22 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI602422 2023-04-01 2024-03-31 NI602422 2024-03-31 NI602422 2023-03-31 NI602422 2022-04-01 2023-03-31 NI602422 2023-03-31 NI602422 2022-03-31 NI602422 core:NetGoodwill 2023-04-01 2024-03-31 NI602422 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI602422 core:MotorVehicles 2023-04-01 2024-03-31 NI602422 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI602422 bus:Director3 2023-04-01 2024-03-31 NI602422 core:NetGoodwill 2023-03-31 NI602422 core:NetGoodwill 2024-03-31 NI602422 core:FurnitureFittingsToolsEquipment 2023-03-31 NI602422 core:MotorVehicles 2023-03-31 NI602422 core:FurnitureFittingsToolsEquipment 2024-03-31 NI602422 core:MotorVehicles 2024-03-31 NI602422 core:WithinOneYear 2024-03-31 NI602422 core:WithinOneYear 2023-03-31 NI602422 core:ShareCapital 2024-03-31 NI602422 core:ShareCapital 2023-03-31 NI602422 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI602422 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI602422 bus:OrdinaryShareClass1 core:ShareCapital 2024-03-31 NI602422 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 NI602422 core:NetGoodwill 2023-03-31 NI602422 core:FurnitureFittingsToolsEquipment 2023-03-31 NI602422 core:MotorVehicles 2023-03-31 NI602422 bus:SmallEntities 2023-04-01 2024-03-31 NI602422 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI602422 bus:FullAccounts 2023-04-01 2024-03-31 NI602422 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI602422 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
Company registration number: NI602422
J RAINEY BOOKMAKER LTD
Trading as J RAINEY BOOKMAKER LTD
Unaudited filleted financial statements
31 March 2024
E F McCAMBRIDGE & Co
Chartered Accountants Chartered Tax Advisors
&
Registered Auditors
6 Bayview Terrace, Derry, BT48 7EE
J RAINEY BOOKMAKER LTD
Balance sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 900,000 1,050,000
Tangible assets 6 40,131 41,173
_______ _______
940,131 1,091,173
Current assets
Debtors 7 8,866 -
Cash at bank and in hand 287,633 493,526
_______ _______
296,499 493,526
Creditors: amounts falling due
within one year 8 ( 891,765) ( 980,896)
_______ _______
Net current liabilities ( 595,266) ( 487,370)
_______ _______
Total assets less current liabilities 344,865 603,803
_______ _______
Net assets 344,865 603,803
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account 344,863 603,801
_______ _______
Shareholders funds 344,865 603,803
_______ _______
For the year ending 31 March 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 Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
MR PAUL RAINEY MR CIARAN RAINEY
Director Director
Company registration number: NI602422
J RAINEY BOOKMAKER LTD
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in NORTHERN IRELAND. The address of the registered office is J RAINEY BOOKMAKER LIMITED, 14 HALL STREET, MAGHERA, CO DERRY, BT46 5DA.
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
No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 - 5 % 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
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 15 % 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
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 3,000,000 3,000,000
_______ _______
Amortisation
At 1 April 2023 1,950,000 1,950,000
Charge for the year 150,000 150,000
_______ _______
At 31 March 2024 2,100,000 2,100,000
_______ _______
Carrying amount
At 31 March 2024 900,000 900,000
_______ _______
At 31 March 2023 1,050,000 1,050,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 165,905 7,480 173,385
Additions 6,037 - 6,037
_______ _______ _______
At 31 March 2024 171,942 7,480 179,422
_______ _______ _______
Depreciation
At 1 April 2023 125,635 6,576 132,211
Charge for the year 6,944 136 7,080
_______ _______ _______
At 31 March 2024 132,579 6,712 139,291
_______ _______ _______
Carrying amount
At 31 March 2024 39,363 768 40,131
_______ _______ _______
At 31 March 2023 40,270 904 41,174
_______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 8,866 -
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax - 40,175
Social security and other taxes 40,872 -
Other creditors 850,893 940,721
_______ _______
891,765 980,896
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______