67 01/09/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP NI065127 2023-09-01 2024-08-31 NI065127 2024-08-31 NI065127 2023-08-31 NI065127 2022-09-01 2023-08-31 NI065127 2023-08-31 NI065127 2022-08-31 NI065127 core:NetGoodwill 2023-09-01 2024-08-31 NI065127 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 NI065127 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 NI065127 core:MotorVehicles 2023-09-01 2024-08-31 NI065127 bus:Director1 2023-09-01 2024-08-31 NI065127 core:NetGoodwill 2024-08-31 NI065127 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 NI065127 core:FurnitureFittingsToolsEquipment 2023-08-31 NI065127 core:MotorVehicles 2023-08-31 NI065127 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 NI065127 core:FurnitureFittingsToolsEquipment 2024-08-31 NI065127 core:MotorVehicles 2024-08-31 NI065127 core:WithinOneYear 2024-08-31 NI065127 core:WithinOneYear 2023-08-31 NI065127 core:AfterOneYear 2024-08-31 NI065127 core:AfterOneYear 2023-08-31 NI065127 core:ShareCapital 2024-08-31 NI065127 core:ShareCapital 2023-08-31 NI065127 core:RetainedEarningsAccumulatedLosses 2024-08-31 NI065127 core:RetainedEarningsAccumulatedLosses 2023-08-31 NI065127 core:NetGoodwill 2023-08-31 NI065127 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 NI065127 core:FurnitureFittingsToolsEquipment 2023-08-31 NI065127 core:MotorVehicles 2023-08-31 NI065127 bus:SmallEntities 2023-09-01 2024-08-31 NI065127 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 NI065127 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 NI065127 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI065127 bus:FullAccounts 2023-09-01 2024-08-31 NI065127 2 2023-09-01 2024-08-31
Company registration number: NI065127
Rafar Limited
Unaudited filleted financial statements
31 August 2024
Barry Thompson and Company
Accountants
76-78 Church Street
Portadown
Co Armagh
BT62 3EU
Rafar Limited
Contents
Statement of financial position
Notes to the financial statements
Rafar Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 718,199 759,144
________ ________
718,199 759,144
Current assets
Stocks 113,848 105,088
Debtors 7 134,403 88,082
Cash at bank and in hand 279,116 332,884
________ ________
527,367 526,054
Creditors: amounts falling due
within one year 8 ( 348,414) ( 381,631)
________ ________
Net current assets 178,953 144,423
________ ________
Total assets less current liabilities 897,152 903,567
Creditors: amounts falling due
after more than one year 9 ( 27,123) ( 31,928)
Provisions for liabilities ( 51,081) ( 58,077)
________ ________
Net assets 818,948 813,562
________ ________
Capital and reserves
Called up share capital 2 2
Profit and loss account 818,946 813,560
________ ________
Shareholders funds 818,948 813,562
________ ________
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 December 2024 , and are signed on behalf of the board by:
B J Campbell
Director
Company registration number: NI065127
Rafar Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 76-78 Church Street, Portadown, Co Armagh, BT62 3EU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Current tax is recognised on taxable profit for the current and past periods. It is measured at the amount expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets and liabilities recognised have not been discounted.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
The tangible fixed assets are recorded at their purchase cost, together with any incidental costs of acquisition less accumulated depreciation and impairment losses.
Freehold property - 2 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
The fair values of the company's financial assets, cash and cash equivalents and financial liabilities are assumed to approximate to their book value. The company does not enter into derivative financial instruments.
Defined contribution plans
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 67 (2023: 65 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2023 and 31 August 2024 50,000 50,000
________ ________
Amortisation
At 1 September 2023 and 31 August 2024 50,000 50,000
________ ________
Carrying amount
At 31 August 2024 - -
________ ________
At 31 August 2023 - -
________ ________
6. Tangible assets
Freehold property Fixtures and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 624,000 634,562 3,750 1,262,312
Additions - 29,267 - 29,267
________ ________ ________ ________
At 31 August 2024 624,000 663,829 3,750 1,291,579
________ ________ ________ ________
Depreciation
At 1 September 2023 99,840 400,921 2,406 503,167
Charge for the year 12,480 57,397 336 70,213
________ ________ ________ ________
At 31 August 2024 112,320 458,318 2,742 573,380
________ ________ ________ ________
Carrying amount
At 31 August 2024 511,680 205,511 1,008 718,199
________ ________ ________ ________
At 31 August 2023 524,160 233,641 1,344 759,145
________ ________ ________ ________
7. Debtors
2024 2023
£ £
Trade debtors 2,300 958
Other debtors 132,103 87,124
________ ________
134,403 88,082
________ ________
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 6,218 6,218
Trade creditors 208,060 256,352
Corporation tax 37,839 30,536
Social security and other taxes 33,942 14,709
Other creditors 62,355 73,816
________ ________
348,414 381,631
________ ________
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 27,123 31,928
________ ________
10. Directors advances, credits and guarantees
At the year end the directors owed the company £49,521(2023 owed to the company £49,521). This loan is interest free and has no fixed date for repayment.
11. Controlling party
The company is controlled by Mr B J Campbell and Mrs B Campbell who each own 50% of the ordinary share capital