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REGISTERED NUMBER: 02011595 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

FOR

RAYSUL HOLDINGS LIMITED

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


RAYSUL HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024







DIRECTORS: A H S Al - Rawahy
I H S Al - Rawahy
N P Sullivan



SECRETARY: N P Sullivan



REGISTERED OFFICE: Unit 55
Kelleythorpe Industrial Estate
Driffield
East Yorkshire
YO25 9FQ



REGISTERED NUMBER: 02011595 (England and Wales)



AUDITORS: Lloyd Dowson Audit Limited
Chartered Accountants
& Statutory Auditors
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ



BANKERS: Lloyds Bank
1 St Nicholas Street
Scarborough
North Yorkshire
YO11 2YY

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

The directors present their strategic report of the company and the group for the period 1 April 2023 to 30 September 2024.

REVIEW OF BUSINESS
During the period, the directors have continued to review their trading activities and have been selective when tendering, both with the nature of work but also with the creditworthiness of potential customers.

The group holds a 50% interest in a property investment company. The associate company saw rental income and expenditure stabilise.The pre-tax profit from its associate is £275,435 (2023 : £185,076 excluding property revaluation).

The group holds loans denominated in foreign currency and has seen foreign exchange gains on these loans of £34,416 (2023 loss : £29,122).

Due to careful cost management the group is pleased to report a pre-tax profit of £485,474, (2023 : £401,242) during a period which saw bad debts totalling £57,519 (2023 : £58,710). Shareholders' funds at 31 March 2024 totalled £5,140,821 (2023 : £4,774,051).

PRINCIPAL RISKS AND UNCERTAINTIES
Key uncertainties regarding the group revolve around the extent that the group is affected by potential changes in the economic climate and its impact on the construction industry. The directors are positive about the recent improvement within the industry and intend to mitigate the group's risk by:

- striving to maintain high quality and standards to engender loyalty across their customer base;
- continual working towards efficient production to allow for competitive tendering;
- expansion of existing customer base.

The group has loans denominated in foreign currency and is therefore exposed to exchange rate movements.

FUTURE DEVELOPMENTS
The directors are to continue with their existing policies and are encouraged by the improving economic climate and feel they are in a good position as they enter the next financial year.

ON BEHALF OF THE BOARD:





N P Sullivan - Secretary


20 January 2025

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company and the group for the period 1 April 2023 to 30 September 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the period under review were those of tarmacadam laying and groundworks. The group also has a direct and indirect interest in investment properties.

DIVIDENDS
No dividends will be distributed for the period ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

A H S Al - Rawahy
I H S Al - Rawahy
N P Sullivan

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances and loans, trade creditors, trade debtors, loans to the group and invoice financing. The main purpose of these instruments is to finance the group's operations.

The group has been granted loans denominated in foreign currency and is therefore exposed to currency risk. The directors do not consider that currency risk has a material impact on the group. The group's approach to managing other risks applicable to the financial instruments is shown below.

With regard to the bank balances, the liquidity risk is managed through the use of invoice financing of trade debtors at variable rates of interest.

In respect of the bank loan and other loans, interest is variable based on bank base rates and paid monthly together with the capital element of the loan repayment. The group manages the liquidity risk by ensuring there are sufficient funds to meet its payment terms.

Trade debtors are managed through the monitoring of credit risk of the individual customer and the use of credit protection insurance, where applicable.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet payments as they fall due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:



N P Sullivan - Secretary


20 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAYSUL HOLDINGS LIMITED

Opinion
We have audited the financial statements of Raysul Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We have been unable to obtain sufficient audit evidence in respect of the recoverability and the value of an element of the work in progress due to the length of time this balance has been held and the costings provided. The work in progress which we refer to has been reduced by £570K in the year. This amount has been invoiced during the year leaving a remaining long term balance as at 30 September 2024 of £1.3M.

We have also been unable to obtain sufficient audit evidence on £155K of the retentions due to the long term nature of these balances held as at 30 September 2024.

