Rackit Ltd - Accounts to registrar (filleted) - small 18.2
Rackit Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| FOR |
| RACKIT LTD |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2020 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Statement of Financial Position | 3 |
| Statement of Changes in Equity | 5 |
| Notes to the Financial Statements | 6 |
| RACKIT LTD |
| COMPANY INFORMATION |
| for the Year Ended 31 December 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| BANKERS: |
| Irvine Branch |
| 69 High Street |
| Irvine |
| Ayrshire |
| KA12 0AL |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 31 December 2020 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| STATEMENT OF FINANCIAL POSITION |
| 31 December 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 December 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| STATEMENT OF CHANGES IN EQUITY |
| for the Year Ended 31 December 2020 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2019 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2019 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2020 |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2020 |
| 1. | STATUTORY INFORMATION |
| Rackit Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with provisions of Section 1A "Small Entities" of Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Functional currency |
| The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound. |
| Significant judgements and estimates |
| The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to |
| exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: |
| Estimation Uncertainty |
| Useful life of properties, plant and equipment |
| The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this. |
| Recoverability of Debtors |
| The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts. |
| Stock Valuation |
| The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements. |
| Key Judgements made in the application of Accounting Policies |
| a) Exemptions taken in the application of FRS 102 |
| The Company has considered and taken advantage of the following exemptions in its application of FRS 102: |
| i) The Company has not revisited previous accounting estimates. |
| Turnover |
| Turnover represents the net invoiced sale of racking and shelving, excluding value added tax. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Classification |
| The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard. |
| Recognition and measurement |
| The company's debt instruments are measured at amortised cost using the effective interest rate method. |
| Impairment |
| Financial instruments are reviewed annually for impairment. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Debtors |
| Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank with a short term of maturity, being twelve months or less, from the opening of the deposit or similar account. |
| Creditors |
| Creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2020 |
| Additions |
| At 31 December 2020 |
| DEPRECIATION |
| At 1 January 2020 |
| Charge for year |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| The net book value of assets held under finance leases amounted to £13,067 |
| 5. | STOCKS |
| 2020 | 2019 |
| £ | £ |
| Stocks & WIP |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| RACKIT LTD (REGISTERED NUMBER: SC295001) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2020 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 1,193,029 | 139,307 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary A | 1.00 | 100 | 100 |
| Ordinary B | 38,095.23 | 190,476 | 190,476 |
| 190,576 | 190,576 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2020 |
| Deficit for the year | ( |
) |
| Dividends | ( |
) |
| At 31 December 2020 |