Company registration number SC694797 (Scotland)
REPAIR RENEW REPLACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
REPAIR RENEW REPLACE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
REPAIR RENEW REPLACE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
9,700
10,900
Tangible assets
5
34,286
30,296
43,986
41,196
Current assets
Stocks
24,427
10,483
Debtors
6
6,627
3,625
Cash at bank and in hand
26,187
16,180
57,241
30,288
Creditors: amounts falling due within one year
7
(78,663)
(45,190)
Net current liabilities
(21,422)
(14,902)
Total assets less current liabilities
22,564
26,294
Creditors: amounts falling due after more than one year
8
(16,081)
(20,688)
Provisions for liabilities
(6,171)
(5,057)
Net assets
312
549
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
212
449
Total equity
312
549

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

REPAIR RENEW REPLACE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 June 2023 and are signed on its behalf by:
Mr S Crawford
Mrs L Crawford
Director
Director
Company Registration No. SC694797
REPAIR RENEW REPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Repair Renew Replace Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 3 Merchant Place, Mitchelston Industrial Estate, Kirkcaldy, Fife, KY1 3NJ.

1.1
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

REPAIR RENEW REPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

REPAIR RENEW REPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

REPAIR RENEW REPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
6
REPAIR RENEW REPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
12,000
Amortisation and impairment
At 1 May 2022
1,100
Amortisation charged for the year
1,200
At 30 April 2023
2,300
Carrying amount
At 30 April 2023
9,700
At 30 April 2022
10,900
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
39,412
Additions
13,974
Disposals
(241)
At 30 April 2023
53,145
Depreciation and impairment
At 1 May 2022
9,116
Depreciation charged in the year
9,798
Eliminated in respect of disposals
(55)
At 30 April 2023
18,859
Carrying amount
At 30 April 2023
34,286
At 30 April 2022
30,296
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,681
1,023
Other debtors
3,946
2,602
6,627
3,625
REPAIR RENEW REPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
6
Debtors
(Continued)
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,621
780
Corporation tax
20,340
6,971
Other taxation and social security
1,455
7,868
Other creditors
37,247
29,571
78,663
45,190
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
16,081
20,688
9
Directors' transactions

Included within other debtors is an amount of £3,946 owing by the directors, Stuart and Louise Crawford. The loan is interest free and has no fixed repayment terms.

2023-04-30 2022-05-01 false 20 June 2023 CCH Software CCH Accounts Production 2023.100 No description of principal activity Mr S Crawford Mrs L Crawford SC694797 2022-05-01 2023-04-30 SC694797 2023-04-30 SC694797 2022-04-30 SC694797 core:NetGoodwill 2023-04-30 SC694797 core:NetGoodwill 2022-04-30 SC694797 core:OtherPropertyPlantEquipment 2023-04-30 SC694797 core:OtherPropertyPlantEquipment 2022-04-30 SC694797 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 SC694797 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 SC694797 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 SC694797 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 SC694797 core:CurrentFinancialInstruments 2023-04-30 SC694797 core:CurrentFinancialInstruments 2022-04-30 SC694797 core:ShareCapital 2023-04-30 SC694797 core:ShareCapital 2022-04-30 SC694797 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC694797 core:RetainedEarningsAccumulatedLosses 2022-04-30 SC694797 bus:Director1 2022-05-01 2023-04-30 SC694797 bus:Director2 2022-05-01 2023-04-30 SC694797 core:Goodwill 2022-05-01 2023-04-30 SC694797 core:PlantMachinery 2022-05-01 2023-04-30 SC694797 core:FurnitureFittings 2022-05-01 2023-04-30 SC694797 core:ComputerEquipment 2022-05-01 2023-04-30 SC694797 core:MotorVehicles 2022-05-01 2023-04-30 SC694797 2021-04-07 2022-04-30 SC694797 core:NetGoodwill 2022-04-30 SC694797 core:NetGoodwill 2022-05-01 2023-04-30 SC694797 core:OtherPropertyPlantEquipment 2022-04-30 SC694797 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 SC694797 core:WithinOneYear 2023-04-30 SC694797 core:WithinOneYear 2022-04-30 SC694797 core:Non-currentFinancialInstruments 2023-04-30 SC694797 core:Non-currentFinancialInstruments 2022-04-30 SC694797 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 SC694797 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 SC694797 bus:FRS102 2022-05-01 2023-04-30 SC694797 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 SC694797 bus:FullAccounts 2022-05-01 2023-04-30 xbrli:pure xbrli:shares iso4217:GBP