Consequently, we were unable to determine whether any adjustment to these amounts were necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAYSUL HOLDINGS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAYSUL HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks
that the company operates in, including whether the group is complying with those legal and regulatory
frameworks;
- inquired of management, and those charged with governance, about their own identification and assessment of
the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including
assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with relevant tax authorities and evaluating advice received from third party advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, data protection and employment laws. We performed audit procedures to inquire of management whether the group is in compliance with these laws. This work included evaluating correspondence with third party consultants.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to;
- testing material journal entries throughout the year and evaluating their business rationale;
- reviewing key controls and account reconciliations;
- testing material bank transactions for business rationale;
- on a sample basis, reviewing authorisation procedures of business expenditure, including review of supporting
documentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAYSUL HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Rebecca Sygrove FCCA (Senior Statutory Auditor)
for and on behalf of Lloyd Dowson Audit Limited
Chartered Accountants
& Statutory Auditors
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

20 January 2025

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

Period
1.4.23
to Year ended
30.9.24 31.3.23
Notes £    £   

TURNOVER
Group and share of associates 19,286,141 13,122,189
Less:
Share of associates' turnover (338,295 ) (225,728 )
GROUP TURNOVER 18,947,846 12,896,461

Cost of sales 16,060,524 11,120,683
GROSS PROFIT 2,887,322 1,775,778

Administrative expenses 2,607,022 1,745,886
280,300 29,892

Other operating income 23,400 15,600
GROUP OPERATING PROFIT 4 303,700 45,492

Share of operating profit in
Associates 308,629 439,386

Interest receivable and similar income
Group 8,660 87
Joint venture 1,037 331
9,697 418
622,026 485,296

Interest payable and similar expenses
Group 5 (110,982 ) (66,913 )
Joint venture (25,570 ) (17,141 )
PROFIT BEFORE TAXATION 485,474 401,242

Tax on profit 6 118,704 78,766
PROFIT FOR THE FINANCIAL PERIOD 366,770 322,476

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

366,770

322,476

Profit attributable to:
Owners of the parent 366,770 322,476

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

Period
1.4.23
to Year ended
30.9.24 31.3.23
£    £   

Total comprehensive income attributable to:
Owners of the parent 366,770 322,476

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 1,100,317 1,330,056
Investments 10
Interest in associate 1,688,991 1,557,924
Investment property 11 480,000 480,000
3,269,308 3,367,980

CURRENT ASSETS
Stocks 12 2,308,162 3,198,030
Debtors 13 3,665,990 2,989,354
Cash at bank and in hand 778,309 51,504
6,752,461 6,238,888
CREDITORS
Amounts falling due within one year 14 4,414,809 4,712,559
NET CURRENT ASSETS 2,337,652 1,526,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,606,960

4,894,309

CREDITORS
Amounts falling due after more than one
year

15

(350,000

)

(21,667

)

PROVISIONS FOR LIABILITIES 18 (116,139 ) (98,591 )
NET ASSETS 5,140,821 4,774,051

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Revaluation reserve 20 238,310 238,310
Retained earnings 20 4,802,511 4,435,741
SHAREHOLDERS' FUNDS 5,140,821 4,774,051

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





N P Sullivan - Director


RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

COMPANY BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 610,051 610,051
Investment property 11 480,000 480,000
1,090,051 1,090,051

CURRENT ASSETS
Debtors 13 2,118,187 2,052,195
Cash at bank 189,260 66,843
2,307,447 2,119,038
CREDITORS
Amounts falling due within one year 14 1,921,350 1,891,637
NET CURRENT ASSETS 386,097 227,401
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,476,148

1,317,452

CREDITORS
Amounts falling due after more than one
year

15

(350,000

)

-

PROVISIONS FOR LIABILITIES 18 (51,824 ) (51,824 )
NET ASSETS 1,074,324 1,265,628

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Revaluation reserve 20 238,310 238,310
Retained earnings 20 736,014 927,318
SHAREHOLDERS' FUNDS 1,074,324 1,265,628

Company's loss for the financial year (191,304 ) (140,296 )

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





N P Sullivan - Director


RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100,000 4,113,265 238,310 4,451,575

Changes in equity
Total comprehensive income - 322,476 - 322,476
Balance at 31 March 2023 100,000 4,435,741 238,310 4,774,051

Changes in equity
Total comprehensive income - 366,770 - 366,770
Balance at 30 September 2024 100,000 4,802,511 238,310 5,140,821

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100,000 1,067,614 238,310 1,405,924

Changes in equity
Total comprehensive income - (140,296 ) - (140,296 )
Balance at 31 March 2023 100,000 927,318 238,310 1,265,628

Changes in equity
Total comprehensive income - (191,304 ) - (191,304 )
Balance at 30 September 2024 100,000 736,014 238,310 1,074,324

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

Period
1.4.23
to Year ended
30.9.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 965,027 576,658
Interest paid (142,961 ) (66,913 )
Net cash from operating activities 822,066 509,745

Cash flows from investing activities
Purchase of tangible fixed assets (173,968 ) (640,853 )
Sale of tangible fixed assets 94,581 65,195
Interest received - 87
Net cash from investing activities (79,387 ) (575,571 )

