Ryak Cleaning Limited - financial statements for the year ended 31 January 2026 - Filleted accounts

1. Accounting policies

Basis of preparation and statement of compliance

Ryak Cleaning Limited is a private company limited by shares, registered in Northern Ireland with registered number NI658337. Its registered office is 9 Hillview Road, Belfast, County Antrim, BT14 7BT, Northern Ireland, which is also its principal place of business. The financial statements have been prepared in accordance with FRS 102, including the provisions of Section 1A "Small Entities", and the Companies Act 2006.

The financial statements are prepared under the historical cost convention. They are presented in pounds sterling (£), which is the company's functional currency, rounded to the nearest £1.

The significant accounting policies applied are set out below. They have been applied consistently to all years presented, unless stated otherwise.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied in the ordinary course of business, net of trade discounts, volume rebates and value added tax.

Interest income and finance costs

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Borrowing costs

Borrowing costs are recognised as an expense in the period in which they are incurred.

Pensions and other employee benefits

Short-term employee benefits, including holiday pay, are recognised as an expense in the period in which the service is received.

The company operates a defined contribution pension scheme. Contributions are charged to profit or loss as they become payable. Amounts unpaid at the reporting date are included in creditors.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is the amount of tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted at the reporting date.

Deferred tax is recognised on timing differences between taxable profits and total comprehensive income at the reporting date, measured at the tax rates expected to apply when the differences reverse, based on rates enacted or substantively enacted at the reporting date. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Deferred tax is not discounted.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is charged so as to write off the cost of intangible assets less their residual values over their useful lives, as follows:

Registered trademarks: 10 years, straight line.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the purchase price and costs directly attributable to bringing the asset to working condition.

Depreciation is charged so as to write off the cost or valuation of assets, less estimated residual value, over their expected useful lives, on the following bases:

Short leasehold improvements: 20% straight line.

Plant and machinery: 20% straight line.

Fixtures, fittings and equipment: 20% straight line.

Motor vehicles: 20% straight line.

Residual values and useful lives are reviewed where there is an indication of a significant change since the last reporting date. Gains and losses on disposal are recognised in profit or loss.

Impairment of non-financial assets

At each reporting date the company assesses whether there is any indication that an asset may be impaired. If there is, the recoverable amount (the higher of fair value less costs to sell and value in use) is estimated and any shortfall below carrying amount is recognised as an impairment loss in profit or loss.

An impairment loss is reversed if the reasons for it have ceased to apply, but not above the carrying amount that would have been determined had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on a first-in, first-out basis and comprises expenditure incurred in bringing stocks to their present location and condition.

At each reporting date stocks are assessed for impairment; any write-down to estimated selling price less costs to complete and sell is recognised in profit or loss.

Debtors

Short-term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at transaction price including transaction costs or, where the arrangement is a financing transaction, at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. They are subsequently measured at amortised cost using the effective interest method, less impairment.

Where there is objective evidence that a debtor is impaired, the impairment loss is recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. The invoice finance facility is presented within creditors as a borrowing.

Creditors

Short-term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price net of transaction costs or, where the arrangement is a financing transaction, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. They are subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle it, and the amount can be estimated reliably. They are measured at the best estimate of the amount required to settle the obligation at the reporting date, discounted where the effect is material.

Leases

Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership to the lessee. All other leases are operating leases.

Assets held under finance leases and hire purchase contracts are recognised at the lower of fair value and the present value of the minimum lease payments, with a corresponding liability. Payments are split between finance charges, recognised in profit or loss using the effective interest method, and reduction of the liability. Assets are depreciated over the shorter of the lease term and useful life.

Rentals under operating leases are charged to profit or loss on a straight-line basis over the lease term. Lease incentives are recognised over the lease term as a reduction of the rental expense.

Share capital, reserves and dividends

Ordinary shares are classified as equity. Incremental costs of issuing new shares are deducted from equity.

Called up share capital represents the nominal value of shares issued. The profit and loss reserve represents cumulative profits and losses net of dividends and other adjustments.

