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
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
Fixed assets |
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Intangible assets |
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5 |
- |
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- |
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Tangible assets |
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6 |
718,199 |
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759,144 |
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________ |
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________ |
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718,199 |
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759,144 |
Current assets |
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Stocks |
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113,848 |
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105,088 |
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Debtors |
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7 |
134,403 |
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88,082 |
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Cash at bank and in hand |
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279,116 |
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332,884 |
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________ |
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________ |
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527,367 |
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526,054 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
348,414) |
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(
381,631) |
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________ |
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________ |
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Net current assets |
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178,953 |
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144,423 |
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________ |
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________ |
Total assets less current liabilities |
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897,152 |
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903,567 |
Creditors: amounts falling due |
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after more than one year |
|
9 |
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(
27,123) |
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(
31,928) |
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Provisions for liabilities |
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(
51,081) |
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(
58,077) |
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________ |
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________ |
Net assets |
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818,948 |
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813,562 |
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________ |
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________ |
Capital and reserves |
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Called up share capital |
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2 |
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2 |
Profit and loss account |
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818,946 |
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813,560 |
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________ |
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________ |
Shareholders funds |
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818,948 |
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813,562 |
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________ |
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________ |
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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:
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Goodwill |
- |
20 % |
straight line |
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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.
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Freehold property |
- |
2 % |
straight line |
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Fittings fixtures and equipment |
- |
15 % |
straight line |
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Motor vehicles |
- |
25 % |
reducing balance |
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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
).
8.
Creditors: amounts falling due within one year
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2024 |
2023 |
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|
£ |
£ |
|
Bank loans and overdrafts |
|
6,218 |
6,218 |
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Trade creditors |
|
208,060 |
256,352 |
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Corporation tax |
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37,839 |
30,536 |
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Social security and other taxes |
|
33,942 |
14,709 |
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Other creditors |
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62,355 |
73,816 |
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________ |
________ |
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348,414 |
381,631 |
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________ |
________ |
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9.
Creditors: amounts falling due after more than one year
|
|
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2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
27,123 |
31,928 |
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________ |
________ |
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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