Cash flows from financing activities
Bank loan repayments (14,976 ) (10,000 )
Loan to/from associated company 34,999 -
Other loan repayment (9,000 ) (6,000 )
Introduced/(withdrawn) by directors (26,897 ) -
Net cash from financing activities (15,874 ) (16,000 )

Increase/(decrease) in cash and cash equivalents 726,805 (81,826 )
Cash and cash equivalents at beginning of
period

2

51,504

133,330

Cash and cash equivalents at end of
period

2

778,309

51,504

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1.4.23
to Year ended
30.9.24 31.3.23
£    £   
Profit before taxation 485,474 401,242
Depreciation charges 277,738 166,340
Loss on disposal of fixed assets 31,388 2,681
Operating profit in associate (308,629 ) (439,386 )
Foreign exchange rate non cash movement (35,240 ) 28,709
Finance costs 136,552 84,054
Finance income (9,697 ) (418 )
577,586 243,222
Decrease in stocks 889,868 289,518
(Increase)/decrease in trade and other debtors (259,315 ) 269,987
Decrease in trade and other creditors (243,112 ) (226,069 )
Cash generated from operations 965,027 576,658

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 September 2024
30.9.24 1.4.23
£    £   
Cash and cash equivalents 778,309 51,504
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 51,504 133,330


RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 51,504 726,805 778,309
51,504 726,805 778,309
Debt
Debts falling due within 1 year (10,000 ) (6,691 ) (16,691 )
Debts falling due after 1 year (21,667 ) 21,667 -
(31,667 ) 14,976 (16,691 )
Total 19,837 741,781 761,618

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Raysul Holdings 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September, previously 31 March. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the group's accounting policies, which are described further in this note, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation and uncertainty
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Useful economic lives of tangible assets
The annual amortisation and depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the notes to the financial statements for the carrying amount of the property, plant and equipment and the useful economic lives of each class of assets.

Stock and work in progress provisioning
The group operates within the construction and civil engineering sector. As a result it is necessary to consider the recoverability of the cost of stock and work in progress and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, the age and completion of the work in progress, as well as applying assumptions around anticipated stage of completion of each job and agreed contract value.

Impairment of debtors
The group makes an estimate of the recoverable value of trade debtors and retentions. When assessing impairment of trade debtors and retentions, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover
Turnover represents supply of surfacing and groundworks, duly adjusted for work in progress at the year end, measured at fair value, net of discounts and value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten 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 - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

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 period 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.

Contract work in progress
Amounts recoverable on contracts are stated at cost plus attributable profits less provision for any known or anticipated losses and payments on accounts.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
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 group has implemented automatic enrolment into a workplace pension scheme in relation to all employees.

All contributions payable for the year are charged to the statement of comprehensive income.

Fixed asset investments
Fixed asset investments are valued at cost following transition to FRS 102.

Associates
In the group financial statements investments in associate are accounted for using the equity method. The consolidated profit and loss account includes the group's share of associates' profit less losses while the group's share of the net assets of the associates is shown in the consolidated balance sheet.

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

3. EMPLOYEES AND DIRECTORS
Period
1.4.23
to Year ended
30.9.24 31.3.23
£    £   
Wages and salaries 2,292,710 1,762,774
Social security costs 244,408 205,013
Other pension costs 83,326 46,300
2,620,444 2,014,087

The average number of employees during the period was as follows:
Period
1.4.23
to Year ended
30.9.24 31.3.23

Direct labourers 42 36
Office and management 7 7
Directors 2 2
51 45

Period
1.4.23
to Year ended
30.9.24 31.3.23
£    £   
Directors' remuneration 23,812 15,061

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.4.23
to Year ended
30.9.24 31.3.23
£    £   
Hire of plant and machinery 1,748,231 1,166,886
Depreciation - owned assets 277,738 166,340
Loss on disposal of fixed assets 31,388 2,681
Auditors' remuneration 32,595 16,981
Other non- audit services 61,646 38,975
Foreign exchange differences (34,416 ) 29,122

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.4.23
to Year ended
30.9.24 31.3.23
£    £   
Loan interest 93,662 66,913
Other loan interest 17,320 -
110,982 66,913

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.4.23
to Year ended
30.9.24 31.3.23
£    £   
Current tax:
UK corporation tax 31,788 -
Associates corporation tax 69,368 94,586
Total current tax 101,156 94,586

Deferred tax 17,548 (15,820 )
Tax on profit 118,704 78,766

UK corporation tax has been charged at 25 % (2023 - 19 %).

