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Registered number: 08918660
Ratchet Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08918660
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,082 15,190
11,082 15,190
CURRENT ASSETS
Debtors 5 204,664 105,671
Cash at bank and in hand 111,813 165,792
316,477 271,463
Creditors: Amounts Falling Due Within One Year 6 (78,436 ) (133,767 )
NET CURRENT ASSETS (LIABILITIES) 238,041 137,696
TOTAL ASSETS LESS CURRENT LIABILITIES 249,123 152,886
Creditors: Amounts Falling Due After More Than One Year 7 (13,091 ) (23,274 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,770 ) (3,798 )
NET ASSETS 233,262 125,814
CAPITAL AND RESERVES
Called up share capital 8 334 334
Profit and Loss Account 232,928 125,480
SHAREHOLDERS' FUNDS 233,262 125,814
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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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Dortel
Director
30th November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ratchet Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08918660 . The registered office is Castle House, Castle Street, Guildford, Surrey, GU1 3UW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 33% on cost
Plant & Machinery 50% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 50% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 2,310 905 11,255 74,619 89,089
Additions - - 146 7,665 7,811
Disposals - (434 ) (1,074 ) (5,728 ) (7,236 )
As at 31 March 2024 2,310 471 10,327 76,556 89,664
...CONTINUED
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Depreciation
As at 1 April 2023 2,310 905 7,612 63,072 73,899
Provided during the period - - 1,328 9,624 10,952
Disposals - (434 ) (1,074 ) (4,761 ) (6,269 )
As at 31 March 2024 2,310 471 7,866 67,935 78,582
Net Book Value
As at 31 March 2024 - - 2,461 8,621 11,082
As at 1 April 2023 - - 3,643 11,547 15,190
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 41,580 60,077
Other debtors 163,084 45,594
204,664 105,671
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,126 9,376
Bank loans and overdrafts 10,183 9,932
Other creditors 7,785 39,102
Taxation and social security 56,342 75,357
78,436 133,767
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,091 23,274
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 334 334
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9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 14,474 21,090
Later than one year and not later than five years - 14,474
14,474 35,564
10. Directors Advances, Credits and Guarantees
Included within Debtors/(Creditors) are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Thomas Dortel 44 8,352 (7,757 ) - 639
Ms Katherine Nathan (1,395 ) 16,814 (16,814 ) - (1,395 )
The above loan is unsecured, interest free and repayable on demand.
11. Related Party Transactions
During the year dividends of £24,000 (2023: £34,127) were paid to the directors.
12. Ultimate Controlling Party
The company's ultimate controlling party is Katherine Nathan by virtue of her ownership of 70% of the issued share capital in the company.
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