2. General information

Ryak Cleaning Limited is a private company limited by shares, registered in Northern Ireland (registered number NI658337).

The registered office is 9 Hillview Road, Belfast, County Antrim, BT14 7BT, Northern Ireland.

The principal activity of the company is contract cleaning and facilities management services.

The financial statements are presented in pounds sterling (£), which is the functional currency of the company. Monetary amounts are rounded to the nearest whole unit.

3. Reclassification of comparative figures

The invoice finance facility, previously netted against cash at bank and in hand, is now presented as an other loan within creditors: amounts falling due within one year, because there is no legal right of set-off. The 2025 comparatives have been reclassified accordingly: cash at bank and in hand increases by £259,665 to £279,842 and creditors falling due within one year increase by £259,665. The reclassification has no effect on the profit for the year or on net assets, and is not a prior-period adjustment.

4. Employees

The average number of persons employed by the company during the year, including directors, was 465 (2025: 318).

5. Intangible assets

6. Tangible fixed assets

7. Stocks

8. Debtors

9. Debtors due after more than one year

10. Creditors due within one year

11. Creditors due after more than one year

12. Borrowings: maturity and terms

The CBILS bank loan is repayable by monthly instalments of £1,625. Bank loans fall due as follows:

The loan from F Creaney, a director, of £818,002 (2025: £1,059,986) is unsecured and bears interest at the Bank of England Bank Rate plus 5.5%. Of this, £100,000 (2025: £159,986) is shown within creditors falling due within one year and the remaining £718,002 (2025: £900,000) within creditors falling due after more than one year.

13. Security given

Bank of Ireland: bank loans and the invoice finance facility are secured by fixed and floating charges over all the property and undertaking of the company. Hire purchase and vehicle loan liabilities of £360,269 (2025: £198,155) are secured on the assets financed. The company and City Contract Cleaners Limited have given cross-guarantees to Bank of Ireland in respect of each other's liabilities.

14. Deferred tax

The net deferred tax liability / (asset) is analysed as follows. A net asset is presented within debtors and a net liability within provisions.

15. Share capital

Allotted, called up and fully paid

16. Capital and other financial commitments

The company had no material capital commitments at 31 January 2026 (2025: none).

17. Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases (land and buildings) are as follows:

18. Advances, credits and guarantees for directors

During the year A Creaney was advanced £40,353 (2025: £nil), of which £40,353 was repaid. The maximum amount outstanding was £6,853 and the balance at 31 January 2026 was £nil (2025: £nil). The advances were interest-free and unsecured. No advance or credit was made to any other director during the year.

19. Transactions with directors

B Bogues: a pension entitlement of £48,500 for January 2026 has been accrued at the year end.

20. Related party transactions

City Contract Cleaners Limited is a related party because F Creaney is a director and shareholder of both companies. During the year the company provided cleaning services to City Contract Cleaners Limited of £1,153,154 (2025: £38,334) and recharged vehicle costs of £9,298 (2025: £nil) and purchased services from it of £nil (2025: £3,000). It also recharged advertising costs, at cost, of £9,554 and paid expenses of £12,253 on its behalf. At 31 January 2026 £119,145 (2025: £24,288) was owed by City Contract Cleaners Limited, comprising trade debtors £95,722, the loan account £14,125 and accrued recharges £9,298. The balance is unsecured, interest free and repayable on demand.

At 31 January 2026 GFJ Belfast Limited, a company connected through common directors, owed the company £94,945 (2025: £84,945). The loan is interest free and repayable on demand.

At 31 January 2026 Prime Steak Ltd, a company controlled by a close family member of a director, owed the company £18,282 (2025: £nil). The loan is interest free and repayable on demand.

At 31 January 2026 the company owed Ryak Cleaning ROI Limited, a company connected through common directors, £47,630 (2025: £52,730). The balance is unsecured and repayable on demand.

21. Events after the reporting period

There have been no significant events affecting the company since the year end.

22. Controlling party

The company is controlled by Francis Creaney, a director, by virtue of his majority shareholding.