First Raccoon Enterprises Ltd Filleted accounts for Companies House (small and micro)

First Raccoon Enterprises Ltd Filleted accounts for Companies House (small and micro)

FIRST RACCOON ENTERPRISES LTD - Company Information

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3 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 36,000 36,000 36,000 3,113 2,205 779 2,984 129 908 19 19 19 xbrli:pure xbrli:shares iso4217:GBP SC611562 2022-01-01 2022-12-31 SC611562 2022-12-31 SC611562 2021-12-31 SC611562 2021-01-01 2021-12-31 SC611562 2021-12-31 SC611562 core:NetGoodwill 2022-01-01 2022-12-31 SC611562 bus:Director2 2022-01-01 2022-12-31 SC611562 core:WithinOneYear 2022-12-31 SC611562 core:WithinOneYear 2021-12-31 SC611562 core:AfterOneYear 2022-12-31 SC611562 core:AfterOneYear 2021-12-31 SC611562 core:ShareCapital 2022-12-31 SC611562 core:ShareCapital 2021-12-31 SC611562 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC611562 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC611562 core:NetGoodwill 2022-12-31 SC611562 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 SC611562 core:Non-currentFinancialInstruments 2022-12-31 SC611562 core:Non-currentFinancialInstruments 2021-12-31 SC611562 bus:SmallEntities 2022-01-01 2022-12-31 SC611562 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC611562 bus:FullAccounts 2022-01-01 2022-12-31 SC611562 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 SC611562 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC611562 core:ComputerEquipment 2022-01-01 2022-12-31 SC611562 core:ComputerEquipment 2022-12-31 SC611562 core:ComputerEquipment 2021-12-31
COMPANY REGISTRATION NUMBER: SC611562
First Raccoon Enterprises Ltd
Filleted Unaudited Financial Statements
31 December 2022
First Raccoon Enterprises Ltd
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed Assets
Intangible assets
5
36,000
–
Tangible assets
6
129
908
Investments
7
19
19
--------
----
36,148
927
Current Assets
Debtors
8
48,694
49,519
Cash at bank and in hand
–
1,260
--------
--------
48,694
50,779
Creditors: amounts falling due within one year
9
70,567
34,569
--------
--------
Net Current (Liabilities)/Assets
( 21,873)
16,210
--------
--------
Total Assets Less Current Liabilities
14,275
17,137
Creditors: amounts falling due after more than one year
10
39,369
40,000
--------
--------
Net Liabilities
( 25,094)
( 22,863)
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
( 25,194)
( 22,963)
--------
--------
Shareholders Deficit
( 25,094)
( 22,863)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
First Raccoon Enterprises Ltd
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 20 April 2023 , and are signed on behalf of the board by:
Mr K Wright
Director
Company registration number: SC611562
First Raccoon Enterprises Ltd
Notes to the Financial Statements
Year Ended 31 December 2022
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dundee One, River Court, 5 West Victoria Dock Road, Dundee, DD1 3JT, United Kingdom.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in Associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in Joint Ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Intangible Assets
Goodwill
£
Cost
Additions
36,000
--------
At 31 December 2022
36,000
--------
Amortisation
At 1 January 2022 and 31 December 2022
–
--------
Carrying amount
At 31 December 2022
36,000
--------
At 31 December 2021
–
--------
6. Tangible Assets
Equipment
£
Cost
At 1 January 2022 and 31 December 2022
3,113
-------
Depreciation
At 1 January 2022
2,205
Charge for the year
779
-------
At 31 December 2022
2,984
-------
Carrying amount
At 31 December 2022
129
-------
At 31 December 2021
908
-------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2022 and 31 December 2022
19
----
Impairment
At 1 January 2022 and 31 December 2022
–
----
Carrying amount
At 31 December 2022
19
----
At 31 December 2021
19
----
8. Debtors
2022
2021
£
£
Other debtors
48,694
49,519
--------
--------
9. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,998
10,000
Other creditors
60,569
24,569
--------
--------
70,567
34,569
--------
--------
10. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
39,369
40,000
--------
--------