Registration number:
for the
Year Ended 31 March 2025
Raydens Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Raydens Limited
Company Information
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Directors |
K M Rayden W H Rayden |
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Registered office |
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Bankers |
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Auditors |
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Raydens Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is the provision of legal services.
Fair review of the business
The results for the year which are set out in the profit and loss account show turnover of £11,415,198 (2024 - £10,333,419) and an operating profit of £1,400,303 (2024 - £822,437). At 31 March 2025 the company had net assets of £673,387 (2024 - £189,274). The directors consider the performance for the year and the financial position at the year end to be satisfactory.
Principal risks and uncertainties
The management of the company and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from other legal practices and changes in the legal industry, as well as the current economic outlook.
Financial key performance indicators
The company produces and tracks key performances indicators monthly and utilises alongside the results documented in these financial statements. Key performance indicators include fee income growth 2025 - 10.3% (2024 - 25.1%) and funds on account cover 2025 - 1.69 and (2024 - 1.24).
The company will continue to review the most appropriate key performance indicators for the business each year.
Approved by the
Director
Raydens Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company does not actively use financial instruments as part of its financial risk management.
Price risk, credit risk, liquidity risk and cash flow risk
The directors have a reasonable expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in
preparing the financial statements.
The business' principal financial instruments comprise bank balances, work in progress, trade debtors and trade
creditors. The main purpose of these instruments is to finance business operations.
Work in progress is managed in respect of price and liquidity risk by regular billing and monitoring of amounts
unbilled. The amounts presented in the balance sheet are net of allowances for recovery rates and time unlikely
to be billed.
Trade debtors are managed in respect of credit and cash flow risk by regular monitoring of amounts outstanding
for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful
debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Directors' liabilities
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
Director
Raydens Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Raydens Limited
Independent Auditor's Report to the Members of Raydens Limited
Opinion
We have audited the financial statements of Raydens Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Raydens Limited
Independent Auditor's Report to the Members of Raydens Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory requirements applicable to the company's financial statements or that had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations included UK GAAP, UK Companies Act 2006 and taxation laws;
We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management, and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of board minutes.
We assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur. Audit procedures performed by the engagement team included:
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addresses the potential for override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates; and
- identifying and testing journal entries, in particular, any journal entries posted with unusual characteristics.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Raydens Limited
Independent Auditor's Report to the Members of Raydens Limited
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Raydens Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Administrative expenses |
( |
( |
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Operating profit |
1,400,303 |
822,437 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(26,926) |
(45,660) |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Raydens Limited
(Registration number: 07534263)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Retained earnings |
663,387 |
179,274 |
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Shareholders' funds |
673,387 |
189,274 |
Approved and authorised by the
Director
Raydens Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 March 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 March 2024 |
10,000 |
179,274 |
189,274 |
Raydens Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
( |
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Finance costs |
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Corporation tax expense |
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Working capital adjustments |
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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Increase in provisions |
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- |
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Cash generated from operations |
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Income taxes paid |
( |
- |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Disposal of intangible assets |
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- |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Value of new loans obtained during the year |
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Repayment of loan borrowings |
( |
( |
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Proceeds from hire purchase borrowings |
- |
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Repayment of hire purchase borrowings |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 1 April |
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Cash and cash equivalents at 31 March |
1,108,737 |
459,909 |
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Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
Bad debt provision - due to the nature of the business, there are high levels of trade debtors at the year end, and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where debts are assessed and provided against when the recoverability of these balances is considered to be uncertain. The carrying amount is £172,699 (2024 - £179,032).
Amounts recoverable on contracts - The process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts estimate A year end report of time on all assignments is circulated to fee earners to identify likely recoverable amounts. The carrying amount is £195,853 (2024 - £253,628).
Provision for client claims - the provision is based on a review of potential claims and an assessment of any potential settlements that are considered likely as a result of these. The carrying amount is £4,600 (2024 - £5,000).
