Rift Limited - Limited company - abbreviated - 11.6
Rift Limited - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 30TH APRIL 2014 |
| FOR |
| RIFT LIMITED |
| RIFT LIMITED (REGISTERED NUMBER: 04088211) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30TH APRIL 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| RIFT LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30TH APRIL 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| RIFT LIMITED (REGISTERED NUMBER: 04088211) |
| ABBREVIATED BALANCE SHEET |
| 30TH APRIL 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| Investments | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Share premium |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (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. |
| RIFT LIMITED (REGISTERED NUMBER: 04088211) |
| ABBREVIATED BALANCE SHEET - continued |
| 30TH APRIL 2014 |
| The financial statements were approved by the Board of Directors on by: |
| RIFT LIMITED (REGISTERED NUMBER: 04088211) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30TH APRIL 2014 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance with the |
| Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Preparation of consolidated financial statements |
| The financial statements contain information about Rift Limited 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. |
| Turnover |
| Turnover represents net invoiced sales of services, excluding value added tax. |
| Goodwill |
| Tangible fixed assets |
| Short leasehold | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Work in progress is recognised in respect of uncompleted work at 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
| period of the lease. |
| 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 the profit and loss account in the period to which they relate. |
| The company has established trusts for the benefit of employees and persons connected with them. Monies held |
| in these trusts are held by independent trustees and managed at their discretion. The trustees are empowered to |
| provide both retirement and other employee benefits. |
| Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of |
| the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an |
| allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust |
| vest in identified individuals. |
| Where monies held in a trust are determined by the company on the basis of employee's past services to the |
| business and the company can obtain no future economic benefit from those monies, such monies, whether in the |
| trust or accrued for by the company are charged to the profit and loss account in the period to which they relate. |
| Where monies held in a trust are determined by the company on the basis of employees' past services to the |
| business and are payable after completion of the employment, such monies are charged to the profit and loss |
| account in the period during which services are rendered by employees. |
| RIFT LIMITED (REGISTERED NUMBER: 04088211) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30TH APRIL 2014 |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| Additions |
| At 30th April 2014 |
| NET BOOK VALUE |
| At 30th April 2014 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1st May 2013 |
| Additions |
| Disposals | ( |
) |
| At 30th April 2014 |
| DEPRECIATION |
| At 1st May 2013 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30th April 2014 |
| NET BOOK VALUE |
| At 30th April 2014 |
| At 30th April 2013 |
| 4. | FIXED ASSET INVESTMENTS |
| Investments |
| other |
| than |
| loans |
| £ |
| COST |
| Additions | 293,432 |
| At 30th April 2014 | 293,432 |
| NET BOOK VALUE |
| At 30th April 2014 |
| RIFT LIMITED (REGISTERED NUMBER: 04088211) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30TH APRIL 2014 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the balance sheet date in the share capital of companies include the following: |
| Subsidiary |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| On 31st March 2014 the company acquired 100% of Europe in England Limited for a consideration of £38,782, |
| excluding Goodwill. |
| Associated company |
| Nature of business: |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| On 31st March 2014 the company acquired 100% of Marble Nominee Limited for a consideration of £254,650. |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | £0.01 |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30th April 2014 and |
| 30th April 2013: |
| 2014 | 2013 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year |
| RIFT LIMITED (REGISTERED NUMBER: 04088211) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30TH APRIL 2014 |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year |
| During the year the company sold a motor vehicle to D Kennedy, a director of the company, at an arm's length |
| value of £15,000. |
| The company reimbursed a total of £8,334 to D Kennedy in respect of travel and relocation expenses. |
| 7. | RELATED PARTY DISCLOSURES |
| The company agreed to accept the novation of a Call Spread Option (CSO) from directors Bradley Post, Janette |
| Post, Kieran Brogan and Dermot Kennedy on 30th April 2014 as part of the directors' remuneration for the |
| period. From the date of novation, the company would benefit from any profits under the contract (a maximum of |
| £97,600) and would become liable for any costs under the contracts (a maximum of £1,220,000). The board of |
| directors believe that this is an onerous contract and therefore a provision of £1,220,000 has been made in these |
| accounts. |
| Gavandol Limited |
| A company partially owned and controlled by Mrs J L Post |
| The company was charged a total amount of £43,540 (2013: £47,050) by Gavandol Limited for the provision of |
| staff during the year. |
| 2014 | 2013 |
| £ | £ |
| Amount due from related party at the balance sheet date |