RAS Futures Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10810871 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

RAS FUTURES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R A Spurling

REGISTERED OFFICE:

4 Office Village

Forder Way

Cygnet Park, Hampton

Peterborough

Cambridgeshire

PE7 8GX

REGISTERED NUMBER:

10810871 (England and Wales)

ACCOUNTANTS:

TC CH Limited

4 Office Village

Forder Way

Cygnet Park, Hampton

Peterborough

Cambridgeshire

PE7 8GX

FIXED ASSETS

Investment property

4

560,000

560,000

CURRENT ASSETS

Debtors

5

58

58

Cash at bank

11,319

78,854

11,377

78,912

CREDITORS

Amounts falling due within one year

6

389,502

341,790

NET CURRENT LIABILITIES

(378,125

)

(262,878

)

TOTAL ASSETS LESS CURRENT LIABILITIES

181,875

297,122

CREDITORS

Amounts falling due after more than one year

7

(157,899

)

(239,462

)

PROVISIONS FOR LIABILITIES

10

(22,940

)

(22,940

)

NET ASSETS

1,036

34,720

CAPITAL AND RESERVES

Called up share capital

11

100

100

Fair value reserve

12

120,736

120,736

Retained earnings

12

(119,800

)

(86,116

)

SHAREHOLDERS' FUNDS

1,036

34,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 August 2023 and were signed by:

R A Spurling - Director

1.	STATUTORY INFORMATION

RAS Futures Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

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 balance sheet date.

Debtors

Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. 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.

Creditors

Short term trade creditors are initially measured at transaction price less attributable costs. 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2021

and 30 November 2022

560,000

NET BOOK VALUE

At 30 November 2022

560,000

At 30 November 2021

560,000

The investments properties were valued on an open market basis on 30 November 2021 by the Director.

Fair value at 30 November 2022 is represented by:

£

Valuation in 2020

463,000

Valuation in 2021

97,000

560,000

If had not been revalued would have been included at the following historical cost:

2022

2021

£

£

Cost

439,264

439,264

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Prepayments

58

58

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 8)

9,262

9,262

Amounts owed to associates

339,865

330,865

Director's current account

39,529

883

Accruals

846

780

389,502

341,790

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 8)

157,899

239,462

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

120,844

202,407

8.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Kent Reliance mortgage

3,240

3,240

Fleet Mortgages mortgage

6,022

6,022

9,262

9,262

Amounts falling due between one and two years:

Bank loans - 1-2 years

9,264

9,264

Amounts falling due between two and five years:

Bank loans - 2-5 years

27,791

27,791

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

120,844

202,407

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

167,161

248,724

A fixed and floating charge and negative pledge are held by Fleet Mortgages Limited in respect of the mortgage secured against 14a East Street, Alford, Lincolnshire.

A fixed charge and negative pledge are held by Onesavings Bank PLC in respect of the mortgage secured against 13 East Avenue, Grantham.

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

22,940

22,940

Deferred

tax

£

Balance at 1 December 2021

22,940

Balance at 30 November 2022

22,940

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 December 2021

(86,116

)

120,736

34,620

Deficit for the year

(33,684

)

(33,684

)

At 30 November 2022

(119,800

)

120,736

936

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other Creditors at 30 Nov 2022, is an amount of £39,529.35, (2021: 883.40) owed to

the Director. This loan is unsecured, interest free and repayable on demand.

14.	RELATED PARTY DISCLOSURES

At the year end the company owed the parent company Vaping Liquid Limited £339,865 (2021 : £ 330,865). This loan is interest free and repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is Vaping Liquid Limited by virtue of its ownership of the issued ordinary share capital.