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Registered number: 03976230










RUSO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
RUSO LIMITED
REGISTERED NUMBER: 03976230

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
68,146
55,079

  
68,146
55,079

Current assets
  

Stocks
 5 
21,322
19,542

Debtors
 6 
1,259,299
5,110,020

Bank and cash balances
  
161,337
160,860

  
1,441,958
5,290,422

Creditors: amounts falling due within one year
 7 
(3,264,315)
(6,819,037)

Net current liabilities
  
 
 
(1,822,357)
 
 
(1,528,615)

Total assets less current liabilities
  
(1,754,211)
(1,473,536)

Net liabilities
  
(1,754,211)
(1,473,536)


Capital and reserves
  

Called up share capital 
  
1,000,000
1,000,000

Profit and loss account
  
(2,754,211)
(2,473,536)

  
(1,754,211)
(1,473,536)


Page 1

 
RUSO LIMITED
REGISTERED NUMBER: 03976230
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 by: 



Mr R Power
Director

Date: 30 May 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
RUSO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Ruso Limited is a private limited company limited by shares incorporated in England and Wales. The Registered Office is 42-44 Great Windmill Street, London, W1D 7NB.  The entity operates in the restaurant sector.

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

On reviewing the financial statements & cash flow for the business, the directors are satisfied that the company has the necessary profitability, working capital & funding capacity to continue operations for at least 12 months from the date of these approved financial statements.  They are therefore prepared on a going concern basis.  
 
As a small independent business, we are able to move quickly to counter the backdrop of rising cost lines & as directors we remain focussed on maximising efficiencies to deliver all available cost savings.   We continue to make capital investments within the restaurants to broaden our customer base & improve sales in a challenging market.  As directors we remain optimistic about the future of our business.  

 
2.3

Revenue

Revenue represents amounts receivable from the sale of goods net of value added tax and discounts. 
Revenue is recognised at the point of sale to a customer. 

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

Page 3

 
RUSO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Leasehold property
-
Over the life of the lease
Plant and machinery
-
5 years
Fixtures and fittings
-
5 years
Crockery, cutlery and glasses
-
3 years with 100% residual value

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.

Page 4

 
RUSO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 32).

Page 5

 
RUSO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Leasehold property
Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
692,485
9,509
1,244,973
17,161
1,964,128


Additions
8,556
-
18,234
-
26,790



At 31 December 2024

701,041
9,509
1,263,207
17,161
1,990,918



Depreciation


At 1 January 2024
672,011
9,509
1,227,529
-
1,909,049


Charge for the year on owned assets
7,156
-
6,567
-
13,723



At 31 December 2024

679,167
9,509
1,234,096
-
1,922,772



Net book value



At 31 December 2024
21,874
-
29,111
17,161
68,146



At 31 December 2023
20,474
-
17,444
17,161
55,079


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
21,322
19,542



6.


Debtors

2024
2023
£
£

Amounts owed by group undertakings
1,218,138
5,071,848

Amounts owed by related parties
24,472
20,253

Other debtors
714
2,614

Prepayments and accrued income
15,975
15,305

1,259,299
5,110,020


Page 6

 
RUSO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
59,762
62,987

Other taxation and social security
64,360
65,386

Other creditors
3,083,158
6,588,151

Accruals and deferred income
57,035
102,513

3,264,315
6,819,037



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £9,887 (2023: £9,609). Contributions totalling £2,028 (2023: £2,024) were payable to the fund at the reporting date.


9.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
100,000
100,000

Later than 1 year and not later than 5 years
400,000
400,000

Later than 5 years
200,000
300,000

700,000
800,000


10.


Related party transactions

At the Balance Sheet date the company owed £2,993,373 (2023: £6,474,388) to the directors of the company. These balances are non-interest bearing.
At the balance sheet date the company was owed £1,242,610 (2023: £5,092,101) by group companies. These balances are non interest bearing.


11.


Ultimate controlling party

The immediate parent company is Newincco 1389 Limited, a company incorporated in England and Wales. 
The ultimate controlling party is Mr R Power.

 
Page 7