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REGISTERED NUMBER: 09515280 (England and Wales)













Financial Statements

for the Year Ended 31 March 2024

for

Rase VS Limited

Rase VS Limited (Registered number: 09515280)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Rase VS Limited

Company Information
for the year ended 31 March 2024







DIRECTOR: Mrs M Chapman





SECRETARY: Mrs M Chapman





REGISTERED OFFICE: Unit 1B
Gallamore Lane Industrial Estate
MARKET RASEN
Lincolnshire
LN8 3RX





REGISTERED NUMBER: 09515280 (England and Wales)





ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

Rase VS Limited (Registered number: 09515280)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,167 -
Tangible assets 5 673,007 741,419
678,174 741,419

CURRENT ASSETS
Stocks 300,000 270,000
Debtors 1,014,761 567,411
Cash at bank and in hand 92,623 15,178
1,407,384 852,589
CREDITORS
Amounts falling due within one year 2,303,035 2,258,603
NET CURRENT LIABILITIES (895,651 ) (1,406,014 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(217,477

)

(664,595

)

CREDITORS
Amounts falling due after more than
one year

12,423

21,667
NET LIABILITIES (229,900 ) (686,262 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (229,901 ) (686,263 )
SHAREHOLDERS' FUNDS (229,900 ) (686,262 )

Rase VS Limited (Registered number: 09515280)

Abridged Balance Sheet - continued
31 March 2024


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

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

The director acknowledges her 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 14 November 2024 and were signed by:





Mrs M Chapman - Director


Rase VS Limited (Registered number: 09515280)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Rase VS 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.

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 represents net invoiced sales of goods and services excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of nil years.

Websites are depreciated on a straight line basis over 3 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


Rase VS Limited (Registered number: 09515280)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 165 (2023 - 173 ) .

Rase VS Limited (Registered number: 09515280)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 324,000
Additions 6,000
At 31 March 2024 330,000
AMORTISATION
At 1 April 2023 324,000
Amortisation for year 833
At 31 March 2024 324,833
NET BOOK VALUE

At 31 March 2024 5,167
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 1,328,001
Additions 106,823
Disposals (129,401 )
At 31 March 2024 1,305,423
DEPRECIATION
At 1 April 2023 586,582
Charge for year 121,628
Eliminated on disposal (75,794 )
At 31 March 2024 632,416
NET BOOK VALUE
At 31 March 2024 673,007
At 31 March 2023 741,419

Rase VS Limited (Registered number: 09515280)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 33,569 31,903
Between one and five years 108,139 189,461
141,708 221,364

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Loans - 6,003

Loans are secured on the assets to which they relate.

8. RELATED PARTY DISCLOSURES

At the year end there was a balance owed to a company owned by key management of £849,077 (2023: £429,385), transactions were on an arms length basis and on commercial terms. At the year end there was a balance owed from key management of £207,396 (2023: £128,530).