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REGISTERED NUMBER: 12140269 (England and Wales)
















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

RIMBAL SYSTEMS LIMITED

RIMBAL SYSTEMS LIMITED (REGISTERED NUMBER: 12140269)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RIMBAL SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A I R MacNee
A T Kirk





REGISTERED OFFICE: Unit 8
8 Shepherd Market
London
W1J 7JY





REGISTERED NUMBER: 12140269 (England and Wales)





AUDITORS: MHA
Elfed House
Oak Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8RS

RIMBAL SYSTEMS LIMITED (REGISTERED NUMBER: 12140269)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 974,947 632,113

CURRENT ASSETS
Debtors 5 43,371 57,782
Cash at bank 2,879 2,304
46,250 60,086
CREDITORS
Amounts falling due within one year 6 885,356 579,451
NET CURRENT LIABILITIES (839,106 ) (519,365 )
TOTAL ASSETS LESS CURRENT LIABILITIES 135,841 112,748

CAPITAL AND RESERVES
Called up share capital 5,275 5,275
Share premium 27,225 27,225
Retained earnings 103,341 80,248
135,841 112,748

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 11 December 2024 and were signed on its behalf by:





A I R MacNee - Director


RIMBAL SYSTEMS LIMITED (REGISTERED NUMBER: 12140269)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Rimbal Systems 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 (£).


Amounts are rounded to the nearest pound.

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.

There have been no material departures from Financial Reporting Standard 102.

Going concern
These accounts have been prepared under the going concern principle, although the company has net current liabilities. The Company is reliant on the continued support of its creditors and shareholders. The directors are confident that such support will continue to be provided.

In making their assessment of going concern, the directors have also considered forecasts for the Company and broad economic factors generally. At the time of approving the financial statements, the directors have a reasonable expectation that the Company has access to adequate resources to continue in operational existence for a period of at least one year from the date of approval. Accordingly, these financial statements have been prepared on the going concern basis.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

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

Financial liabilities are offset, with net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.


RIMBAL SYSTEMS LIMITED (REGISTERED NUMBER: 12140269)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

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.


RIMBAL SYSTEMS LIMITED (REGISTERED NUMBER: 12140269)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
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
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same year 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 for which the company is expected to benefit.

Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023 806,718
Additions 473,850
At 30 June 2024 1,280,568
AMORTISATION
At 1 July 2023 174,605
Charge for year 131,016
At 30 June 2024 305,621
NET BOOK VALUE
At 30 June 2024 974,947
At 30 June 2023 632,113

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other debtors 42,040 55,211
Prepayments and accrued income 1,331 2,571
43,371 57,782

RIMBAL SYSTEMS LIMITED (REGISTERED NUMBER: 12140269)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 1,152 -
Amounts owed to group undertakings 870,242 561,995
Accruals and deferred income 13,962 17,456
885,356 579,451

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Laura Farrow MSc BSc FCA (Senior Statutory Auditor)
for and on behalf of MHA


MHA is the trading name of MacIntyre Hudson LLP,
a limited liability partnership in England and Wales (OC312313).

8. RELATED PARTY DISCLOSURES

The Company has given security by way of a debenture over the assets and undertaking of the Company in respect of a £5.175m loan facility provided to its ultimate parent company, Rimbal Holdings Limited, by Silverstripe Rimbal LLC (assigned from Silverstripe Rimbal LLC to Silverstripe General Partners Limited). Other subsidiaries have also provided a similar security. At 30 June 2024 an amount of £1.35m (2023: £1.35m) of the facility had been drawn, with accumulated interest.