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Registration number: SC369359

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Rifbro Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Rifbro Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 9

 

Rifbro Ltd

Company Information

Directors

Stephen James Brophy

Ben Colin Richard Wilkinson

Registered office

247 Morningside Road
Edinburgh
EH10 4QJ

Bankers

Santander
Bridle Road
Bootle
L30 4GB

Accountants

RGA Scotland Limited Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rifbro Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rifbro Ltd for the year ended 31 December 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Rifbro Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Rifbro Ltd and state those matters that we have agreed to state to the Board of Directors of Rifbro Ltd, as a body, in this report.

This is in accordance with the requirements of the ACCA and, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rifbro Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Rifbro Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rifbro Ltd. You consider that Rifbro Ltd is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Rifbro Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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....................................................................

RGA Scotland Limited
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

9 April 2025

 

Rifbro Ltd

(Registration number: SC369359)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

84,175

84,175

Tangible assets

6

88,020

63,500

 

172,195

147,675

Current assets

 

Stocks

7

16,094

12,000

Debtors

8

17,332

11,463

Cash at bank and in hand

 

62,557

96,898

 

95,983

120,361

Creditors: Amounts falling due within one year

9

(63,134)

(16,853)

Net current assets

 

32,849

103,508

Total assets less current liabilities

 

205,044

251,183

Creditors: Amounts falling due after more than one year

9

(31,814)

-

Provisions for liabilities

(16,724)

(11,232)

Net assets

 

156,506

239,951

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

156,406

239,851

Shareholders' funds

 

156,506

239,951

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 

.........................................
Stephen James Brophy
Director

 

Rifbro Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
247 Morningside Road
Edinburgh
EH10 4QJ

These financial statements were authorised for issue by the Board on 9 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Rifbro Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Motor vehicles (all electric cars)

Estimated year end market value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

no longer considered to be appropriate

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Rifbro Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

14,312

30,152

 

Rifbro Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

129,500

129,500

At 31 December 2024

129,500

129,500

Amortisation

At 1 January 2024

45,325

45,325

At 31 December 2024

45,325

45,325

Carrying amount

At 31 December 2024

84,175

84,175

At 31 December 2023

84,175

84,175

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

38,311

116,368

154,679

Additions

832

61,000

61,832

Disposals

-

(23,000)

(23,000)

At 31 December 2024

39,143

154,368

193,511

Depreciation

At 1 January 2024

26,811

64,368

91,179

Charge for the year

2,312

12,000

14,312

At 31 December 2024

29,123

76,368

105,491

Carrying amount

At 31 December 2024

10,020

78,000

88,020

At 31 December 2023

11,500

52,000

63,500

 

Rifbro Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Stocks

2024
£

2023
£

Stock for sale and business use

16,094

12,000

8

Debtors

Current

2024
£

2023
£

Trade debtors

8,665

11,463

Other debtors

8,667

-

 

17,332

11,463

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

7,921

1,308

Trade creditors

 

8,569

8,128

Taxation and social security

 

13,893

1,524

Accruals and deferred income

 

1,900

1,611

Other creditors

 

30,851

4,282

 

63,134

16,853

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

31,814

-

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Rifbro Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

31,814

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

7,854

-

Director current account

67

1,308

7,921

1,308