Rentalpine Limited
Registered number: 02974288
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 55,972 24,328
Current assets
Stocks 3,200 3,200
Debtors 4 20,180 26,497
Cash at bank and in hand 156,131 127,396
179,511 157,093
Creditors: amounts falling due within one year 5 (137,022) (122,011)
Net current assets 42,489 35,082
Total assets less current liabilities 98,461 59,410
Creditors: amounts falling due after more than one year 6 (44,977) (48,333)
Provisions for liabilities (10,635) (4,622)
Net assets 42,849 6,455
Capital and reserves
Called up share capital 101 101
Profit and loss account 42,748 6,354
Shareholders' funds 42,849 6,455
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K J Wilson
Director
Approved by the board on 24 May 2022
Rentalpine Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2021 20,299 54,157 74,456
Additions - 46,760 46,760
Disposals - (6,051) (6,051)
At 31 December 2021 20,299 94,866 115,165
Depreciation
At 1 January 2021 17,950 32,178 50,128
Charge for the year 352 14,674 15,026
On disposals - (5,961) (5,961)
At 31 December 2021 18,302 40,891 59,193
Net book value
At 31 December 2021 1,997 53,975 55,972
At 31 December 2020 2,349 21,979 24,328
4 Debtors 2021 2020
£ £
Trade debtors 20,180 21,720
Other debtors - 4,777
20,180 26,497
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 14,000 1,667
Obligations under finance lease and hire purchase contracts 4,430 5,479
Trade creditors 33,608 18,137
Corporation tax 28,886 20,118
Other taxes and social security costs 24,447 64,581
Other creditors 31,651 12,029
137,022 122,011
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 38,332 48,333
Obligations under finance lease and hire purchase contracts 6,645 -
44,977 48,333
7 Related party transactions 2021 2020
Directors loan account £ £
The directors are related parties to the company
At 31st December, the company owed the related parties
the following interest-free, unsecured amounts
Amounts due to/(from) the related parties 21,265 (4,777)
8 Controlling party
The directors are the ultimate controlling parties by virtue of their 100% ownership of the issued share capital of the company.
9 Other information
Rentalpine Limited is a private company limited by shares and incorporated in England. Its registered office is:
38 Brown Lane
Heald Green
Stockport
Cheshire
SK8 3RL
Rentalpine Limited 02974288 false 2021-01-01 2021-12-31 2021-12-31 VT Final Accounts April 2021 K J Wilson No description of principal activity 02974288 2020-01-01 2020-12-31 02974288 core:WithinOneYear 2020-12-31 02974288 core:AfterOneYear 2020-12-31 02974288 core:ShareCapital 2020-12-31 02974288 core:RetainedEarningsAccumulatedLosses 2020-12-31 02974288 2021-01-01 2021-12-31 02974288 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 02974288 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 02974288 bus:Director40 2021-01-01 2021-12-31 02974288 1 2021-01-01 2021-12-31 02974288 2 2021-01-01 2021-12-31 02974288 core:PlantMachinery 2021-01-01 2021-12-31 02974288 core:Vehicles 2021-01-01 2021-12-31 02974288 countries:England 2021-01-01 2021-12-31 02974288 bus:FRS102 2021-01-01 2021-12-31 02974288 bus:FullAccounts 2021-01-01 2021-12-31 02974288 2021-12-31 02974288 core:WithinOneYear 2021-12-31 02974288 core:AfterOneYear 2021-12-31 02974288 core:ShareCapital 2021-12-31 02974288 core:RetainedEarningsAccumulatedLosses 2021-12-31 02974288 core:PlantMachinery 2021-12-31 02974288 core:Vehicles 2021-12-31 02974288 2020-12-31 02974288 core:PlantMachinery 2020-12-31 02974288 core:Vehicles 2020-12-31 iso4217:GBP xbrli:pure