Company Registration No. 07429521 (England and Wales)
Rubycore Limited
Unaudited accounts
for the year ended 31 March 2024
Rubycore Limited
Unaudited accounts
Contents
Rubycore Limited
Company Information
for the year ended 31 March 2024
Directors
Jagatjeet Singh Landa
Pritpal Singh Landa
Vikramjeet Singh Landa
Company Number
07429521 (England and Wales)
Registered Office
The Clocktower
Park Road
Bestwood Village
Nottingham
Nottinghamshire
NG6 8TQ
England
Accountants
Net Accountancy Solutions Limited
35 Gripps Common
Cotgrave
Nottingham
Nottinghamshire
NG12 3TF
Rubycore Limited
Statement of financial position
as at 31 March 2024
Tangible assets
61,606
2,350
Investment property
6,423,832
6,199,999
Cash at bank and in hand
225,524
39,624
Creditors: amounts falling due within one year
(4,151,386)
(3,589,036)
Net current liabilities
(3,877,480)
(3,499,337)
Total assets less current liabilities
2,607,958
2,703,012
Creditors: amounts falling due after more than one year
(1,630,031)
(1,464,974)
Provisions for liabilities
Deferred tax
(170,414)
(170,414)
Net assets
807,513
1,067,624
Called up share capital
100
100
Profit and loss account
807,413
1,067,524
Shareholders' funds
807,513
1,067,624
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by
Pritpal Singh Landa
Director
Company Registration No. 07429521
Rubycore Limited
Notes to the Accounts
for the year ended 31 March 2024
Rubycore Limited is a private company, limited by shares, registered in England and Wales, registration number 07429521. The registered office is The Clocktower, Park Road, Bestwood Village, Nottingham, Nottinghamshire, NG6 8TQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the rent received in the normal course of business, and is shown net of VAT and other sales related taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Computer equipment
25% straight line
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Rubycore Limited
Notes to the Accounts
for the year ended 31 March 2024
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities. Trade creditors are initially recognised at transaction price.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax
liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Rubycore Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2023
-
5,374
5,374
Additions
63,602
17,199
80,801
At 31 March 2024
63,602
22,573
86,175
At 1 April 2023
-
3,024
3,024
Charge for the year
15,901
5,644
21,545
At 31 March 2024
15,901
8,668
24,569
At 31 March 2024
47,701
13,905
61,606
At 31 March 2023
-
2,350
2,350
Fair value at 1 April 2023
6,199,999
At 31 March 2024
6,423,832
The investment property has been measured at fair value, which is the open market value of the property. The fair value was arrived at by a fully qualified chartered surveyor. The fair value adjustment has been taken through the profit & loss account.
Amounts falling due within one year
Trade debtors
22,820
(3,281)
Accrued income and prepayments
11,154
46,356
Other debtors
14,408
7,000
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
101,367
67,791
Trade creditors
550,358
195,435
Taxes and social security
(39,197)
46,222
Other creditors
79,448
79,300
Loans from directors
3,376,124
3,077,532
Bank loans are secured against the investment property, together with a fixed charge over all assets.
Rubycore Limited
Notes to the Accounts
for the year ended 31 March 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,630,031
1,464,974
Bank loans are secured against the investment property, together with a fixed charge over all assets.
9
Transactions with related parties
At the end of the year, the balance owed to the directors was £3,376,124 (2023: £3,077,532).
A £5,000 loan from the company to Premeum International Limited, a company under common control, was written off in this period and is included in sundries. Premeum International Limited has ceased trading and is in the process of being struck off.
Rubycore Limited is the wholly owned subsidiary of PAAL Holdings Limited whose registered office is The Clocktower Park Road, Bestwood Village, Nottingham, NG6 8TQ.
11
Average number of employees
During the year the average number of employees was 0 (2023: 0).