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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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RIGSBY INNOVATIONS LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
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FOR |
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RIGSBY INNOVATIONS LTD |
RIGSBY INNOVATIONS LTD (REGISTERED NUMBER: 09053242) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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Page |
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Balance sheet | 1 |
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Notes to the financial statements | 2 |
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RIGSBY INNOVATIONS LTD (REGISTERED NUMBER: 09053242) |
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BALANCE SHEET |
31 MAY 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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Current assets |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 8 |
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Net current liabilities | ( |
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Total assets less current liabilities | ( |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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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
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(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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
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The financial statements were approved by the director on
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RIGSBY INNOVATIONS LTD (REGISTERED NUMBER: 09053242) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2018 |
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1. | Statutory information |
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Rigsby Innovations Limited is a private company, limited by shares, registered in England and Wales. The company's |
registered number is 09053242. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business |
address is Helmsdale, Pound Lane, Burley, Ringwood, Hampshire, BH24 4EB. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The company made a loss in the year of £35,802 and had net current liabilities at the balance sheet date amounting to |
£255,333 . The company is dependent upon the continued support of its director and external investor who are committed |
to providing working capital, if required, for at least the next 12 months. |
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Turnover |
Turnover represents income received from the retail of Tegstoves, net of Value Added Tax. |
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Patents |
Patents are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of each asset |
over its expected useful life as follows:- |
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Patents - Not provided as not being used. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stock and Work In Progress are valued at the lower of cost and net realisable value. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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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. |
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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. |
RIGSBY INNOVATIONS LTD (REGISTERED NUMBER: 09053242) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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2. | Accounting policies - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the |
contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract |
that evidences a residual interest in the assets of the company, after deducting all liabilities. |
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At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any |
losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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Net book value |
At 31 May 2018 |
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At 31 May 2017 |
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5. | Tangible fixed assets |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 June 2017 |
and 31 May 2018 |
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Depreciation |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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Net book value |
At 31 May 2018 |
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At 31 May 2017 |
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RIGSBY INNOVATIONS LTD (REGISTERED NUMBER: 09053242) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2018 |
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6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 June 2017 |
and 31 May 2018 |
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Net book value |
At 31 May 2018 |
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At 31 May 2017 |
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7. | Debtors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Sundry debtors | 1,554 | 990 |
VAT |
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Prepayments |
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8. | Creditors: amounts falling due within one year |
2018 | 2017 |
£ | £ |
Other loans |
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Trade creditors |
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VAT | - | 3,895 |
Directors' current accounts | 218,403 | 240,796 |
Accruals and deferred income |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 140 | 140 |
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10. | Ultimate controlling party |
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The company is controlled by the director Mr S Turner, owning 105 of the 140 issued shares. |