Rakjam Limited 11844003 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is wholesale trade. Digita Accounts Production Advanced 6.30.9574.0 true 11844003 2023-03-01 2024-02-29 11844003 2024-02-29 11844003 core:CurrentFinancialInstruments 2024-02-29 11844003 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 11844003 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 11844003 core:FurnitureFittings 2024-02-29 11844003 core:MotorVehicles 2024-02-29 11844003 core:PlantMachinery 2024-02-29 11844003 bus:SmallEntities 2023-03-01 2024-02-29 11844003 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11844003 bus:FilletedAccounts 2023-03-01 2024-02-29 11844003 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11844003 bus:RegisteredOffice 2023-03-01 2024-02-29 11844003 bus:Director1 2023-03-01 2024-02-29 11844003 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11844003 core:FurnitureFittings 2023-03-01 2024-02-29 11844003 core:MotorVehicles 2023-03-01 2024-02-29 11844003 core:PlantMachinery 2023-03-01 2024-02-29 11844003 countries:England 2023-03-01 2024-02-29 11844003 2023-02-28 11844003 core:FurnitureFittings 2023-02-28 11844003 core:MotorVehicles 2023-02-28 11844003 core:PlantMachinery 2023-02-28 11844003 2022-03-01 2023-02-28 11844003 2023-02-28 11844003 core:CurrentFinancialInstruments 2023-02-28 11844003 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11844003 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 11844003 core:FurnitureFittings 2023-02-28 11844003 core:MotorVehicles 2023-02-28 11844003 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 11844003

Rakjam Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

image-name
 

Rakjam Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Rakjam Limited

Company Information

Director

Mr Adel Mahmood

Registered office

The Cube
Haverton Hill Road
Billingham
England
TS23 1QG

Accountants

Chuhan and Singh Partnership Limited
Chartered Accountants
81 Borough Road
Middlesbrough
TS1 3AA

 

Rakjam Limited

(Registration number: 11844003)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

210,367

231,175

Current assets

 

Stocks

82,500

82,500

Debtors

5

1,375,517

1,141,866

Cash at bank and in hand

 

433,758

571,393

 

1,891,775

1,795,759

Creditors: Amounts falling due within one year

6

(1,239,481)

(1,227,758)

Net current assets

 

652,294

568,001

Total assets less current liabilities

 

862,661

799,176

Creditors: Amounts falling due after more than one year

6

(76,478)

(22,217)

Net assets

 

786,183

776,959

Capital and reserves

 

Called up share capital

100

100

Retained earnings

786,083

776,859

Shareholders' funds

 

786,183

776,959

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Rakjam Limited

(Registration number: 11844003)
Balance Sheet as at 29 February 2024 (continued)

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2024
 

.........................................
Mr Adel Mahmood
Director

 

Rakjam Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
The Cube
Haverton Hill Road
Billingham
England
TS23 1QG

These financial statements were authorised for issue by the director on 27 November 2024.

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.

 

Rakjam Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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 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.

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.

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 & Machinery

25% Reducing Balance

Fixtures & Fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

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.

 

Rakjam Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the director) during the year, was 18 (2023 - 18).

 

Rakjam Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

58,504

56,524

180,050

295,078

Additions

1,001

-

239,077

240,078

Disposals

-

-

(249,946)

(249,946)

At 29 February 2024

59,505

56,524

169,181

285,210

Depreciation

At 1 March 2023

15,369

21,467

27,067

63,903

Charge for the year

8,575

6,015

5,696

20,286

Eliminated on disposal

-

-

(9,346)

(9,346)

At 29 February 2024

23,944

27,482

23,417

74,843

Carrying amount

At 29 February 2024

35,561

29,042

145,764

210,367

At 28 February 2023

43,135

35,057

152,983

231,175

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

113,433

176,808

Amounts owed by related parties

7

302,200

-

Other debtors

 

959,884

965,058

   

1,375,517

1,141,866

 

Rakjam Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

21,036

9,898

Trade creditors

 

948,785

1,026,624

Taxation and social security

 

196,458

116,150

Accruals and deferred income

 

78,301

77,766

Other creditors

 

(5,099)

(2,680)

 

1,239,481

1,227,758

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

76,478

22,217

7

Related party transactions

Included within debtors is £97,670 (2023 - £302,628) due from the company's director. The loan is interest bearing and repayable on demand, but no fixed repayment terms have been fixed. This has been repaid in full since the year end.