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.4.23
to Year ended
30.9.24 31.3.23
£    £   
Profit before tax 485,474 401,242
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

121,369

76,236

Effects of:
Expenses not deductible for tax purposes - 327
Capital allowances in excess of depreciation - (11,825 )
Depreciation in excess of capital allowances 11,709 -
Utilisation of tax losses (32,431 ) 15,551
Deferred taxation 17,548 (15,820 )
Adjustment to effective rate of associates corporation/deferred tax 509 14,297
differences
Total tax charge 118,704 78,766

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 30 September 2024 98,000
AMORTISATION
At 1 April 2023
and 30 September 2024 98,000
NET BOOK VALUE
At 30 September 2024 -
At 31 March 2023 -

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

9. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 170,818 1,398,870 13,342
Additions 6,400 2,750 -
Disposals - (290,159 ) -
At 30 September 2024 177,218 1,111,461 13,342
DEPRECIATION
At 1 April 2023 133,757 683,869 10,110
Charge for period 8,815 138,858 1,616
Eliminated on disposal - (189,552 ) -
At 30 September 2024 142,572 633,175 11,726
NET BOOK VALUE
At 30 September 2024 34,646 478,286 1,616
At 31 March 2023 37,061 715,001 3,232

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 754,572 71,381 2,408,983
Additions 163,960 858 173,968
Disposals (32,460 ) (3,800 ) (326,419 )
At 30 September 2024 886,072 68,439 2,256,532
DEPRECIATION
At 1 April 2023 180,299 70,892 1,078,927
Charge for period 127,777 672 277,738
Eliminated on disposal (7,098 ) (3,800 ) (200,450 )
At 30 September 2024 300,978 67,764 1,156,215
NET BOOK VALUE
At 30 September 2024 585,094 675 1,100,317
At 31 March 2023 574,273 489 1,330,056

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

10. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 April 2023 1,557,924
Additions 131,067
At 30 September 2024 1,688,991
NET BOOK VALUE
At 30 September 2024 1,688,991
At 31 March 2023 1,557,924

Interest in associate

The group's aggregate share of associates at the period end is as follows:

30.9.24 31.3.23
£    £   
Profit before tax 275,435 422,577
Taxation (69,368 ) (94,586 )
Profit after tax 206,067 327,991

Share of assets
Fixed assets 2,137,500 2,137,500
Current assets 113,898 113,716

Share of liabilities
Share of liabilities due within one year (155,826 ) (130,143 )
Share of liabilities due after one year or more (406,581 ) (563,149 )


Share of net assets 1,688,991 1,557,924

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

Group

BDS Properties (Yorkshire) Limited
The group's share of BDS Properties (Yorkshire) Limited is as follows:

30.9.24 31.3.23
£    £   
Turnover 338,295 225,728

Profit before tax 275,435 422,577
Taxation (69,368 ) (94,586 )
Profit after tax 206,067 327,991

Share of assets
Fixed assets 2,137,500 2,137,500
Current assets 113,898 113,716

Share of liabilities
Liabilities due within one year (155,826 ) (130,143 )
Liabilities due after one year or more (406,581 ) (563,149 )


Share of net assets 1,688,991 1,557,924
Company
Unlisted
investments
£   
COST OR VALUATION
At 1 April 2023
and 30 September 2024 610,051
NET BOOK VALUE
At 30 September 2024 610,051
At 31 March 2023 610,051

Shares in group undertakings are included at cost.

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

10. FIXED ASSET INVESTMENTS - continued

Company

BDS (Yorkshire) Limited
Registered office: Unit 55 Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ
Nature of business: Tarmacadam laying
%
Class of shares: holding
Ordinary 100.00
30.9.24 31.3.23
£    £   
Aggregate capital and reserves 2,987,558 2,560,551
Profit for the period/year 427,007 234,782

Better Drives Limited
Registered office: Unit 55 Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.9.24 31.3.23
£    £   
Aggregate capital and reserves 1 1

Associated company

BDS Properties (Yorkshire) Limited
Registered office: 34 Falsgrave Road, Scarborough, North Yorkshire, YO12 5AT
Nature of business: Investment property
%
Class of shares: holding
Ordinary 50.00
30.9.24 31.3.23
£    £   
Aggregate capital and reserves 3,377,981 3,115,847
Profit for the period/year 412,134 655,981


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023
and 30 September 2024 480,000
NET BOOK VALUE
At 30 September 2024 480,000
At 31 March 2023 480,000

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

11. INVESTMENT PROPERTY - continued

Group

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2010 76,334
Valuation in 2017 100,000
Valuation in 2020 50,000
Valuation in 2021 58,800
Valuation in 2022 5,000
Cost 189,866
480,000

If investment property had not been revalued it would have been included at the following historical cost:

30.9.24 31.3.23
£    £   
Cost 189,866 189,866

Investment property was valued on fair value basis on 30 September 2024 by the directors .

