REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2016 |
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RIGSBY INNOVATIONS LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2016 |
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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 2016 |
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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 2016 |
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2016 | 2015 |
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 |
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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Creditors |
Amounts falling due after more than one year | 9 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital | 10 |
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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 2016 |
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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 16 Woodhayes Avenue, Highcliffe, Christchurch, BH23 4RW. |
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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 £101,278 and had net current liabilities at the balance sheet date amounting to |
£150,354 . 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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Preparation of consolidated financial statements |
The financial statements contain information about Rigsby Innovations Ltd as an individual company and do not contain |
consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the |
Companies Act 2006 not to prepare consolidated financial statements. |
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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 product still in development |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or |
past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that |
have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of |
current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing |
differences are differences between taxable profits and total comprehensive income as stated in the financial statements |
that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are |
recognised in the financial statements. 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet |
date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible |
fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
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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. |
RIGSBY INNOVATIONS LTD (REGISTERED NUMBER: 09053242) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2016 |
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2. | Accounting policies - continued |
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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 2015 |
and 31 May 2016 |
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Net book value |
At 31 May 2016 |
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At 31 May 2015 |
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5. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 June 2015 |
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Additions |
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At 31 May 2016 |
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Depreciation |
At 1 June 2015 |
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Charge for year |
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At 31 May 2016 |
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Net book value |
At 31 May 2016 |
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At 31 May 2015 |
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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 2016 |
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6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
Additions |
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At 31 May 2016 |
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Net book value |
At 31 May 2016 |
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7. | Debtors: amounts falling due within one year |
2016 | 2015 |
£ | £ |
Other debtors |
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Sundry debtors | 870 | - |
VAT |
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Prepayments |
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8. | Creditors: amounts falling due within one year |
2016 | 2015 |
£ | £ |
Trade creditors |
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Directors' current accounts | 83,583 | 55,350 |
Accruals and deferred income |
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9. | Creditors: amounts falling due after more than one year |
2016 | 2015 |
£ | £ |
Other loans - 2-5 years |
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10. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 | 140 | 100 |
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During the period 40 Ordinary shares were issued at par. |
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11. | Ultimate controlling party |
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The company is controlled by the director Mr S Turner, owning 105 of the 140 issued shares, during the period. |
RIGSBY INNOVATIONS LTD (REGISTERED NUMBER: 09053242) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2016 |
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12. | First year adoption |
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These financial statements for the year ended 31 May 2016 are the first financial statements that comply with FRS 102 |
Section 1A small entities. The date of transition is 22 May 2014. |
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The transition to FRS102 Section 1A small entities has resulted in a small number of changes in accounting policies to those |
previously used. |
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The nature of these changes and their impact on opening equity and profit, where applicable, is detailed in the notes to |
these financial statements. |
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