Rai & Rai (International) Limited - Period Ending 2016-06-30

Registration number: 02232852

Rai & Rai (International) Limited

Unaudited Abbreviated Accounts
 
for the Year Ended 30 June 2016

Allen Rose
Chartered Certified Accountants
PA068 Technology Centre
Wolverhampton Science Park
Glaisher Drive
Wolverhampton
West Midlands
WV10 9RU

Rai & Rai (International) Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Rai & Rai (International) Limited
for the Year Ended 30 June 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rai & Rai (International) Limited for the year ended 30 June 2016 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Rai & Rai (International) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Rai & Rai (International) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rai & Rai (International) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rai & Rai (International) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rai & Rai (International) Limited. You consider that Rai & Rai (International) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Rai & Rai (International) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Allen Rose
Chartered Certified Accountants
PA068 Technology Centre
Wolverhampton Science Park
Glaisher Drive
Wolverhampton
West Midlands
WV10 9RU

17 February 2017

Page 1

Rai & Rai (International) Limited

(Registration number: 02232852)
Abbreviated Balance Sheet as at 30 June 2016

	Note	2016  £	2015  £
Fixed assets
Tangible assets		16,811	22,020
Current assets
Stocks		13,511	19,171
Debtors		6,218	4,229
Cash at bank and in hand		13,117	10,978
		32,846	34,378
Creditors: Amounts falling due within one year		(34,589)	(38,848)
Net current liabilities		(1,743)	(4,470)
Total assets less current liabilities		15,068	17,550
Creditors: Amounts falling due after more than one year		-	(2,778)
Provisions for liabilities		(3,362)	(2,652)
Net assets		11,706	12,120
Capital and reserves
Called up share capital	3	2	2
Profit and loss account		11,704	12,118
Shareholders' funds		11,706	12,120

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 17 February 2017

.........................................
B S Singhani
Company secretary and director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Rai & Rai (International) Limited

Notes to the Abbreviated Accounts

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (FRSSE) (effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Asset class	Depreciation method and rate
Improvements to property	10% on cost
Plant and machinery	20% on reducing balance
Fixtures and fittings	10% on reducing balance
Motor vehicles	25% on reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Rai & Rai (International) Limited

Notes to the Abbreviated Accounts

Hire purchase and leasing

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the estimated useful lives. Those held under finance leases are depreciated over the estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 July 2015	6,709	59,949	66,658
At 30 June 2016	6,709	59,949	66,658
Depreciation
At 1 July 2015	6,709	37,929	44,638
Charge for the year	-	5,209	5,209
At 30 June 2016	6,709	43,138	49,847
Net book value
At 30 June 2016	-	16,811	16,811
At 30 June 2015	-	22,020	22,020

3	Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
2 Ordinary shares of £1 each	2	2	2	2

4

Control

The director is the controlling party by virtue of his controlling shareholding in the company.

Page 4