Company
Total
£   
FAIR VALUE
At 1 April 2023
and 30 September 2024 480,000
NET BOOK VALUE
At 30 September 2024 480,000
At 31 March 2023 480,000

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2010 76,334
Valuation in 2017 100,000
Valuation in 2020 50,000
Valuation in 2021 58,800
Valuation in 2022 5,000
Cost 189,866
480,000

If investment property had not been revalued it would have been included at the following historical cost:

30.9.24 31.3.23
£    £   
Cost 189,866 189,866

Investment property was valued on fair value basis on 30 September 2024 by the directors .

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

12. STOCKS

Group
30.9.24 31.3.23
£    £   
Raw materials and consumables 637,029 614,256
Work-in-progress 1,671,133 2,583,774
2,308,162 3,198,030

13. DEBTORS

Group Company
30.9.24 31.3.23 30.9.24 31.3.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,834,771 1,856,309 8,700 8,700
Retentions 18,327 - - -
Amounts owed by group undertakings - - 1,582,695 1,993,495
Amounts owed by associates 117,321 50,000 117,321 50,000
VAT 154,958 106,616 65 -
Prepayments and accrued income 258,275 88,442 59,406 -
2,383,652 2,101,367 1,768,187 2,052,195

Amounts falling due after more than one year:
Retentions 932,338 887,987 - -
Amounts owed by associates 350,000 - 350,000 -
1,282,338 887,987 350,000 -

Aggregate amounts 3,665,990 2,989,354 2,118,187 2,052,195

Retentions do not fall due until up to 38 months after completion of the relevant contract.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 31.3.23 30.9.24 31.3.23
£    £    £    £   
Bank loans and overdrafts (see note 16) 16,691 10,000 - -
Trade creditors 2,019,590 1,737,667 - -
Corporation tax 31,788 - - -
Social security and other taxes 24,048 38,969 - -
VAT - - - 82
Factoring account 53,727 622,544 - -
Amounts due to related
undertakings 1,416,319 1,394,239 1,288,626 1,221,546
Directors' current accounts 29,103 56,000 - -
Accrued expenses 823,543 853,140 632,724 670,009
4,414,809 4,712,559 1,921,350 1,891,637

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.9.24 31.3.23 30.9.24 31.3.23
£    £    £    £   
Bank loans (see note 16) - 21,667 - -
Amounts due to related
undertakings 350,000 - 350,000 -
350,000 21,667 350,000 -

16. LOANS

An analysis of the maturity of loans is given below:

Group
30.9.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 16,691 10,000
Amounts falling due between one and two years:
Bank loans - 1-2 years - 10,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 11,667

The bank loan is repayable in 60 instalments which commenced June 2021. Interest is charged at 2.5%.

This loan was fully repaid on 2 October 2024.

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.24 31.3.23
£    £   
Factoring account 53,727 622,544

The factoring account is secured by a legal charge over all assets of the group.

18. PROVISIONS FOR LIABILITIES

Group Company
30.9.24 31.3.23 30.9.24 31.3.23
£    £    £    £   
Deferred tax 116,139 98,591 51,824 51,824

RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 April 2023 98,591
Advance capital allowances 17,548
Balance at 30 September 2024 116,139

Company
Deferred
tax
£   
Balance at 1 April 2023 51,824
Balance at 30 September 2024 51,824

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 31.3.23
value: £    £   
100,000 Ordinary £1 100,000 100,000

20. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 4,435,741 238,310 4,674,051
Profit for the period 366,770 - 366,770
At 30 September 2024 4,802,511 238,310 5,040,821

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 927,318 238,310 1,165,628
Deficit for the period (191,304 ) - (191,304 )
At 30 September 2024 736,014 238,310 974,324


RAYSUL HOLDINGS LIMITED (REGISTERED NUMBER: 02011595)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 30 SEPTEMBER 2024

21. ULTIMATE PARENT COMPANY

The ultimate holding companies are Al-Rawahy Holdings LLC, a company registered in Oman and Sulair Holdings Limited, a company incorporated in England and Wales. Both of these companies hold a 50% interest in Raysul Holdings Limited, the parent company to BDS (Yorkshire) Limited.

22. RELATED PARTY DISCLOSURES

The company is controlled by its directors.

During the period, a total of key management personnel compensation of £ 23,822 (2023 - £ 15,083 ) was paid.

This amount is in relation to the directors.