Rathen Limited Filleted accounts for Companies House (small and micro)

42 false false false false false false false false false true false false false false true true No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 10,000 10,000 10,000 xbrli:pure xbrli:shares iso4217:GBP NI026877 2022-07-01 2023-06-30 NI026877 2023-06-30 NI026877 2022-06-30 NI026877 2021-07-01 2022-06-30 NI026877 2022-06-30 NI026877 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI026877 core:PlantMachinery 2022-07-01 2023-06-30 NI026877 core:FurnitureFittings 2022-07-01 2023-06-30 NI026877 core:MotorVehicles 2022-07-01 2023-06-30 NI026877 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 NI026877 bus:Director1 2022-07-01 2023-06-30 NI026877 core:LandBuildings 2022-06-30 NI026877 core:PlantMachinery 2022-06-30 NI026877 core:FurnitureFittings 2022-06-30 NI026877 core:MotorVehicles 2022-06-30 NI026877 core:LandBuildings 2023-06-30 NI026877 core:PlantMachinery 2023-06-30 NI026877 core:FurnitureFittings 2023-06-30 NI026877 core:MotorVehicles 2023-06-30 NI026877 core:LandBuildings 2022-07-01 2023-06-30 NI026877 core:WithinOneYear 2023-06-30 NI026877 core:WithinOneYear 2022-06-30 NI026877 core:AfterOneYear 2023-06-30 NI026877 core:AfterOneYear 2022-06-30 NI026877 core:ShareCapital 2023-06-30 NI026877 core:ShareCapital 2022-06-30 NI026877 core:RevaluationReserve 2023-06-30 NI026877 core:RevaluationReserve 2022-06-30 NI026877 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI026877 core:RetainedEarningsAccumulatedLosses 2022-06-30 NI026877 core:CostValuation core:Non-currentFinancialInstruments 2022-06-30 NI026877 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-06-30 NI026877 core:Non-currentFinancialInstruments 2022-06-30 NI026877 core:LandBuildings 2022-06-30 NI026877 core:PlantMachinery 2022-06-30 NI026877 core:FurnitureFittings 2022-06-30 NI026877 bus:SmallEntities 2022-07-01 2023-06-30 NI026877 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 NI026877 bus:FullAccounts 2022-07-01 2023-06-30 NI026877 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI026877 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI026877 bus:OrdinaryShareClass1 2023-06-30 NI026877 bus:OrdinaryShareClass1 2022-06-30

COMPANY REGISTRATION NUMBER: NI026877

RATHEN LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2023

RATHEN LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5	1,753,569	1,667,868
Investments	6	–	10,000
		------------	------------
		1,753,569	1,677,868

Current assets

Stocks	7	383,308	501,997
Debtors	8	59,548	96,209
Investments	9	36,169	36,169
Cash at bank and in hand		1,180,589	1,412,685
		------------	------------
		1,659,614	2,047,060

Creditors: amounts falling due within one year	10	714,363		973,733
		------------		------------
Net current assets			945,251	1,073,327
			------------	------------
Total assets less current liabilities			2,698,820	2,751,195

Creditors: amounts falling due after more than one year	11		( 23,277)	( 280,485)

Provisions

Taxation including deferred tax	32,998	25,873
	------------	------------
Net assets	2,642,545	2,444,837
	------------	------------

Capital and reserves

Called up share capital	12	90,002	90,002
Revaluation reserve		815,454	815,454
Profit and loss account		1,737,089	1,539,381
		------------	------------
Shareholders funds		2,642,545	2,444,837
		------------	------------

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 statement of income and retained earnings has not been delivered.

RATHEN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2023

For the year ending 30 June 2023 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 .

These financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:

Mr K W Hunter

Director

Company registration number: NI026877

RATHEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2023

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Linenhall Exchange, 1st Floor, 26 Linenhall Street, Belfast, BT2 8BG, Northern Ireland.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise, based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

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:

Freehold property	-	2% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	10% straight line
Motor Vehicles	-	25% straight line

	Equipment	-	25% straight line

No depreciation is provided on freehold and long leasehold land.

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.

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.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Government grants

Deferred income, comprising contributions from suppliers to finance capital development, is released to the profit and loss account over the expected useful lives of the related assets. Amounts awaiting release are included within creditors as accruals and deferred income.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 42 (2022: 49 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jul 2022	2,059,703	556,350	187,033	7,500	109,311	2,919,897
Additions	–	47,146	87,542	–	11,571	146,259
	------------	---------	---------	-------	---------	------------
At 30 Jun 2023	2,059,703	603,496	274,575	7,500	120,882	3,066,156
	------------	---------	---------	-------	---------	------------
Depreciation
At 1 Jul 2022	548,243	492,229	104,415	7,500	99,642	1,252,029
Charge for the year	30,651	10,466	14,893	–	4,548	60,558
	------------	---------	---------	-------	---------	------------
At 30 Jun 2023	578,894	502,695	119,308	7,500	104,190	1,312,587
	------------	---------	---------	-------	---------	------------
Carrying amount
At 30 Jun 2023	1,480,809	100,801	155,267	–	16,692	1,753,569
	------------	---------	---------	-------	---------	------------
At 30 Jun 2022	1,511,460	64,121	82,618	–	9,669	1,667,868
	------------	---------	---------	-------	---------	------------

Tangible assets held at valuation

Land and buildings are stated at directors valuation.

6. Investments

	Other investments other than loans
	£
Cost
At 1 July 2022	10,000
Disposals	( 10,000)
	--------
At 30 June 2023	–
	--------
Impairment
At 1 July 2022 and 30 June 2023	–
	--------

Carrying amount
At 30 June 2023	–
	--------
At 30 June 2022	10,000
	--------

7. Stocks

	2023	2022
	£	£
Raw materials and consumables	151,283	180,312
Work in progress	232,025	321,685
	---------	---------
	383,308	501,997
	---------	---------

8. Debtors

	2023	2022
	£	£
Trade debtors	16,201	16,827
Other debtors	43,347	79,382
	--------	--------
	59,548	96,209
	--------	--------

9. Investments

	2023	2022
	£	£
Investments	36,169	36,169
	--------	--------

Other investments represent quoted shares using recognised investment exchanges.

10. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	9,931	95,622
Trade creditors	338,787	426,531
Corporation tax	146,939	258,908
Social security and other taxes	48,393	59,946
Other creditors	170,313	132,726
	---------	---------
	714,363	973,733
	---------	---------

Bank loans are secured by a fixed and floating charge over the freehold and leasehold property of the company.

11. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	23,277	280,485
	--------	---------

Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets and by a guarantee from one of the company's directors.

12. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	90,002	90,002	90,002	90,002
	--------	--------	--------	--------

13. Directors' advances, credits and guarantees

During the year the director advanced net loans to the company totalling £2,046 (2022: £1,509). At the year end, the balance due to the director was £3,689 (2022: £1,643).

14. Related party transactions

The company was under the control of Mr K W Hunter throughout the current period and previous year. Mr K W Hunter is the managing director and majority shareholder.