R.T Large (NI) Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: NI053219 (Northern Ireland)

R.T LARGE (NI) LTD

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

NON-CURRENT ASSETS

Property, plant and equipment

5

67,375

54,004

Investments

6

100

-

67,475

54,004

CURRENT ASSETS

Inventories

7

679,484

578,261

Receivables less than one year

8

2,079,989

751,798

Cash at bank

196,709

901,408

2,956,182

2,231,467

PAYABLES

Amounts falling due within one year

9

(1,292,119

)

(806,922

)

NET CURRENT ASSETS

1,664,063

1,424,545

TOTAL ASSETS LESS CURRENT LIABILITIES

1,731,538

1,478,549

PROVISIONS FOR LIABILITIES

10

(11,155

)

(6,616

)

NET ASSETS

1,720,383

1,471,933

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

1,720,283

1,471,833

SHAREHOLDERS' FUNDS

1,720,383

1,471,933

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 Board of Directors and authorised for issue on 6 June 2023 and were signed on its behalf by:

M O'Dowd - Director

D Canavan - Director

1.	STATUTORY INFORMATION

R.T. Large (NI) is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office address can be found on the Company information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis under the historical cost convention, modified where necessary to include the revaluation of certain fixed assets.

Revenue

The revenue shown in the Income Statement represents amounts received or receivable for goods provided in the normal course of business, exclusive of Value Added Tax. Revenue is recognised on the delivery of goods to the customer.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery

25% Reducing balance

Fixtures, fittings and equipment

25% Straight line

Motor vehicles

25% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Inventories

Inventories are stated at the lower of cost and net realisable value. Inventories are determined on a first-in, first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services andamortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current 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 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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Hire purchase and leasing commitments

Property, plant and equipment held under Hire Purchase and leasing arrangement which transfer

substantially all the risks and rewards of ownership to the company are capitalised and included in

the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding

commitments are recorded as liabilities. Payments in respect of these obligations are treated as

consisting of capital and interest elements, with interest charged to the Income Statement.

Employee benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held seperately from those of the company in an independently administered fund. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new

ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Finance Costs:

Finance expenses comprise interest payable on borrowings and leases. Interest is recognised in profit or loss as it accrues.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 13 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2022

84,185

76,469

82,174

242,828

Additions

-

5,937

55,339

61,276

Disposals

-

-

(35,780

)

(35,780

)

At 31 December 2022

84,185

82,406

101,733

268,324

DEPRECIATION

At 1 January 2022

64,933

73,037

50,854

188,824

Charge for year

6,259

3,156

29,906

39,321

Eliminated on disposal

-

-

(27,196

)

(27,196

)

At 31 December 2022

71,192

76,193

53,564

200,949

NET BOOK VALUE

At 31 December 2022

12,993

6,213

48,169

67,375

At 31 December 2021

19,252

3,432

31,320

54,004

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

100

At 31 December 2022

100

NET BOOK VALUE

At 31 December 2022

100

7.	INVENTORIES

2022

2021

£

£

Inventories

679,484

578,261

8.	RECEIVABLES LESS THAN ONE YEAR

2022

2021

£

£

Trade receivables

646,919

619,667

Amounts owed by group undertakings

1,236,039

6,368

Amounts owed by related undertakings

101,360

99,651

Other receivables

1,832

-

Prepayments

93,839

26,112

2,079,989

751,798

The amounts owed by group companies and related undertakings are considered payable on demand. No interest is charged in respect of same.

9.	PAYABLES LESS THAN ONE YEAR

2022

2021

£

£

Trade payables

226,352

364,711

Amounts owed to group undertakings

773,311

84,486

Amounts owed to related undertakings

566

-

Taxation and social security

127,417

218,511

Other payables

164,473

139,214

1,292,119

806,922

The amounts owed to group companies and related undertakings are considered payable on demand. No interest is charged in respect of same.

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

11,155

6,616

Deferred tax

£

Balance at 1 January 2022

6,616

Provided during year

4,539

Balance at 31 December 2022

11,155

The provision for deferred tax relates to accelerated capital allowances.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

1

100

100

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Ryan Falls FCA (Senior Statutory Auditor)

for and on behalf of CavanaghKelly

13.	RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The following entities are regarded as related parties due to common directors and shareholders.

-

Flair Showers (ROI) Ltd

Amounts owed to/by R.T Large (NI) Ltd at year end:

2022

2021

Amounts (owed to

)

Amounts (owed to

)

/ by RT Large (NI Ltd

)

/ by RT Large (NI Ltd

)

£

£

Flair Showers (ROI) Ltd

(101,360

)

(99,651

)

Flair Showers Ltd

566

-

14.	PARENT COMPANY

The controlling party is Sanbra Limited.

The company regards Sanbra Limited, a company registered in the Republic of Ireland, as its parent company. The results of R.T Large (NI) Ltd are included in the consolidated financial statements of Sanbra Limited, which are available at the company's registered office at Conex Works, Santry Avenue, Dublin 9, Ireland.