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REGISTERED NUMBER: 01465509 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Rigibore Limited

Rigibore Limited (Registered number: 01465509)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rigibore Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr R Bassett
Mrs R Bassett
Mr A Bassett
Mr R W Bennet
Mrs S Bennet





REGISTERED OFFICE: 5 Guildford Industrial Estate
HAYLE
Cornwall
TR27 4QZ





REGISTERED NUMBER: 01465509 (England and Wales)





ACCOUNTANTS: Colin Truscott Accountancy Limited
9 Heron Close
Tresillian
Cornwall
TR2 4BH

Rigibore Limited (Registered number: 01465509)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 915,722 1,024,438
Investments 5 49,993 49,993
965,715 1,074,431

CURRENT ASSETS
Stocks 1,435,622 1,339,508
Debtors 6 892,062 834,638
Cash at bank and in hand 563,969 487,252
2,891,653 2,661,398
CREDITORS
Amounts falling due within one year 7 147,462 104,734
NET CURRENT ASSETS 2,744,191 2,556,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,709,906

3,631,095

CREDITORS
Amounts falling due after more than
one year

8

-

(5,144

)

PROVISIONS FOR LIABILITIES (144,285 ) (141,084 )
NET ASSETS 3,565,621 3,484,867

Rigibore Limited (Registered number: 01465509)

Balance Sheet - continued
30 June 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 450,000 450,000
Retained earnings 3,115,621 3,034,867
3,565,621 3,484,867

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





Mrs S Bennet - Director


Rigibore Limited (Registered number: 01465509)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Rigibore Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Rigibore Limited (Registered number: 01465509)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on Research is written off in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Rigibore Limited (Registered number: 01465509)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to the profit and loss account in the period to which they relate.

Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 35 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 514,090 3,808,168 152,369
Additions - 2,400 710
Disposals - (59,796 ) -
At 30 June 2024 514,090 3,750,772 153,079
DEPRECIATION
At 1 July 2023 93,210 3,325,915 46,740
Charge for year 12,417 77,708 9,457
Eliminated on disposal - (51,489 ) -
At 30 June 2024 105,627 3,352,134 56,197
NET BOOK VALUE
At 30 June 2024 408,463 398,638 96,882
At 30 June 2023 420,880 482,253 105,629

Rigibore Limited (Registered number: 01465509)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 20,473 151,979 4,647,079
Additions - 2,613 5,723
Disposals - - (59,796 )
At 30 June 2024 20,473 154,592 4,593,006
DEPRECIATION
At 1 July 2023 18,469 138,307 3,622,641
Charge for year 494 6,056 106,132
Eliminated on disposal - - (51,489 )
At 30 June 2024 18,963 144,363 3,677,284
NET BOOK VALUE
At 30 June 2024 1,510 10,229 915,722
At 30 June 2023 2,004 13,672 1,024,438

The bank overdraft facility is secured by a fixed and floating charge over the company's assets.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 49,993
NET BOOK VALUE
At 30 June 2024 49,993
At 30 June 2023 49,993

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Rigibore India Pvt
Registered office: N4/1, Ground Floor, Millers Road, Bangalore, India
Nature of business: Engineering
%
Class of shares: holding
Ordinary 100.00

Rigibore Limited (Registered number: 01465509)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 90,783 125,505
Amounts owed by group undertakings 738,401 652,480
Other debtors 62,878 56,653
892,062 834,638

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 83,684 65,694
Taxation and social security 39,025 18,148
Other creditors 24,753 20,892
147,462 104,734

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other creditors - 5,144

9. OTHER FINANCIAL COMMITMENTS

The company has entered into an unlimited cross guarantee with its bankers to guarantee the bank borrowings of its subsidiary companies, R&R Bassett (Engineering) Limited and Rigibore Limited. The amount guaranteed as at the balance sheet was £nil (2023 - £nil) being the value of overdraft in R&R Bassett (Engineering) Limited.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr R Bassett by virtue of his shareholding in Bassett Group Limited.

The parent company of Rigibore Limited is Bassett Group Limited and its registered office is 5 Guildford Industrial Estate, Hayle, Cornwall TR27 4QZ.