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Registration number: 05203076

Retail Automotive Alliance Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Retail Automotive Alliance Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Retail Automotive Alliance Limited

Company Information

Directors

P G Vosper

J K Matthews

N Payne

P D Fleet

B P Gilda

D C Bussey

S J Russell

R D Day

P R G Woodhouse

Company secretary

Birketts Nominees Limited

Registered office

Birketts Llp,
Brierly Place,
New London Road,
Chelmsford
Essex
CM2 0AP

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Retail Automotive Alliance Limited
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Retail Automotive Alliance Limited for the year ended 31 December 2022 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Retail Automotive Alliance Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Retail Automotive Alliance Limited and state those matters that we have agreed to state to the Board of Directors of Retail Automotive Alliance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Retail Automotive Alliance Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Retail Automotive Alliance Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Retail Automotive Alliance Limited. You consider that Retail Automotive Alliance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Retail Automotive Alliance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

24 September 2023

 

Retail Automotive Alliance Limited

(Registration number: 05203076)
Statement of Financial Position as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

1,209

517

Other financial assets

6

8,607

8,607

 

9,816

9,124

Current assets

 

Debtors

7

223,253

307,132

Cash at bank and in hand

 

603,423

389,032

 

826,676

696,164

Creditors: Amounts falling due within one year

8

(407,862)

(290,801)

Net current assets

 

418,814

405,363

Net assets

 

428,630

414,487

Capital and reserves

 

Called up share capital

270,000

270,000

Capital redemption reserve

155,000

155,000

Retained earnings

3,630

(10,513)

Shareholders' funds

 

428,630

414,487

 

Retail Automotive Alliance Limited

(Registration number: 05203076)
Statement of Financial Position as at 31 December 2022 (continued)

For the financial year ending 31 December 2022 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 year 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 24 September 2023 and signed on its behalf by:
 

P D Fleet
Director

   
     
 

Retail Automotive Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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:
Birketts Llp,
Brierly Place,
New London Road,
Chelmsford
Essex
CM2 0AP

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

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 that as disclosed in the accounting policies certain items are shown at fair 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.

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.

 

Retail Automotive Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current income 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 in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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

Fixtures and Fittings

25% Straight Line method

 

Retail Automotive Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

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.

 

Retail Automotive Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 5).

 

Retail Automotive Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

4

Profit/loss before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

598

734

5

Tangible assets

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 January 2022

5,392

5,392

Additions

1,290

1,290

At 31 December 2022

6,682

6,682

Depreciation

At 1 January 2022

4,875

4,875

Charge for the year

598

598

At 31 December 2022

5,473

5,473

Carrying amount

At 31 December 2022

1,209

1,209

At 31 December 2021

517

517

 

Retail Automotive Alliance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

6

Other financial assets (current and non-current)

Other Investment
£

Total
£

Cost or valuation

At 1 January 2022

8,607

8,607

At 31 December 2022

8,607

8,607

Carrying amount

At 31 December 2022

8,607

8,607

7

Debtors

Current

2022
£

2021
£

Trade debtors

159,231

163,953

Prepayments

4,883

4,038

Other debtors

59,139

139,141

 

223,253

307,132

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

160,926

129,673

Taxation and social security

33,941

6,545

Accruals and deferred income

98,553

39,893

Other creditors

114,442

114,690

407,862

290,801