Registered number
SC690158
Royalux Competitions Ltd
Filleted Unaudited Accounts
29 February 2024
J T Rennie & Co
Accountants
5 Buccleuch Street
Dumfries
Royalux Competitions Ltd
Registered number: SC690158
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 210,886 168,095
Current assets
Stocks 72,600 -
Debtors 4 941,064 -
Cash at bank and in hand 15,938 261,929
1,029,602 261,929
Creditors: amounts falling due within one year 5 (765,875) (310,489)
Net current assets/(liabilities) 263,727 (48,560)
Net assets 474,613 119,535
Capital and reserves
Called up share capital 100 100
Profit and loss account 474,513 119,435
Shareholder's funds 474,613 119,535
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Nichol
Director
Approved by the board on 27 February 2025
Royalux Competitions Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 133,577 90,549 224,126
Additions 128,995 91,370 220,365
Disposals (108,037) (35,000) (143,037)
At 29 February 2024 154,535 146,919 301,454
Depreciation
At 1 March 2023 33,394 22,637 56,031
Charge for the year 37,038 33,258 70,296
On disposals (27,009) (8,750) (35,759)
At 29 February 2024 43,423 47,145 90,568
Net book value
At 29 February 2024 111,112 99,774 210,886
At 28 February 2023 100,183 67,912 168,095
4 Debtors 2024 2023
£ £
Other debtors 941,064 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 136,000 287,773
Taxation and social security costs 341,508 20,216
Other creditors 288,367 2,500
765,875 310,489
6 Other information
Royalux Competitions Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
3 Union Street
Brechin
Angus
DD9 6HG
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