RBC One Limited 09981647 false 2022-02-01 2023-03-31 2023-03-31 The principal activity of the company is management and vehicle leasing Digita Accounts Production Advanced 6.30.9574.0 true 09981647 2022-02-01 2023-03-31 09981647 2023-03-31 09981647 core:CurrentFinancialInstruments 2023-03-31 09981647 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09981647 core:FurnitureFittingsToolsEquipment 2023-03-31 09981647 core:MotorVehicles 2023-03-31 09981647 bus:SmallEntities 2022-02-01 2023-03-31 09981647 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-03-31 09981647 bus:FullAccounts 2022-02-01 2023-03-31 09981647 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-03-31 09981647 bus:RegisteredOffice 2022-02-01 2023-03-31 09981647 bus:Director1 2022-02-01 2023-03-31 09981647 bus:Director2 2022-02-01 2023-03-31 09981647 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-03-31 09981647 bus:Agent1 2022-02-01 2023-03-31 09981647 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-03-31 09981647 core:MotorVehicles 2022-02-01 2023-03-31 09981647 core:OfficeEquipment 2022-02-01 2023-03-31 09981647 core:OtherRelatedParties 2022-02-01 2023-03-31 09981647 countries:EnglandWales 2022-02-01 2023-03-31 09981647 2022-01-31 09981647 core:FurnitureFittingsToolsEquipment 2022-01-31 09981647 core:MotorVehicles 2022-01-31 09981647 2021-02-01 2022-01-31 09981647 2022-01-31 09981647 core:CurrentFinancialInstruments 2022-01-31 09981647 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 09981647 core:FurnitureFittingsToolsEquipment 2022-01-31 09981647 core:MotorVehicles 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 09981647

Prepared for the registrar

RBC One Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 February 2022 to 31 March 2023

 

RBC One Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

RBC One Limited

Company Information

Directors

T J Beardsmore

P S Roberts

Registered office

Barrington House
Kingsditch Lane
Cheltenham
GL51 9NN

Bankers

Barclays Bank PLC
121 Queen Street
Cardiff
CF10 2BJ

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

RBC One Limited

(Registration number: 09981647)
Balance Sheet as at 31 March 2023

Note

31 March
2023
£

31 January
2022
£

Fixed assets

 

Tangible assets

4

466,235

393,593

Current assets

 

Debtors

5

1,097,064

1,930,819

Cash at bank and in hand

 

92,555

335,896

 

1,189,619

2,266,715

Creditors: Amounts falling due within one year

6

(126,044)

(1,208,307)

Net current assets

 

1,063,575

1,058,408

Net assets

 

1,529,810

1,452,001

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,529,808

1,451,999

Shareholders' funds

 

1,529,810

1,452,001

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 


T J Beardsmore
Director

 

RBC One Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Barrington House
Kingsditch Lane
Cheltenham
GL51 9NN

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

The directors are required to make key judgements about the fair value of stock.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

RBC One Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Office equipment

25% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

RBC One Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

RBC One Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 February 2022

27,917

882,621

910,538

Additions

-

342,217

342,217

Disposals

(6,300)

(92,227)

(98,527)

At 31 March 2023

21,617

1,132,611

1,154,228

Depreciation

At 1 February 2022

17,058

499,887

516,945

Charge for the period year

4,717

232,317

237,034

Eliminated on disposal

(3,863)

(62,123)

(65,986)

At 31 March 2023

17,912

670,081

687,993

Carrying amount

At 31 March 2023

3,705

462,530

466,235

At 31 January 2022

10,859

382,734

393,593

 

5

Debtors

Note

31 March 2023
 £

31 January 2022
 £

Trade debtors

 

26,280

-

Amounts owed by related parties

8

1,054,375

1,900,000

Other debtors

 

15,009

5,339

Prepayments

 

-

25,480

Accrued income

 

1,400

-

   

1,097,064

1,930,819

 

RBC One Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2022 to 31 March 2023

 

6

Creditors

Note

31 March 2023
 £

31 January 2022
 £

Due within one year

 

Loans and borrowings

7

4,307

1,212

Trade creditors

 

40,258

61,428

Social security and other taxes

 

-

61,103

Accrued expenses

 

1,315

613,100

Corporation tax liability

80,164

252,577

Deferred income

 

-

218,887

 

126,044

1,208,307

 

7

Loans and borrowings

31 March 2023
£

31 January 2022
£

Current loans and borrowings

Directors' loan accounts

4,307

1,212

 

8

Related party transactions

Summary of transactions with directors

At 31 March 2023, the amount due to the directors was £4,307 (2022 - £1,212) in the form a director's loan account. There are no fixed repayment terms and no interest is charged on the outstanding balance.

Summary of transactions with other related parties


At 31 March 2023, Clifton Investment Management Limited owed RBC One Limited £510,000 (2022: £940,000) for loans made during the year. The loan is interest free and repayable on demand. The director T J Beardsmore is a shareholder in Clifton Investment Management Limited.

At 31 March 2023, Third Generation Investments Ltd owed RBC One Limited £532,375 (2022: £960,000) for loans made during the year. The loan is interest free and repayable on demand. The director P S Roberts is a shareholder in Third Generation Investments Ltd.