|
Statement of Financial Position (continued) |
|
31 March 2024
Capital and reserves
Called up share capital |
10,000 |
10,000 |
Fair value revaluation reserve |
299,574 |
255,053 |
Profit and loss account |
3,189,836 |
2,869,396 |
|
------------ |
------------ |
Shareholders funds |
3,499,410 |
3,134,449 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
18 November 2024
, and are signed on behalf of the board by:
Mr C Lilleyman |
Mr N Lilleyman |
Director |
Director |
|
|
Company registration number:
1617604
Rigby Wireworks & Co (1982) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Downgate Drive, Sheffield, S4 8BU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Current asset investments
Current asset investments are stated at fair value at the balance sheet date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less ) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws
.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
15% reducing balance |
|
Fixtures & Fittings |
- |
15% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2023:
10
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
7,322 |
1,000 |
44,749 |
1,996 |
55,067 |
|
------- |
------- |
-------- |
------- |
-------- |
Depreciation |
|
|
|
|
|
At 1 April 2023 |
7,322 |
1,000 |
39,721 |
1,996 |
50,039 |
Charge for the year |
– |
– |
1,260 |
– |
1,260 |
|
------- |
------- |
-------- |
------- |
-------- |
At 31 March 2024 |
7,322 |
1,000 |
40,981 |
1,996 |
51,299 |
|
------- |
------- |
-------- |
------- |
-------- |
Carrying amount |
|
|
|
|
|
At 31 March 2024 |
– |
– |
3,768 |
– |
3,768 |
|
------- |
------- |
-------- |
------- |
-------- |
At 31 March 2023 |
– |
– |
5,028 |
– |
5,028 |
|
------- |
------- |
-------- |
------- |
-------- |
|
|
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
471,112 |
277,632 |
Other debtors |
62,923 |
47,338 |
|
--------- |
--------- |
|
534,035 |
324,970 |
|
--------- |
--------- |
|
|
|
7.
Investments
|
2024 |
2023 |
|
£ |
£ |
Collective redemption bond |
643,953 |
601,999 |
Collective redemption bond |
143,351 |
125,943 |
|
--------- |
--------- |
|
787,304 |
727,942 |
|
--------- |
--------- |
|
|
|
The fair value of the investment at the year end date is £787,304, compared to the historical cost of £387,870. The fair value movement during the year, included in the income statement, amounts to a surplus of £59,362. This amount has been transferred to the Fair Value reserve, which now has a carrying value of £399,434, less a deferred tax provision of £99,859.
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
180,102 |
143,860 |
Corporation tax |
106,951 |
49,971 |
Social security and other taxes |
51,511 |
37,765 |
Other creditors |
1,251,353 |
1,034,638 |
|
------------ |
------------ |
|
1,589,917 |
1,266,234 |
|
------------ |
------------ |
|
|
|
9.
Directors' advances, credits and guarantees
The company was under the control of
Mr N Lilleyman
and Mr C Lilleyman
at the balance sheet date. Included in other debtors were amounts owing to the company of £1,253 (2023: £1,192) by Mr N Lilleyman and £1,253 (2023: £1,192) by Mr C Lilleyman
. These loans are interest free and carry no formal repayment terms.
10.
Related party transactions
During the year the company traded with companies with common control, all on an arms length basis. Included in other creditors at the balance sheet date, is £1,246,073 (2023: £1,029,705) in respect of amounts due to John S Shackleton (Sheffield) Limited under inter company loan arrangements. The loan is interest free and has no formal terms of repayment.