Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-313Conversion of farm buildings2023-06-01false3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08057920 2023-06-01 2024-05-31 08057920 2022-06-01 2023-05-31 08057920 2024-05-31 08057920 2023-05-31 08057920 c:Director1 2023-06-01 2024-05-31 08057920 d:PlantMachinery 2023-06-01 2024-05-31 08057920 d:PlantMachinery 2024-05-31 08057920 d:PlantMachinery 2023-05-31 08057920 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08057920 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08057920 d:CurrentFinancialInstruments 2024-05-31 08057920 d:CurrentFinancialInstruments 2023-05-31 08057920 d:Non-currentFinancialInstruments 2024-05-31 08057920 d:Non-currentFinancialInstruments 2023-05-31 08057920 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 08057920 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08057920 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 08057920 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 08057920 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 08057920 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 08057920 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 08057920 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 08057920 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 08057920 c:OrdinaryShareClass1 2023-06-01 2024-05-31 08057920 c:OrdinaryShareClass1 2024-05-31 08057920 c:OrdinaryShareClass1 2023-05-31 08057920 c:OrdinaryShareClass2 2023-06-01 2024-05-31 08057920 c:OrdinaryShareClass2 2024-05-31 08057920 c:OrdinaryShareClass2 2023-05-31 08057920 c:FRS102 2023-06-01 2024-05-31 08057920 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08057920 c:FullAccounts 2023-06-01 2024-05-31 08057920 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08057920 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 08057920 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 08057920 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 08057920 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 08057920 2 2023-06-01 2024-05-31 08057920 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 08057920 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 08057920 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 08057920 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 08057920 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-05-31 08057920 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-31 08057920 d:LeasedAssetsHeldAsLessee 2024-05-31 08057920 d:LeasedAssetsHeldAsLessee 2023-05-31 08057920 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08057920










RAE.W LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
RAE.W LIMITED
REGISTERED NUMBER: 08057920

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
28,198
33,174

  
28,198
33,174

Current assets
  

Debtors: amounts falling due within one year
 6 
28,853
33,679

Cash at bank and in hand
 7 
201
702

  
29,054
34,381

Creditors: amounts falling due within one year
 8 
(134,181)
(127,372)

Net current liabilities
  
 
 
(105,127)
 
 
(92,991)

Total assets less current liabilities
  
(76,929)
(59,817)

  

Creditors: amounts falling due after more than one year
 9 
(13,783)
(24,802)

  
(90,712)
(84,619)

  

  

Net assets
  
(90,712)
(84,619)

Net liabilities
  
(90,712)
(84,619)


Capital and reserves
  

Called up share capital 
 13 
200
200

Profit and loss account
 14 
(90,912)
(84,819)

  
(90,712)
(84,619)


Page 1

 
RAE.W LIMITED
REGISTERED NUMBER: 08057920
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.




................................................
Mr R J Willett
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
RAE.W LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

RAE.W Limited, 08057920, is a private limited company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Church Farm, Llanmartin, Newport, Gwent, NP18 2EB.
The principal activity of the Company in this year was the conversion of farm buildings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the Directors have reasonable expectations the Company has adequate reserves to continue to trade for the foreseeable future. Therefore, the Company continues to adopt the going concern basis in preparing the Accounts.
Due to trading conditions the company has not performed equipment hire.  Trading conditions in the connected businesses have seen an improved position and therefore the Directors expect to trade to resume.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
RAE.W LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
RAE.W LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
RAE.W LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 June 2023
96,061



At 31 May 2024

96,061



Depreciation


At 1 June 2023
62,887


Charge for the year on owned assets
721


Charge for the year on financed assets
4,255



At 31 May 2024

67,863



Net book value



At 31 May 2024
28,198



At 31 May 2023
33,174

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
24,111
28,366

24,111
28,366

Page 6

 
RAE.W LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
£
£


Other debtors
-
6,858

Deferred taxation
28,853
26,821

28,853
33,679



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
201
702

201
702



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,501
2,441

Trade creditors
1,769
1,846

Amounts owed to group undertakings
111,347
112,375

Corporation tax
-
6,858

Other taxation and social security
14,245
13,992

Obligations under finance lease and hire purchase contracts
8,585
8,586

Other creditors
(5,936)
(20,321)

Accruals and deferred income
1,670
1,595

134,181
127,372


The balance due under Hire Purchase within one year of £8,585 (2023: £8,586) are secured against the assets which the agreements relate to.

Page 7

 
RAE.W LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,783
16,217

Net obligations under finance leases and hire purchase contracts
-
8,585

13,783
24,802


The balance due under Hire Purchase in more than one year of £NIL (2023: £8,585) are secured against the assets which the agreements relate to.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,501
2,441


2,501
2,441

Amounts falling due 1-2 years

Bank loans
2,565
2,503


2,565
2,503

Amounts falling due 2-5 years

Bank loans
8,090
7,896


8,090
7,896

Amounts falling due after more than 5 years

Bank loans
3,128
5,820

3,128
5,820

16,284
18,660


Page 8

 
RAE.W LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
8,585
8,585

Between 1-5 years
-
8,585

8,585
17,170


12.


Deferred taxation




2024


£






At beginning of year
26,821


Charged to profit or loss
2,032



At end of year
28,853

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(7,049)
(8,294)

Tax losses carried forward
35,902
35,115

28,853
26,821

Page 9

 
RAE.W LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150 (2023 - 150) Ordinary A shares of £1.00 each
150
150
50 (2023 - 50) Ordinary B shares of £1.00 each
50
50

200

200



14.


Reserves

Profit and loss account

The profit and loss accounts consists of the accumualted profits of the Company, less any losses incurred and distributions made to the shareholders.


15.


Controlling party

The company is under the control of its parent Company, RAE.W (Llanmartin) Limited, registered number 09349229. The registered office of the parent Company is Church Farm, Llanmartin, Newport, Gwent NP18 2EB.


16.


Transactions with directors

During the year, the company operated a loan account with its Directors. The loan has no fixed repayment terms and is unsecured. At the start of the year, the balance was £20,321. During the year the Company incurred costs on behalf of the Director totalling £NIL. During the year the Director made repayments totalling £14,050 to the Company. Interest was charged by the company at a rate of 2.5% per annum, and this totalled £324 for the year. The balance payable to the Company as at 31 May 2024, as shown within debtors, is £5,936.

 
Page 10