R.I.G. Fabrication Limited
(formerly BTT Fabrication Limited)
Registered number
SC351417
Filleted Accounts
31 July 2024
R.I.G. Fabrication Limited
Registered number: SC351417
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 1,575
Current assets
Stocks 12,072 9,156
Debtors 4 46,482 80,524
Cash at bank and in hand 10,840 19,465
69,394 109,145
Creditors: amounts falling due within one year 5 (77,779) (110,418)
Net current liabilities (8,385) (1,273)
Total assets less current liabilities (8,385) 302
Creditors: amounts falling due after more than one year 6 (138,771) (144,019)
Net liabilities (147,156) (143,717)
Capital and reserves
Called up share capital 1 1
Profit and loss account (147,157) (143,718)
Shareholder's funds (147,156) (143,717)
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.
John Webb
Director
Approved by the board on 20 January 2025
R.I.G. Fabrication Limited
Notes to the Accounts
for the year ended 31 July 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 11 11
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 22,701
At 31 July 2024 22,701
Depreciation
At 1 August 2023 21,126
Charge for the year 1,575
At 31 July 2024 22,701
Net book value
At 31 July 2024 -
At 31 July 2023 1,575
4 Debtors 2024 2023
£ £
Trade debtors 45,282 78,695
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,200 1,200
Prepayments - 629
46,482 80,524
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,755 4,755
Trade creditors 18,782 15,863
Amounts owed to group undertakings and undertakings in which the company has a participating interest 45,000 75,000
Taxation and social security costs 4,702 9,343
Other creditors 4,540 5,457
77,779 110,418
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,261 9,509
Amounts owed to group undertakings and undertakings in which the company has a participating interest 134,510 134,510
138,771 144,019
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 9,016 14,264
The bank loans are secured by a standard security over the assets of the business.
8 Related party transactions
As at the balance sheet date there was an amount owing to the parent company in the sum of £134,510. The loan is unsecured, interest free and repayable on demand.
9 Controlling party
S&JW Holdings Limited, a company incorporated in Scotland with company number SC511814, is the controlling party by way of its owning 100% of the issued share capital.
10 Other information
R.I.G. Fabrication Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
1A Marnock Street
Glasgow
G40 2TU
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