Dilapidations - a provision of dilapidations on the company's property leases is being built up each year based on the amount expected to be payable at the cessation of the lease. The carrying amount is £70,967 (2024 - £64,061).
Revenue recognition
Fee income represents the fair value of services provided during the year on client assignments. Fair value
reflects the amounts expected to be recoverable from client is based on time spent, skills provided and expenses incurred, and excludes VAT. Income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.
Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Tangible assets
Tangible assets are stated in the statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
over the term of the lease |
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Fixtures, fittings and computer equipment |
25% straight line |
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair
value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
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 clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Rendering of services |
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Other revenue |
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The analysis of the company's turnover for the year by market is as follows:
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2025 |
2024 |
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UK |
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Europe |
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Rest of world |
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Operating profit |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Depreciation expense |
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Operating lease expense - property |
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Operating lease expense - plant and machinery |
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Other interest receivable and similar income |
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2025 |
2024 |
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Interest income on bank deposits |
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Interest payable and similar expenses |
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2025 |
2024 |
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Interest on bank overdrafts and borrowings |
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Interest expense on other finance liabilities |
- |
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Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
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Fee earners |
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Administration and support |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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Contributions paid to money purchase schemes |
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|
|
19,500 |
19,948 |
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Auditors' remuneration |
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2025 |
2024 |
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Audit of the financial statements |
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Other fees to auditors |
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All other non-audit services |
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Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
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|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
- |
|
428,199 |
75,881 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
|
Effect of tax losses |
- |
( |
|
Tax increase from other tax effects |
|
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Difference between depreciation and capital allowances |
- |
|
|
Short term timing difference |
|
- |
|
|
|
|
2024 |
Asset |
Liability |
|
Difference between depreciation and capital allowances |
- |
|
|
Short term timing difference |
|
- |
|
|
|
Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
|
Goodwill |
|
|
At 1 April 2024 |
|
|
Disposals |
( |
|
At 31 March 2025 |
- |
|
Carrying amount |
|
|
At 31 March 2025 |
- |
|
At 31 March 2024 |
|
|
Tangible assets |
|
Leasehold improvements |
Fixtures, fittings and computer equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2024 |
|
|
|
|
Additions |
- |
|
|
|
At 31 March 2025 |
|
|
|
|
Depreciation |
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|
At 1 April 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Carrying amount |
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At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
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|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Amounts recoverable on contracts |
|
|
|
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Details of non-current trade and other debtors
£75,115 (2024 - £76,305) of "Other debtors" is classified as non current. This is in respect of security deposits.
Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
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Other creditors |
|
|
|
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Accrued expenses |
|
|
|
|
Corporation tax liability |
428,092 |
75,881 |
|
|
|
|
||
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Due after one year |
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|
Loans and borrowings |
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
- |
|
|
Deferred tax and other provisions |
|
Dilapidations provision |
Deferred tax |
Client claims |
Total |
|
|
At 1 April 2024 |
|
|
|
|
|
Additional provisions |
|
- |
- |
|
|
Increase (decrease) in existing provisions |
- |
( |
- |
( |
|
Provisions used |
- |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
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Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
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Dividends |
|
2025 |
2024 |
|
|
Dividends paid |
509,603 |
603,177 |
|
Analysis of changes in net debt |
|
At 1 April 2024 |
Financing cash flows |
At 31 March 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
459,909 |
648,828 |
1,108,737 |
|
Borrowings |
|||
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Long term borrowings |
- |
(83,909) |
(83,909) |
|
Short term borrowings |
(693,661) |
87,643 |
(606,018) |
|
Lease liabilities |
(98,863) |
65,909 |
(32,954) |
|
(792,524) |
69,643 |
(722,881) |
|
|
( |
|
|
|
|
|
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Raydens Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Related party transactions |
At 31 March 2025, the company owed the director K M Rayden £312,904 (2024 - £320,000) in the form of a director's loan account. Interest is charged on the loan at 6.5% and the loan is repayable on demand.
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Control |
The ultimate controlling party is a director of Raydens Limited, Katherine Rayden, due to her majority shareholding held.