Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 SC250619 Mr Michael Smith Mrs Laura Smith Michael and Laura Smith true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC250619 2023-05-31 SC250619 2024-05-31 SC250619 2023-06-01 2024-05-31 SC250619 frs-core:CurrentFinancialInstruments 2024-05-31 SC250619 frs-core:ComputerEquipment 2024-05-31 SC250619 frs-core:ComputerEquipment 2023-06-01 2024-05-31 SC250619 frs-core:ComputerEquipment 2023-05-31 SC250619 frs-core:MotorVehicles 2024-05-31 SC250619 frs-core:MotorVehicles 2023-06-01 2024-05-31 SC250619 frs-core:MotorVehicles 2023-05-31 SC250619 frs-core:PlantMachinery 2024-05-31 SC250619 frs-core:PlantMachinery 2023-06-01 2024-05-31 SC250619 frs-core:PlantMachinery 2023-05-31 SC250619 frs-core:ShareCapital 2024-05-31 SC250619 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC250619 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC250619 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC250619 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC250619 frs-bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC250619 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC250619 1 2023-06-01 2024-05-31 SC250619 frs-bus:Director1 2023-06-01 2024-05-31 SC250619 frs-bus:Director1 2023-05-31 SC250619 frs-bus:Director1 2024-05-31 SC250619 frs-bus:Director2 2023-06-01 2024-05-31 SC250619 frs-bus:Director2 2023-05-31 SC250619 frs-bus:Director2 2024-05-31 SC250619 frs-countries:Scotland 2023-06-01 2024-05-31 SC250619 2022-05-31 SC250619 2023-05-31 SC250619 2022-06-01 2023-05-31 SC250619 frs-core:CurrentFinancialInstruments 2023-05-31 SC250619 frs-core:ShareCapital 2023-05-31 SC250619 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: SC250619
Rayco Developments Limited
Financial Statements
For The Year Ended 31 May 2024
Gillespie's Fife
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Rayco Developments Limited for the year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rayco Developments Limited for the year ended 31 May 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Rayco Developments Limited , as a body, in accordance with the terms of our engagement letter dated 30 June 2016. Our work has been undertaken solely to prepare for your approval the accounts of Rayco Developments Limited and state those matters that we have agreed to state to the directors of Rayco Developments Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rayco Developments Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Rayco Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Rayco Developments Limited . You consider that Rayco Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Rayco Developments Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
26th July 2024
Gillespie's Fife
Accountants
Fric Ajax Way
Methil
Leven
KY8 3RS
Page 1
Page 2
Balance Sheet
Registered number: SC250619
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,812 3,823
3,812 3,823
CURRENT ASSETS
Debtors 5 46,443 44,368
Cash at bank and in hand 53,723 -
100,166 44,368
Creditors: Amounts Falling Due Within One Year 6 (45,070 ) (29,710 )
NET CURRENT ASSETS (LIABILITIES) 55,096 14,658
TOTAL ASSETS LESS CURRENT LIABILITIES 58,908 18,481
PROVISIONS FOR LIABILITIES
Deferred Taxation (953 ) (726 )
NET ASSETS 57,955 17,755
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 57,953 17,753
SHAREHOLDERS' FUNDS 57,955 17,755
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For the year ending 31 May 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 Michael Smith
Director
26th July 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Rayco Developments Limited is a private company, limited by shares, incorporated in Scotland, registered number SC250619 . The registered office is 9 Scoonie Crescent, Leven, Fife, KY8 4SW.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33.33% reducing balance
2.4. Taxation
Corporation 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 1 1
Manufacturing 1 1
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 22,440 23,694 1,760 47,894
Additions 325 - 1,074 1,399
As at 31 May 2024 22,765 23,694 2,834 49,293
Depreciation
As at 1 June 2023 21,022 21,470 1,579 44,071
Provided during the period 436 556 418 1,410
As at 31 May 2024 21,458 22,026 1,997 45,481
Net Book Value
As at 31 May 2024 1,307 1,668 837 3,812
As at 1 June 2023 1,418 2,224 181 3,823
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income - 269
Other debtors 3,656 3,656
VAT - 4,548
Other taxes and social security - 10,174
Directors' loan accounts 42,787 25,721
46,443 44,368
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,999 4,977
Bank loans and overdrafts - 9,837
Corporation tax 15,607 12,317
Other taxes and social security 2,048 -
VAT 8,752 -
Accruals and deferred income 2,664 2,579
45,070 29,710
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Michael Smith 12,861 29,632 21,099 - 21,394
Mrs Laura Smith 12,860 29,632 21,099 - 21,393
The above loan is unsecured, interest free and repayable on demand.
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 17,000 32,000
A final Dividend of £31,600 was declared on 22 July 2024.
10. Ultimate Controlling Party
The company's ultimate controlling party are Michael and Laura Smith by virtue of their ownership of 100% of the issued share capital in the company.
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