Riifo UK Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13295047 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

RIIFO UK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Cheng

L He

L Jianbo

S L Marklew

L Wanping

REGISTERED OFFICE:

Spear House Cobbett Road

Burntwood Business Park

Burntwood

WS7 3GR

REGISTERED NUMBER:

13295047 (England and Wales)

SENIOR STATUTORY AUDITOR:

Morgan Davies FCA

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

FIXED ASSETS

Tangible assets

4

2,919

2,000

CURRENT ASSETS

Stocks

578,618

535,898

Debtors

5

238,955

14,727

Cash at bank

147,348

91,372

964,921

641,997

CREDITORS

Amounts falling due within one year

6

1,033,943

562,433

NET CURRENT (LIABILITIES)/ASSETS

(69,022

)

79,564

TOTAL ASSETS LESS CURRENT LIABILITIES

(66,103

)

81,564

CREDITORS

Amounts falling due after more than one year

7

419,807

116,892

NET LIABILITIES

(485,910

)

(35,328

)

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

(535,910

)

(85,328

)

(485,910

)

(35,328

)

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 20 December 2023 and were signed on its behalf by:

S L Marklew - Director

1.	STATUTORY INFORMATION

Riifo UK Ltd 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.

Whilst the company is insolvent, the accounts have been prepared on the going concern basis as the

company continues to have the support of it's parent company and the wider group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

2,000

Additions

1,559

At 31 March 2023

3,559

DEPRECIATION

Charge for year

640

At 31 March 2023

640

NET BOOK VALUE

At 31 March 2023

2,919

At 31 March 2022

2,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

109,084

-

Other debtors

129,871

14,727

238,955

14,727

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

984,351

562,835

Taxation and social security

30,941

(402

)

Other creditors

18,651

-

1,033,943

562,433

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

419,807

116,892

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

8,218

-

Between one and five years

15,067

-

23,285

-

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

The Report of the Auditors was qualified on the following basis:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We were not appointed as auditor for the company until after 31 March 2023 and thus did not observe the counting of physical stocks at the end of that year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 March 2023 and 31 March 2022, which are included in the Balance Sheet at the value of 2023: £578,618 (2022: £535,898), by using other audit procedures.

Morgan Davies FCA (Senior Statutory Auditor)

for and on behalf of Prime

11.	RELATED PARTY DISCLOSURES

During the period Riifo UK Ltd made £423,218 (2022: £496,089) worth of purchases from Rifeng Enterprise Group Co. - the ultimate parent company. At the financial year end the balance owing to Rifeng Enterprise Group Co. was £937,511 (2022: £500,206). Riifo UK Ltd made £11,359 (2022: £nil) worth of sales to Riifo EU BV. - the subsidiary based in Europe. The balance at the financial year end was £11,359 (2022: £nil) owed from Riifo EU BV. At the financial year end the balance owing to Riifo Group International Holdings Limited (holding company) was £419,807 (2022: £116,892).

12.	ULTIMATE CONTROLLING PARTY

The Parent and Ultimate Holding Company is Rifeng Enterprise Group Co. a company based in China.