Silverfin false 30/10/2022 01/11/2021 30/10/2022 S J Rhodes 01/11/2013 W G Rhodes 13/06/2013 25 October 2023 The principal activity of the Company during the financial year was sale of automobile parts. 08580190 2022-10-30 08580190 bus:Director1 2022-10-30 08580190 bus:Director2 2022-10-30 08580190 2021-10-31 08580190 core:CurrentFinancialInstruments 2022-10-30 08580190 core:CurrentFinancialInstruments 2021-10-31 08580190 core:Non-currentFinancialInstruments 2022-10-30 08580190 core:Non-currentFinancialInstruments 2021-10-31 08580190 core:ShareCapital 2022-10-30 08580190 core:ShareCapital 2021-10-31 08580190 core:RetainedEarningsAccumulatedLosses 2022-10-30 08580190 core:RetainedEarningsAccumulatedLosses 2021-10-31 08580190 core:PlantMachinery 2021-10-31 08580190 core:Vehicles 2021-10-31 08580190 core:PlantMachinery 2022-10-30 08580190 core:Vehicles 2022-10-30 08580190 2021-11-01 2022-10-30 08580190 bus:FullAccounts 2021-11-01 2022-10-30 08580190 bus:SmallEntities 2021-11-01 2022-10-30 08580190 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-30 08580190 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-30 08580190 bus:Director1 2021-11-01 2022-10-30 08580190 bus:Director2 2021-11-01 2022-10-30 08580190 core:PlantMachinery core:TopRangeValue 2021-11-01 2022-10-30 08580190 core:Vehicles 2021-11-01 2022-10-30 08580190 2020-11-01 2021-10-31 08580190 core:PlantMachinery 2021-11-01 2022-10-30 08580190 core:CurrentFinancialInstruments 2021-11-01 2022-10-30 08580190 core:Non-currentFinancialInstruments 2021-11-01 2022-10-30 iso4217:GBP xbrli:pure

Company No: 08580190 (England and Wales)

RHODES VANS LIMITED

Unaudited Financial Statements
For the financial period from 01 November 2021 to 30 October 2022
Pages for filing with the registrar

RHODES VANS LIMITED

Unaudited Financial Statements

For the financial period from 01 November 2021 to 30 October 2022

Contents

RHODES VANS LIMITED

BALANCE SHEET

As at 30 October 2022
RHODES VANS LIMITED

BALANCE SHEET (continued)

As at 30 October 2022
Note 30.10.2022 31.10.2021
£ £
Fixed assets
Tangible assets 3 23,209 27,093
23,209 27,093
Current assets
Stocks 4 38,500 35,000
Debtors 5 3,908 2,589
Cash at bank and in hand 1,812 23,381
44,220 60,970
Creditors: amounts falling due within one year 6 ( 107,676) ( 121,087)
Net current liabilities (63,456) (60,117)
Total assets less current liabilities (40,247) (33,024)
Creditors: amounts falling due after more than one year 7 ( 12,460) ( 16,154)
Net liabilities ( 52,707) ( 49,178)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 52,807 ) ( 49,278 )
Total shareholders' deficit ( 52,707) ( 49,178)

For the financial period ending 30 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rhodes Vans Limited (registered number: 08580190) were approved and authorised for issue by the Board of Directors on 25 October 2023. They were signed on its behalf by:

W G Rhodes
Director
RHODES VANS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2021 to 30 October 2022
RHODES VANS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2021 to 30 October 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rhodes Vans Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £52,707. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
01.11.2021 to
30.10.2022
Year ended
31.10.2021
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 November 2021 13,385 25,800 39,185
Additions 978 0 978
At 30 October 2022 14,363 25,800 40,163
Accumulated depreciation
At 01 November 2021 8,222 3,870 12,092
Charge for the financial period 1,572 3,290 4,862
At 30 October 2022 9,794 7,160 16,954
Net book value
At 30 October 2022 4,569 18,640 23,209
At 31 October 2021 5,163 21,930 27,093

4. Stocks

30.10.2022 31.10.2021
£ £
Stocks 38,500 35,000

5. Debtors

30.10.2022 31.10.2021
£ £
Trade debtors 3,908 2,089
Other debtors 0 500
3,908 2,589

6. Creditors: amounts falling due within one year

30.10.2022 31.10.2021
£ £
Bank loans 8,278 14,940
Trade creditors 0 8,400
Other taxation and social security 4,254 0
Obligations under finance leases and hire purchase contracts 3,693 3,693
Other creditors 91,451 94,054
107,676 121,087

Hire purchase liabilities are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

30.10.2022 31.10.2021
£ £
Obligations under finance leases and hire purchase contracts 12,460 16,154

Hire purchase liabilities are secured against the assets to which they relate.