Company Registration No. 11089201 (England and Wales)
Ruixu Art Limited
Unaudited accounts
for the year ended 31 March 2024
Ruixu Art Limited
Unaudited accounts
Contents
Ruixu Art Limited
Company Information
for the year ended 31 March 2024
Company Number
11089201 (England and Wales)
Registered Office
26 Spinning Wheel Way
Hackbridge
Wallington
SM6 7DS
United Kingdom
Accountants
Tax Return Accountants Ltd
26 Spinning Wheelway
Hackbridge
Wallington
GB
SM6 7DS
Ruixu Art Limited
Statement of financial position
as at 31 March 2024
Tangible assets
4,858
2,753
Cash at bank and in hand
43,192
27,506
Creditors: amounts falling due within one year
(35,542)
(31,054)
Net current assets
11,050
12,480
Called up share capital
100
100
Profit and loss account
15,808
15,133
Shareholders' funds
15,908
15,233
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 director acknowledges her 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 and authorised for issue on 31 January 2025 and were signed on its behalf by
Rui Xu
Director
Company Registration No. 11089201
Ruixu Art Limited
Notes to the Accounts
for the year ended 31 March 2024
Ruixu Art Limited is a private company, limited by shares, registered in England and Wales, registration number 11089201. The registered office is 26 Spinning Wheel Way, Hackbridge, Wallington, SM6 7DS, United Kingdom.
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 financial statements of Ruixu Art Limited have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Ruixu Art Limited
Notes to the Accounts
for the year ended 31 March 2024
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined below:
Debtors and creditors
Debtors and creditors deemed to be short term in nature are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment of assets. The Company held no debtors or creditors deemed not to be short term in nature during the current or preceding financial reporting periods.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short-term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours, subject to an insignificant risk of changes in value and held at floating interest rates linked to UK bank rates.
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised in the reporting period in which they become legally payable.
The director acknowledges the latest guidance on going concern. After assessing the outcome of the business and with consideration of the Company's balance sheet position, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of twelve months from the date of the approval of the financial statements and, therefore, she continues to adopt the going concern basis in preparing the annual financial statements.
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:
Ruixu Art Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
2,225
2,225
Taxes and social security
14,883
17,789
Loans from directors
18,434
11,040
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
8
Transactions with related parties
At the balance sheet date, the Company owed £11,040 to the director, Ms Rui Xu.
There were no further related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
The Company was under the control of Ms Rui Xu throughout the reporting period to date.
Ruixu Art Limited
Notes to the Accounts
for the year ended 31 March 2024
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).